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JOHNSTOWN SAVINGS BANK ANNOUNCES ITS CONVERSION TO A PENNSYLVANIA-CHARTERED SAVINGS BANK

 JOHNSTOWN, Pa., March 12 /PRNewswire/ -- Johnstown Savings Bank (NASDAQ: JSBK) today announced that it has received a Certificate of Conversion from the Pennsylvania Department of State to conduct business as a Pennsylvania-chartered savings bank, operating under the supervision of the Pennsylvania Department of Banking.
 The bank's conversion from a federally-chartered savings bank became effective on March 9, 1993. The bank had announced its intention to convert on Oct. 14, 1992.
 The bank's conversion plans were subject to the approval of the bank's then-current primary federal regulatory agency, the Office of Thrift Supervision (OTS); the Pennsylvania Department of Banking; and the bank's stockholders. All necessary approvals were received as of the conversion date.
 On March 9, 1993, the bank's corporate name was changed to "Johnstown Savings Bank" from "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.
 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 the law," he said.
 Johnstown Savings Bank is an FDIC-insured savings bank which conducts its business through six offices in the Greater Johnstown area and through its wholly-owned subsidiary, Standard Mortgage Corporation of Georgia, located in Atlanta.
 /delval/
 -0- 3/12/93
 /CONTACT: Patrick J. Coyne, president and CEO, or Walter F. Rusnak, senior vice president and CFO, both of Johnstown Savings Bank, 814-535-8900/
 (JSBK)


CO: Johnstown Savings Bank ST: Pennsylvania IN: FIN SU:

KC-DM -- PG003 -- 5406 03/12/93 09:11 EST
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Publication:PR Newswire
Date:Mar 12, 1993
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