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CHARTER FEDERAL ANNOUNCES TERMINATION OF PCA DIRECTIVE AND CERTAIN OTHER OPERATING RESTRICTIONS

 BRISTOL, Va., Sept. 7 /PRNewswire/ -- Charter Federal (NASDAQ: CHFD) announced today that the Regional Director of the Office of Thrift Supervision ("OTS") terminated the Prompt Corrective Action ("PCA") Directive and certain regulatory operating restrictions which the savings bank had been subject. The savings bank achieved compliance with all fully phased-in capital requirements with the infusion of the net proceeds of its recently completed rights offering.
 In making the announcement, President and Chief Executive Officer Cecil R. McCullar said that the board of directors was very gratified that these regulatory restrictions had been removed. He continued saying, "The lifting of these restrictions will provide Charter Federal with greater flexibility to respond more quickly to opportunities to enhance profitability that may arise in the future."
 Charter Federal is now "adequately capitalized" under the OTS Prompt
Corrective Action regulations. At June 30, 1993, pro forma for the rights offering, the savings bank had tangible capital of 4.53 percent of adjusted tangible assets, core capital of 4.53 percent of adjusted tangible assets, risk-based capital of 9.78 percent of total risk-based assets, and Tier 1 risk-based capital of 8.52 percent of total risk-based assets.
 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 June 30, 1993, pro forma for the rights offering, Charter Federal had $720 million in assets, $574 million in deposits, and $32.7 million in stockholders' equity.
 -0- 9/7/93
 /CONTACT: Cecil R. McCullar, President and Chief Executive Officer of Charter Federal Savings Bank, 703-645-5220/
 (CHFD)


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

SB -- CH003 -- 9290 09/07/93 11:06 EDT
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Publication:PR Newswire
Date:Sep 7, 1993
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