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CHARTER FEDERAL ANNOUNCES A 1 FOR 5 REVERSE STOCK SPLIT

 BRISTOL, Va., Dec. 9 /PRNewswire/ -- Charter Federal (NASDAQ: CHFD) today announced that the bank's board of directors has declared a 1-for-5 reverse stock split (as to the bank's outstanding common stock (the "common stock")). The reverse stock split shall be effective on Dec. 20, 1993. No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive fractional shares will receive cash equal to the fair market value of such shares. The reverse split will reduce the number of shares of the common stock outstanding from 25,627,802 to 5,125,560.
 Trading in the common stock will continue in the pre-reverse split shares until Dec. 20, 1993. On Dec. 21, 1993 the price per share on the NASDAQ Small-Cap Market will reflect the effect of the reverse stock split.
 Cecil R. McCullar, president and chief executive officer of the bank stated that the reverse stock split is expected to benefit the bank and its stockholders by increasing the per share trading price of the common stock and enabling it to qualify as a marginable stock.
 Charter Federal, which began operation in 1920, is a federally-chartered stock savings bank headquartered in Bristol, Va. with 26 offices throughout Southwest Virginia and Northeast Tennessee. At Sept. 30, 1993, Charter Federal had $718 million in total assets, $546 million in deposits, and stockholders' equity of $35 million.
 -0- 12/9/93
 /CONTACT: Douglas D. Deppen, senior vice president and chief financial officer, of Charter Federal, 703-645-5301/
 (CHFD)


CO: Charter Federal Savings Bank ST: Virginia IN: FIN SU:

MM -- CH005 -- 2263 12/09/93 13:58 EST
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Publication:PR Newswire
Date:Dec 9, 1993
Words:273
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