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POLIFLY SAVINGS PLACED INTO GOVERNMENT RECEIVERSHIP

 NEW MILFORD, N.J., Nov. 20 ~PRNewswire~ -- Polifly Financial Corporation (NASDAQ: PLFY), the holding company for Polifly Savings and Loan Association, today announced that the association was placed into receivership by the Office of Thrift Supervision (OTS) due to its insufficient capital position. In its place, the OTS chartered a new association, Polifly Federal Savings and Loan Association, to assume the assets and certain liabilities of the association. The new thrift will operate under the management of the Resolution Trust Corporation (RTC), as conservator.
 The receivership did not result in any interruption of the association's day to day operations. The association's main office and its 11 branch offices will remain open for business as usual. Holders of insured accounts are not affected by the receivership, as deposits remain insured up to the $100,000 legal limit by the Federal Deposit Insurance Corporation.
 The corporation's only significant asset was the association. Shareholders of the corporation will retain no interest in the new thrift chartered by the OTS. Accordingly, the receivership means that there is no longer any value in shares of the corporation's common stock.
 -0- 11~20~92
 ~CONTACT: Sandy L. Coulthart, secretary of Polifly Financial, 201-261-6900~
 (PLFY)


CO: Polifly Financial Corporation ST: New Jersey IN: FIN SU:

WB-KD -- NY055 -- 3572 11~20~92 17:19 EST
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Publication:PR Newswire
Date:Nov 20, 1992
Words:217
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