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POUGHKEEPSIE SAVINGS BANK ANNOUNCES SALE OF SOUTH CAROLINA BRANCHES

 POUGHKEEPSIE SAVINGS BANK ANNOUNCES SALE OF SOUTH CAROLINA BRANCHES
 POUGHKEEPSIE, N.Y., June 29 /PRNewswire/ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS), announced today that it has reached an agreement to sell its South Carolina branches, known as First State Savings, to First Citizens Bank of Columbia, S.C. The transaction includes branch locations with $64 million in retail deposits. Terms of the transaction were not disclosed.
 Patrick J. Moore, president and chief operating officer of Poughkeepsie Savings Bank, commented, "The sale of First State is an important step in our strategy to refocus our energy and resources on the Mid-Hudson Valley. With this transaction Poughkeepsie Savings Bank will complete the unwinding of a strategy that in the 1980's resulted in West Virginia, North Carolina and South Carolina retail operations." First Citizens, the acquiring bank, is the largest state chartered bank in South Carolina, with 105 offices.
 The transaction is subject to the approval of the Office of Thrift Supervision, Federal Deposit Insurance Corporation and the South Carolina State Board of Financial Institutions.
 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- 6/29/92
 /CONTACT: Patrick J. Moore, president and chief operating officer of Poughkeepsie Savings Bank, 914-431-6331/
 (PKPS) CO: Poughkeepsie Savings Bank, FSB ST: New York, South Carolina IN: FIN SU: TNM


GK-SB -- NY018 -- 4579 06/29/92 09:41 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
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