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CHARTER FEDERAL ANNOUNCES OTS APPROVAL OF CAPITAL PLAN AND TEMPORARY CHANGE IN NASDAQ TRADING SYMBOL TO CHFDC

 BRISTOL, Va., June 21 /PRNewswire/ -- Charter Federal (NASDAQ: CHFD) announced today that the Office of Thrift Supervision ("OTS") has approved its capital restoration plan. The capital restoration plan provides for Charter Federal to achieve compliance with all applicable capital requirements through an offering of common stock pursuant, in part, to a distribution of subscription rights to its shareholders. As previously announced, Charter Federal filed a preliminary offering circular for the offering with the OTS on June 4, 1993 and is awaiting clearance of the offering circular by the OTS. Pursuant to applicable OTS policy, the approval by the OTS of the capital plan is conditioned upon Charter Federal consenting to the issuance of a capital directive which is expected to be presented to Charter Federal within a few days.
 Charter Federal also announced that its common stock will continue to be listed on the NASDAQ Small-Cap Market by means of a temporary exception to the capital and surplus requirement pending completion of the planned rights offering. Charter Federal was granted a temporary exception from this standard subject to achieving compliance with the standard by Aug. 15, 1993. Charter Federal intends to achieve compliance with this requirement by means of the rights offering. Commencing on June 23, 1993, and for the duration of the exception, Charter Federal's NASDAQ trading symbol will be CHFDC.
 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 March 31, 1993, Charter Federal had $692 million in assets and $592 million in deposits.
 -0- 6/21/93
 /CONTACT: Cecil R. McCullar, President and Chief Executive Officer, Charter Federal Savings Bank, 703-645-5220/
 (CHFD CHFDC)


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

MM -- CH005 -- 4046 06/21/93 12:21 EDT
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Publication:PR Newswire
Date:Jun 21, 1993
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