Net Income Improves Significantly From 1995 Period For Newly Public
                         Full-Service Brokerage Firm

    CHICAGO, Oct. 22 /PRNewswire/ -- EVEREN Capital Corporation (NYSE: EVR)
today reported net income for the third quarter ended September 30, 1996, of
$6.4 million, before an extraordinary charge of $2.9 million, net of tax,
related to the early retirement of the company's outstanding junior
subordinated debentures.  The company reported a net loss of $19.4 million in
the comparable quarter of 1995.  For the nine months ended September 30, 1996,
net income, before the extraordinary charge, rose to $55.6 million from a net
loss of $22.1 million during the comparable 1995 period.  Current year results
include an after-tax gain of $30.2 million from the sale of BETA Systems,
Inc., a data processing and quote service subsidiary.  Results for both the
three- and nine-month periods in 1995 include $22.0 million of non-recurring
charges, net of tax, associated with the employee buyout of EVEREN from Kemper
Corporation.
    Earnings per common share were $0.51 for the third quarter ended
September 30, 1996, before the extraordinary charge.  After the extraordinary
charge, earnings per share for the third quarter were $0.28.  For the nine
months ended September 30, 1996, earnings per share were $5.07 before the
extraordinary charge.  After the extraordinary charge, earnings per share for
the nine months were $4.80.  Earnings per common share are not included for
periods other than the current period as such historical per-share information
is not indicative of the company's continuing capital structure.
    Net revenues, including net interest, were $120.5 million for the three
months ended September 30, 1996, compared with $125.8 million for the third
quarter of 1995.  Net revenues, including net interest, grew 12 percent to
$402.4 million for the nine months ended September 30, 1996, up from $359.3
million for the corresponding period in 1995.   Stockholders' equity as of
September 30, 1996, has grown to approximately $202 million, in increase of
approximately $120 million since EVEREN became an independent entity in
September 1995.  Annualized return on average common equity was approximately
13 percent for the 1996 third quarter before the extraordinary charge.  For
the nine months ended September 30, 1996, return on average common equity was
approximately 20 percent before the extraordinary charge, excluding the gain
on the sale of BETA (approximately 44 percent including BETA).
    "The combination of increasing revenues and cost containment measures
year-to-date, made possible by a highly committed group of employee owners,
continues to produce strong financial performance," said EVEREN Chairman and
Chief Executive Officer James R. Boris.  "We were pleased by the market's
recognition of our progress through the successful initial public offering of
4.6 million shares of EVEREN Capital common stock on October 8 at a price of
$18.50 per share."
    Headquartered in Chicago, EVEREN Capital Corporation is the 20th largest
employee-owned firm in the nation.  EVEREN Capital is the parent company of
EVEREN Securities, Inc., a full-service securities brokerage firm with 140
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 CAPITAL CORPORATION AND SUBSIDIARIES
                    Consolidated Statements of Operations
                     (In millions, except per-share data)
                                 (Unaudited)

                           Three months             Nine Months
                         ended September 30      ended September 30
                         1996        1995        1996        1995
       Total Revenues  $129.1      $138.7      $429.5      $399.3

       Interest Expense   8.6        12.9        27.1        40.0

       Net Revenues     120.5       125.8       402.4       359.3

       Total Non-Interest
        Expenses        108.9       154.3       359.8       391.9

       Gain on Sale
        of Subsidiary
        (Pretax)           --          --        50.2          --

       Income (Loss)
        Before Income
        Taxes and
        Extraordinary
        Charge           11.6       (28.5)       92.8       (32.6)

       Provision for
        Income Taxes     (5.2)        9.1       (37.2)       10.5

       Income Before
        Extraordinary
        Charge            6.4       (19.4)       56.6       (22.1)

       Extraordinary
        Charge,
        Net of Taxes     (2.9)         --        (2.9)         --

       Net Income
        (Loss)           $3.5      ($19.4)      $57.7(1)   ($22.1)(2)

    Earnings Per
     Common Share(3)

       Before
        Extraordinary
        Charge           $.51                    $5.07
       After
        Extraordinary
        Charge           $.28                    $4.80


       (1)  Includes a $50.2 million pre-tax ($30.2 million after-tax)
            gain on sale of subsidiary.

       (2)  Includes $22 million after-tax of non-recurring charges
            associated with the employee buyout of EVEREN from Kemper
            Corporations.

       (3)  Earnings (loss) per common share are 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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