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POUGHKEEPSIE SAVINGS BANK ANNOUNCES

 POUGHKEEPSIE, N.Y., May 11 /PRNewswire/ -- Poughkeepsie Savings Bank FSB (NASDAQ: PKPS) today announced that the Office of Thrift Supervision ("OTS") has declared effective its offering circular relating to the bank's proposed recapitalization. The recapitalization will be an offering of up to an additional 10,010,600 shares of common stock through a rights offering to existing stockholder as well as to certain standby and other investors. Each stockholder of record as of May 11, 1993 will receive two transferable rights for each share of stock owned ("rights"). Each right will entitle the holder to purchase one share of common stock at the subscription price of $2.50 per share. Stockholders as of the record date will have the ability, subject to certain limitations, to subscribe for additional shares of common stock to the extent that other stockholders do not fully exercise their rights. The rights will be traded on the NASDAQ/National Market System under the symbol "PKPSR."
 Of the 10,010,600 shares to be offered, approximately 7,800,000 shares will be available to satisfy the exercise of rights. The remaining shares are being set aside in order to ensure that the standby purchasers will have approximately 2,200,000 shares, in the aggregate, if the rights are fully subscribed. The bank has received commitments from standby purchasers to purchase up to approximately 7,800,000 shares of common stock in the offering.
 The bank anticipates that the offering will terminate at 5 p.m. on June 14, 1992, unless extended by the bank. Complete information will be included in the bank's offering circular and related materials, which are expected to be distributed early next week.
 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. The bank's deposits are insured by the Federal Deposit Insurance Corporation.
 -0- 5/11/93
 /CONTACT: Joseph B. Tockarshewsky, chairman, president & chief executive officer, 914-431-6211, or Robert J. Hughes, executive vice president & chief financial officer, 914-431-6386, both of Poughkeepsie Savings Bank/
 (PKPS)


CO: Poughkeepsie Savings Bank, FSB ST: New York IN: FIN SU: SRP

LD-TM -- NY102 -- 7285 05/11/93 17:48 EDT
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Publication:PR Newswire
Date:May 11, 1993
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