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CENTRAL PENNSYLVANIA FINANCIAL CORP. ISSUES ANNOUNCEMENT

 SHAMOKIN, Pa., July 22 /PRNewswire/ -- The Supervisory Agreement under which Central Pennsylvania Financial Corp. (NASDAQ: CPSA) and the Cease and Desist Order under which its principal subsidiary Central Pennsylvania Savings Association, F.A. had been operating since December 1991 were terminated by the Office of Thrift Supervision (OTS), Ronald S. Faett, president and CEO, announced today.
 The board of directors were informed of the termination of both orders by the OTS this past week. "Lifting of the restrictions imposed by the Supervisory Agreement and the Cease and Desist Order," Faett said, "are significant to improving future operations and the franchise value of the corporation."
 In December 1991, the order required numerous internal policies and procedures regarding the association's operations to be developed or revised. The OTS advised the board of directors that the most recent examination of the holding company disclosed continued compliance with the Supervisory Agreement and overall improved financial condition. OTS also notified the subsidiary's board of directors of the substantive compliance with the Order to Cease and Desist. It was because of this improvement and compliance that the Supervisory Agreement and the Cease and Desist Order were terminated.
 The corporation had consolidated assets of $467 million at June 30, 1993. The association meets and exceeds all regulatory capital requirements and its deposit accounts are insured to the maximum allowable by the FDIC.
 Central Pennsylvania Financial Corporation is the parent of Central Pennsylvania Savings Association, F.A., which was originally chartered in 1873. The association has 23 offices throughout central, southeastern and southern Pennsylvania. Offices are located in Shamokin, Mount Carmel, Williamsport, Lewisburg, Danville, Shamokin Dam, Sunbury, Hershey, Camp Hill, Lancaster, York, Columbia, Wrightsville, Fairview Village, West Point, Quakertown, Norristown, Reading, Warminster, Allentown and Philadelphia.
 -0- 7/22/93
 /CONTACT: Frank J. Fendt of Central Pennsylvania Financial, 717-644-0861/
 (CPSA)


CO: Central Pennsylvania Financial Corporation; Central Pennsylvania
 Savings Association, F.A. ST: Pennsylvania IN: FIN SU:


MP-MK -- PH002 -- 4322 07/22/93 08:38 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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