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POUGHKEEPSIE SAVINGS BANK RECEIVES MODIFIED CAPITAL TARGETS FROM THE OFFICE OF THRIFT SUPERVISION

 POUGHKEEPSIE, N.Y., Jan. 5 /PRNewswire/ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS) today announced that it has received an amended capital directive from the Office of Thrift Supervision (OTS) which, among other things, revises the regulatory capital targets which the bank will be required to achieve.
 Such action follows the consent of the bank's board of directors to the new capital directive. The bank intends to submit an amended capital plan to the OTS by the end of January detailing its plans for achieving and maintaining the revised regulatory capital target ratios of 5.0 percent core capital and 8.0 percent total risk-based capital by June 30, 1993, as well as a 9.0 percent total risk-based capital ratio by Dec. 31, 1993, and a 10.0 percent total risk-based capital ratio by Dec. 31, 1994. Previously, the OTS had indicated its intention to require the bank to achieve a 9.0 percent total risk-based capital ratio by June 30, 1993, rather than the Dec. 31, 1993, date to which it has now agreed.
 Joseph B. Tockarshewsky, the bank's chairman and chief executive officer, stated, "The change by the OTS will provide us with additional flexibility and, coupled with the recent steps taken by the bank, including the sale of substantially all of the assets of our mortgage- banking subsidiary and of our branch offices in South Carolina, will assist the bank in meeting its goals."
 As of Sept. 30, 1992, the bank's core capital ratio was 2.21 percent while its risk-based capital was 4.43 percent. While the bank anticipates prompt review by the OTS of its revised capital plan once filed, no assurance can be given that it will receive OTS approval or that the bank will be able to achieve the target capital ratios and other requirements reflected in such plan.
 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- 1/5/93
 /CONTACT: Joseph B. Tockarshewsky, chairman, president and chief executive officer of Poughkeepsie Savings Bank, FSB, 914-431-6211/
 (PKPS)


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

CK-TS -- NY051 -- 1741 01/05/93 12:39 EST
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Date:Jan 5, 1993
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