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CORRECTION TO PIONEER BANCORP ANNOUNCES EXECUTION OF CONSENT AGREEMENT FOR PIONEER SAVINGS BANK SUBSIDIARY

 / C O R R E C T I O N: PIONEER BANCORP /
 In CH002, Pioneer Bancorp Execution of Consent Agreement, moved


earlier today, we are advised by the Company that the second paragraph, third sentence, should read "After previously announced adjustments resulting from a recent joint examination by the OTS and North Carolina Savings Institutions Division, Pioneer has tangible capital ... " rather than, "After recent OTS-directed adjustments, Pioneer has tangible capital ... " as orginally issued. The corrected release follows:
 PIONEER BANCORP ANNOUNCES EXECUTION OF CONSENT AGREEMENT
 FOR PIONEER SAVINGS BANK SUBSIDIARY
 ROCKY MOUNT, N.C., June 26 /PRNewswire/ -- Pioneer Bancorp, Inc. (NASDAQ: PSBN), headquartered in Rocky Mount, N.C., announces that the board of directors of its wholly-owned subsidiary, Pioneer Savings Bank, Inc., has executed a consent agreement as previously requested by its primary federal regulator, the Office of Thrift Supervision (OTS). As provided for in the agreement, the Bank consents to the appointment of a conservator of receiver, effective August 3, 1992, unless extended by the OTS. The agreement further provides for certain additional operating restrictions, which are not expected to materially impact the day-to-day operations of the Bank. After August 3, 1992, the agreement authorizes the OTS to negotiate a plan of merger, consolidation, acquisition, transfer of assets, or capital infusion for the Bank. The agreement also provides for the appointment of persons that may be recommended or approved by the OTS to positions on the Bank's board of directors and management.
 President Ed Roughton stated, "Our board of directors, after full consideration of this matter, has determined that execution of the agreement in cooperation with the Bank's regulators appears to be in the best interest of the Bank and its stockholders." Because Pioneer does not currently meet all applicable regulatory capital requirements, the Bank is subject to seizure by federal regulators even without the execution of the consent agreement. After previously announced adjustments resulting from a recent joint examination by the OTS and North Carolina Savings Institutions Division, Pioneer has tangible capital of approximately $7.2 million, or 1.7 percent, which exceeds the current regulatory requirement. However, the Bank falls short of its required core and risk-based capital requirements.
 With regards to the Bank's immediate plans, Roughton stated, "All of our efforts have previously been directed toward Pioneer's restructuring and financial recovery, but will now be redirected toward seeking an acquirer." He added, "We are hopeful that we can find an acquirer and will pursue all indications of interests from other qualified parties."
 Pioneer Savings Bank currently operates through 19 retail banking offices throughout eastern North Carolina. Deposits in the Bank are insured by the Federal Deposit Insurance Corporation up to the applicable $100,000 limit.
 -0- 6/26/92 C
 /CONTACT: Ed Roughton or Bill Wall, Pioneer Bancorp, Inc., 919-446-0611/
 (PSBN) CO: Pioneer Bancorp, Inc.; Pioneer Savings Bank ST: North Carolina IN: FIN SU:


CM -- CH002A -- 4196 06/26/92 11:53 EDT
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Publication:PR Newswire
Date:Jun 26, 1992
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