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McCULLAR APPOINTED PRESIDENT AND CEO OF CHARTER FEDERAL SAVINGS BANK

 BRISTOL, Va., March 2 /PRNewswire/ -- Charter Federal Savings Bank (NASDAQ: CHFD) of Bristol, Va., announced the appointment of Cecil R. (Andy) McCullar as President and Chief Executive Officer to succeed E. L. Byington, Jr. who has been named Chairman Emeritus and will remain on the Board of Directors. The appointment was made by the Board of Directors of Charter Federal Savings Bank and approved by the Office of Thrift Supervision (OTS) to become effective March 15, 1993.
 McCullar has served most recently as Retail Executive Officer of Dominion Bank with responsibility for the Southwest Virginia and Northeast Tennessee region of that bank with assets of approximately $1.6 billion and 43 branch offices. McCullar, a resident of Bristol, Tennessee, attended the College of William and Mary and has completed graduate or professional courses at the Stonier Graduate School of Banking at Rutgers University and the University of Virginia. His banking experience has encompassed personnel development and training and more recently credit administration and business development at the regional level.
 "We are very pleased to have Andy McCullar assume this vital responsibility at this critical time in the history of Charter," commented Robert Bartel, Chairman of Charter Federal's Board of Directors. "His experience and prior management success will be extremely valuable to us as we continue the task of rebuilding Charter and moving ahead on our strategy to enable the Savings Bank to become a major banking presence in this region." Bartel went on to stress that McCullar would be eminently suited to community banking and marketing of financial services which will mark Charter Federal's renewed emphasis and strategy in community banking.
 E. L. Byington, Jr., who currently serves as President and CEO, has had a career with Charter Federal which has spanned over four decades. Under his leadership, the Savings Bank grew from $15 million to $740 million in assets and operations which include 26 branches from Knoxville to Roanoke. Byington will retain an active role in assisting in the transition to new management and will remain in active service on the Board of Charter Federal. In paying tribute to Byington, Bartel commented that he was very pleased that Charter Federal could continue to count on Byington's experience and knowledge of the industry as the bank proceeds with its plans for revitalization. In granting the title of Chairman Emeritus for Byington, the Board of Directors of Charter Federal gave recognition to Byington for his long and significant involvement with the institution.
 Charter Federal, which began operation in 1920, is a federally- chartered stock Savings Bank headquartered in Bristol, Va. with 26 offices throughout Southwest and Southside Virginia and the Knoxville, Tenn. area.
 -0- 3/2/93
 /CONTACT: Douglas D. Deppen, Senior Vice President and Chief Financial Officer, Charter Federal Savings Bank, 703-669-5101/
 (CHFD)


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

SB -- CH008 -- 1966 03/02/93 12:48 EST
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Date:Mar 2, 1993
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