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POUGHKEEPSIE SAVINGS BANK ANNOUNCES AGREEMENT IN PRINCIPLE TO SELL CERTAIN ASSETS OF MARKET STREET MORTGAGE

 POUGHKEEPSIE SAVINGS BANK ANNOUNCES AGREEMENT
 IN PRINCIPLE TO SELL CERTAIN ASSETS OF MARKET STREET MORTGAGE
 POUGHKEEPSIE, N.Y., Sept. 28 /PRNewswire/ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS) announced today that it and its wholly-owned subsidiary, Market Street Mortgage Corporation, reached an agreement in principle with Republic Bancorp Inc. of Ann Arbor, Mich., which provides for the sale to Republic of Market Street Mortgage's loan servicing and origination operations, it's loan production offices and certain other assets.
 Terms of the agreement in principle are not being disclosed at this time. The final terms of this transaction are subject to due diligence and the execution of a purchase and sale agreement. The consummation of this transaction is also subject to other conditions including the approval of the respective boards of directors, the Office of Thrift Supervision and the Federal Reserve Board. Poughkeepsie expects the transaction to close in the fourth quarter of 1992 and expects to record a gain on the sale.
 Poughkeepsie Savings Bank is a community banking institution whose principal market is the mid-Hudson Valley region of New York, where it operates seven branches. Market Street Mortgage Corporation, its Tampa- based mortgage banking subsidiary, has loan production offices in Florida, North Carolina, Georgia, Virginia and Maryland. The bank's deposits are insured by the Federal Deposit Insurance Corporation.
 -0- 9/28/92
 /CONTACT: Joseph B. Tockarshewsky, chairman, president & CEO, 914-431-6211, or Robert J. Hughes, executive vice president & CFO, 914-431-6386, both of Poughkeepsie Savings Bank, FSB/
 (PKPS) CO: Poughkeepsie Savings Bank, FSB ST: New York IN: FIN SU:


PS-KW -- NY063 -- 4133 09/28/92 17:53 EDT
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Publication:PR Newswire
Date:Sep 28, 1992
Words:265
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