GREAT AMERICAN &lt;GTAM> SEES CHARGE, WRITEDOWN

  Great American Corp said
  preliminary findings by regulatory examiners of its AMBANK
  subsidiary will result in a first quarter charge of 14.1 mln
  dlrs and a writedown of 1.4 mln dlrs.
      The charge will be made against the allowance for possible
  loan losses, and the writedown is of other real estate.
      Great American said the examiners were conducting a regular
  examination and a final report is not expected for several
  weeks. Management intends to include the charge and writedown
  in response to the preliminary findings.
      Great American said regulatory authorities are not
  requiring an adjustment of the previously reported financial
  results for Great American for 1986.
      However, Great American has revised its previous estimates
  of provisions for possible losses and has added 9.9 mln dlrs to
  the allowance account as of December 31, 1986. It said it took
  the action since the charge-offs will significantly deplete its
  allowance for possible loan losses and the economic environment
  does not show signs for significant improvement in the near
  future.
      It said the additional provision increases the allowance to
  26.4 mln dlrs, representing 6.63 pct of the outstanding loan
  portfolio and 83.2 pct of non-performing loans at year-end.
      Great American said its revised net loss for the fourth
  quarter is 14.1 mln dlrs, or 6.36 dlrs per share, compared to a
  net loss of 2.4 mln dlrs or 1.06 dlrs per share the year
  earlier.
  

