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PALFED, INC. ANNOUNCES SALE OF WOODSIDE

 AIKEN, S.C., Dec. 31 /PRNewswire/ -- PALFED, Inc. (NASDAQ: PALM) announced today that its subsidiary, Woodside Development Company of Aiken, Inc., has completed the sale of approximately 219 remaining developed lots related to its Woodside Plantation development. The company's subsidiary also sold seven outparcels and the sites for the Woodside Plantation sales and development offices. Woodside Development Company also entered into a two year option agreement with the purchaser to sell approximately 1,000 acres of undeveloped land known as Phase II. The company's subsidiary, Palmetto Federal Savings Bank of South Carolina, furnished financing for the transaction.
 Woodside Development Company received proceeds of approximately $4.1 million for the assets sold in addition to the purchaser's assumption of liabilities of approximately $850,000. The company anticipates no additional writedowns or allowances as a result of the sale.
 Woodside Plantation is a 2,000 acre planned single family development in Aiken, S.C. The golf, tennis, and clubhouse facilities have been owned by Woodside Plantation Club, Inc., a division of Club Corporation of America, since its 1990 acquisition from PALFED.
 PALFED, Inc. is a South Carolina corporation whose principal subsidiary, Palmetto Federal Savings Bank of S.C., 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 Sept. 30, 1993, PALFED, Inc. had consolidated assets of $669 million and deposits of $475 million.
 -0- 12/31/93
 /CONTACT: Howard M. Hickey Jr., executive vice president and general counsel of PALFED, 803-642-1437/
 (PALM)


CO: PALFED, Inc.; Woodside Development Company, Inc.; Palmetto Federal
 Savings Bank of South Carolina ST: South Carolina IN: FIN SU: RLE


CM -- CH003 -- 8322 12/31/93 14:26 EST
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Publication:PR Newswire
Date:Dec 31, 1993
Words:296
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