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ELMWOOD SHAREHOLDERS APPROVE HOLDING COMPANY FORMATION

 ELMWOOD SHAREHOLDERS APPROVE HOLDING COMPANY FORMATION
 MEDIA, Pa., May 14 /PRNewswire/ -- Shareholders of Elmwood Federal


Savings Bank (NASDAQ: EFSB) voted yesterday at the annual meeting of the bank's shareholders to approve the formation of a holding company.
 Shareholders also voted with management on all other proposals.
 Upon completion, the new company, to be known as Elmwood Bancorp, Inc., will be chartered in the state of Pennsylvania, and would own 100 percent of the outstanding capital stock of Elmwood Federal. Present stockholders of Elmwood Federal would become stockholders of the holding company. The reorganization is subject to regulatory approval and is expected to be completed during the third quarter of 1992.
 Elmwood Federal is headquartered in Media and has nine retail banking offices in Philadelphia, Delaware and Chester counties in suburban Philadelphia. The bank's deposits are insured by the Federal Deposit Insurance Corporation.
 /delval/
 -0- 5/14/92
 /CONTACT: Frank C. Freeman, chairman and acting CEO of Elmwood Federal Savings Bank, 215-565-8200/
 (ESFB) CO: Elmwood Federal Savings Bank ST: Pennsylvania IN: FIN SU:


MK-CC -- PH037 -- 0367 05/14/92 15:38 EDT
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Publication:PR Newswire
Date:May 14, 1992
Words:181
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