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PALFED, INC. ANNOUNCES RIGHTS OFFERING EFFECTIVE

 AIKEN, S.C., Sept. 16 /PRNewswire/ -- PALFED, Inc. (NASDAQ-NMS: PALM) announced today that a Registration Statement previously filed with the Securities and Exchange Commission ("SEC") to offer for sale up to 3,636,364 shares of its common stock was deemed effective as of 5 p.m. Wednesday, Sept. 15, 1993.
 Each record holder of common stock at the close of business on Aug. 27, 1993 is receiving 1.845 nontransferable subscription rights for each share of common stock held on the record date. Each right will entitle the holder to whom it is issued to subscribe for and purchase one share of common stock at the subscription price of $5.50. Rights shall be evidenced by nontransferable certificates.
 On Sept. 15, 1993 to last reported sale price of the common stock as quoted on the NMS was $7.50 per share.
 The company expects to enter into standby purchase agreements with certain institutional investors who may acquire at the subscription price up to 2,727,273 shares of common stock, if available after the sale of shares in the rights offering or the public offering.
 As of the record date there were 1,477,896 shares of common stock outstanding. At least 2,727,273, but not more than 3,636,364 shares of common stock will be issued pursuant to the offering. Assuming the sale of 3,636,364 shares of common stock in the offering, there will be 5,114,260 shares of common stock issued and outstanding following the offering.
 A prospectus meeting the requirements of the Securities Act of 1933 will be mailed on or about Sept. 20, 1993 to the shareholders as of the record date.
 PALFED, Inc. is a South Carolina corporation whose principal subsidiary, Palmetto Federal Savings Bank of South Carolina, is a federally chartered stock savings bank. Palmetto Federal operates 14 full-service banking offices in western and southern South Carolina. The bank also operates two limited service retail branches and four mortgage lending offices. At June 30, 1993, PALFED, Inc. had consolidated assets of $676.2 million and deposits of $486.0 million.
 -0- 9/16/93
 /CONTACT: Howard M. Hickey Jr., Executive Vice President and General Counsel of PALFED, 803-642-1437/
 (PALM)


CO: PALFED, Inc. ST: South Carolina IN: FIN SU:

MM -- CH001 -- 2578 09/16/93 09:33 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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