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JOHNSTOWN SAVINGS BANK, FSB ANNOUNCES PLANS TO CONVERT TO A PENNSYLVANIA-CHARTERED SAVINGS BANK

 JOHNSTOWN SAVINGS BANK, FSB ANNOUNCES PLANS TO CONVERT
 TO A PENNSYLVANIA-CHARTERED SAVINGS BANK
 JOHNSTOWN, Pa., Oct. 14 /PRNewswire/ -- Johnstown Savings Bank, FSB (NASDAQ: JSBK) today announced that it has delivered to the Commonwealth of Pennsylvania Department of Banking an Application for Conversion to a Pennsylvania-chartered savings bank.
 The bank is currently a federally chartered savings bank operating under the applicable provisions of federal banking regulation. All plans to convert are subject to the approval of the bank's current primary federal regulatory agency, the Office of Thrift Supervision (OTS); the Pennsylvania Department of Banking; and the bank's stockholders.
 The bank's corporate name is currently "Johnstown Savings Bank, FSB." The designation "FSB" stands for Federal Savings Bank and is a required part of the corporate name for all federally chartered savings banks. Following the conversion, the bank's corporate name would be "Johnstown Savings Bank."
 Patrick J. Coyne, president and chief executive officer, stressed that the conversion would have no effect on the daily operations of the bank, including the bank's insurance of deposits. "Johnstown Savings Bank's deposits will still be insured by the Federal Deposit Insurance Corporation (FDIC) to the fullest extent allowed by law," he said.
 Coyne further stated that the planned conversion from a federally chartered savings bank to a Pennsylvania-chartered savings bank was in the best interests of the bank's stockholders for several economic reasons. Foremost among these reasons is the significantly lower cost of assessments and fees charged to financial institutions in general by the Pennsylvania Department of Banking as compared with the OTS. "Johnstown Savings is one of a large number of institutions nationwide considering or actively pursuing a conversion to a state charter," Coyne noted. "Conversion has become more prevalent in Pennsylvania where there are significant cost savings realizable due to the commonwealth's generally lower assessment schedules."
 Johnstown Savings Bank was originally chartered under Pennsylvania law in 1870 and is Cambria County's first and oldest bank. Coyne noted that the bank operated under a Pennsylvania charter for 115 years prior to its conversion to a federal charter in 1985. He stated that such conversions are made in response to regulatory and economic changes in the banking industry. "This charter change will not affect the bank's ability to offer the highest standards in customer service or the safety of customer deposits," Coyne said. "We will continue to meet or exceed the levels of service to our customers that they have come to expect from the bank."
 Johnstown Savings Bank recently announced the planned opening of its sixth branch location in the Johnstown Galleria Mall. The bank is a federally chartered, FDIC-insured savings bank which conducts its business through five offices in the Greater Johnstown area and through its wholly owned subsidiary, Standard Mortgage Corporation of Georgia, located in Atlanta.
 -0- 10/14/92
 /CONTACT: Patrick J. Coyne, president & CEO, or Walter F. Rusnak, senior vice president & CFO, 814-535-8900, both of Johnstown Savings Bank/
 (JSBK) CO: Johnstown Savings Bank, FSB ST: Pennsylvania IN: FIN SU:


CD-MP -- PG002 -- 9713 10/14/92 09:14 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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