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CHARTER FEDERAL ANNOUNCES DEVELOPMENT OF CAPITAL RESTRUCTURING PLAN AND RETENTION OF FINANCIAL ADVISOR

 BRISTOL, Va., April 13 /PRNewswire/ -- Charter Federal (NASDAQ: CHFD) announced today that its board of directors has developed a capital restructuring plan and has retained Wheat, First Securities, Inc. ("Wheat, First") as Charter Federal's financial advisor to assist in the finalization of the terms and conditions of the plan and in its execution. The Office of Thrift Supervision has approved the retention of Wheat, First and has given Charter Federal permission to proceed with the implementation of a capital restructuring plan.
 As currently contemplated, the capital restructuring plan would involve a rights offering of additional shares of common stock to existing stockholders and, to the extent that the shares are not purchased pursuant to the exercise of rights, to others. The purpose of the offering would be to raise sufficient capital to enable Charter Federal to meet currently-applicable regulatory capital requirements.
 Wheat, First was chosen by the Board of Directors of Charter Federal as its financial advisor on the basis of Wheat, First's experience in the banking industry. Wheat, First is a financial consulting and investment banking firm that is engaged, among other things, in the evaluation of thrift and banking institutions and their securities, and other financial advisory matters for financial institutions.
 Robert J. Bartel, chairman of the board, said, "Following further discussions with Wheat, First and our regulators, we hope to be able to announce further details of our capital restructuring plan."
 Charter Federal, which began operation in 1920, is a federally- chartered stock savings bank headquartered in Bristol, Va. with 26 offices throughout Southwest and Southside Virginia and the Knoxville, Tenn. area. At Dec. 31, 1992, Charter Federal had total assets of $745 million, total deposits of $591 million and total stockholders' equity of $27 million.
 -0- 4/13/93
 /CONTACT: Douglas D. Deppen, Senior Vice President and Chief Financial Officer, Charter Federal Savings Bank, 703-669-5101/
 (CHFD)


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

MM -- CH008 -- 5197 04/13/93 11:49 EDT
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Publication:PR Newswire
Date:Apr 13, 1993
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