Net Revenues of $155.5 Million Up 29 Percent From 1996

    CHICAGO, Oct. 23 /PRNewswire/ -- EVEREN Capital Corporation (NYSE: EVR)
today reported net income of $12.3 million for the third quarter ended
Sept. 30, 1997, compared with earnings of $3.5 million in the 1996 third
quarter.  The 1996 earnings included an extraordinary after-tax charge of $2.9
million related to the early retirement of debt.  Excluding the charge,
EVEREN's 1997 third-quarter net income increased 92 percent over the prior
year.
    Earnings per share for the third quarter of 1997 improved to $0.67,
compared with pro forma earnings per share of $0.37 a year ago, based on a
weighted average of approximately 18.3 million common share equivalents during
the current period.  Pro forma earnings per share for the quarter ended
Sept. 30, 1996, was calculated as if the company's initial public offering
(IPO) and the full allocation of employee stock ownership plan (ESOP) shares
to participant accounts had occurred at the beginning of 1996, and excludes
the extraordinary charge.
    Net revenues, which include net interest, rose to $155.5 million for the
1997 third quarter, a 29-percent improvement over the $120.5 million reported
during the same period a year ago.
    According to James R. Boris, chairman and chief executive officer of
EVEREN Capital Corporation, "Our momentum as a fully diversified brokerage
firm continued to build throughout the company during the third quarter, with
increases recorded in every revenue category.  Capitalizing on a particularly
strong retail market, we continued to add to our investment consultant ranks
and registered strong growth in our client assets under control.  In capital
markets, our focused strategy and targeted approach to select industries
resulted in our managing more deals than ever before."
    EVEREN reported that commissions rose 44 percent, to $73.1 million in the
1997 third quarter from $50.7 million a year ago.  The firm's investment
banking revenues from underwriting and advisory fees rose 31 percent to $15.3
million for the current quarter from $11.7 million a year ago, while asset
management revenues improved 25 percent to $18.5 million in the 1997 third
quarter from $14.8 million the prior year.
    Non-interest expenses of $135.5 million in the current period increased
from $108.9 million for the 1996 third quarter.  EVEREN's pretax margin at
Sept. 30, 1997, improved to 12.8 percent from 9.6 percent for the third
quarter of 1996, with the after-tax margin widening to 7.9 percent from 5.3
percent during the 1996 third quarter.
    Net income for the nine months ended Sept. 30, 1997, was $33.2 million.
Net income for the comparable 1996 period, which included an after-tax gain of
$30.2 million from the sale of BETA Systems, Inc. was $52.7 million.
Excluding the one-time gain and the extraordinary charge, earnings year-to-
date would have increased 31 percent from $25.4 million last year.
    Earnings per share for the nine months ended Sept. 30, 1997, improved to
$1.83, compared with pro forma earnings per share of $1.54 a year ago, based
on a weighted average of approximately 18.2 million common share equivalents
during the period.  Pro forma earnings per share for the nine months ended
Sept. 30, 1996, was calculated as if the company's IPO and the full allocation
of ESOP shares to participant accounts had occurred at the beginning of 1996,
and excludes the one-time gain and extraordinary charge.
    Net revenues, which include net interest, for the nine months ended
Sept. 30, 1997, rose to $425.0 million from $402.4 million in 1996.  Net
revenues for the prior year included $23.3 million attributable to certain
non-strategic businesses exited in 1996.  After adjusting for the exited
businesses, net revenues year-to-date increased approximately 12 percent from
$379.1 million for the nine months ended Sept. 30, 1996.
    Stockholders' equity as of Sept. 30, 1997, was approximately $322.6
million, or $18.85 per share, based on 17.1 million common shares outstanding.
This represents an increase of $120.8 million, or 60 percent, from $201.8
million a year earlier.  Annualized return on average common equity was
approximately 15.5 percent for the third quarter of 1997.  For the nine-month
period ended Sept. 30, 1997, return on average common equity was approximately
14.5 percent.
    Headquartered in Chicago, EVEREN Capital Corporation is among the largest
employee-owned companies in the nation.  EVEREN Capital is the parent company
of EVEREN Securities, Inc., a full-service nationwide superregional brokerage
firm with approximately 135 offices in 27 states, and EVEREN Clearing Corp.,
which provides securities execution and clearing services and commodities
clearing services for EVEREN Securities and other broker-dealers.  EVEREN
Securities and EVEREN Clearing are members of the Securities Investor
Protection Corporation and the New York Stock Exchange.  For more information,
visit the firm's site on the World Wide Web at http://www.everensec.com.

                          EVEREN CAPITAL CORPORATION
                               AND SUBSIDIARIES
                     Consolidated Statement of Operations
           Three and nine months ended September 30, 1997 and 1996
                                 (unaudited)
               (in thousands, except share and per-share data)

                                    Three months ended   Nine months ended
                                       September 30,       September 30,
                                       1997     1996       1997      1996

    Revenues:
     Commissions                     $73,099  $50,741    $196,811  $168,450
     Principal transactions           28,174   26,389      76,103    91,734
     Investment banking               15,272   11,677      40,776    38,660
     Asset management                 18,493   14,776      50,858    42,488
     Other                             7,405    7,234      24,633    32,442
     Interest and dividends           26,201   18,270      62,418    55,739
      Total revenues                 168,644  129,087     451,599   429,513
      Interest expense                13,113    8,613      26,581    27,070
      Net revenues                   155,531  120,474     425,018   402,443

    Non-interest expenses:
     Compensation and benefits        93,024   75,601     251,836   251,219
     Other operating                  42,523   33,298     119,718   108,597
     Total non-interest expenses     135,547  108,899     371,554   359,816
     Gain on sale of subsidiary           --       --          --    50,181
    Income before taxes and
     extraordinary charge             19,984   11,575      53,464    92,808

    Income tax expense                 7,672    5,165      20,236    37,172

    Income before extraordinary
     charge                           12,312    6,410      33,228    55,636(A)

    Extraordinary charge on early
     retirement of debt, net of
     income taxes of $1,561               --    2,900          --     2,900
    Net income                       $12,312   $3,510     $33,228   $52,736

    Net income applicable to
     common stock                    $12,312              $33,228

    Weighted average number
     of common and common equivalent
     shares outstanding           18,263,248           18,174,980

    Net income per share of
     common stock (B)                  $0.67                $1.83

    (A) Includes a $50.2 million pretax ($30.2 million after-tax) gain on
        sale of subsidiary.
    (B) Net income per share of common stock is not presented for periods
        other than the most recent period, as such historical per-share
        information is not indicative of the company's continuing capital
        structure.

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