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 AIKEN, S.C., Jan. 12 /PRNewswire/ -- Woodside Plantation, an upscale residential golf community located in Aiken, S.C. was recently sold by Woodside Development Company of Aiken, Inc. (a subsidiary of Palmetto Federal Savings Bank of South Carolina) to Woodside Development Limited Partnership. The entire transaction was valued at over $9 million, including additional optioned land. Palmetto Federal Savings Bank provided conforming financing for the transaction.
 The purchaser, Woodside Development Limited Partnership is owned and managed by a small group of investors: Steve Hovde, Eric Hovde and Richard Steele. The Hovdes are principals in Hovde Financial, Inc., a Washington, D.C. based investment banking and consulting firm specializing in the thrift and banking industry. The Hovde family, including Donald Hovde, a former president of the National Association of Realtors and member of the Reagan Administration serving as a director of the Federal Home Loan Bank Board has interests in residential development in their hometown of Madison, Wis. Richard Steele, a close business associate of the Hovde family, is a private investor based in Longmeadow, Mass. who is also affiliated with Chase Enterprises of Hartford, Conn., a diversified real estate, communications and financial services concern. Steele has been responsible for the marketing, operations and management of upscale residential golfing communities in northern Florida.
 When asked why they had purchased Woodside Plantation, Eric Hovde responded that, "Woodside Plantation represents more to us than a good investment opportunity. We were impressed with the Aiken, S.C. area's beauty, the friendliness of its people, the two magnificent Robert Cupp and Rees Jones designed championship golf courses and the quality of the entire community. Woodside Plantation is a development we are all proud to be a part of; it is truly a special property, with a lifestyle, appeal and value found in only a handful of communities in the eastern United States.
 The new owners expect to continue with the same upscale, quality orientation that has marked the development from its beginning. "We expect few changes at Woodside Plantation, with the exception of a more aggressive marketing effort to let other people know how wonderful a place Woodside Plantation is to live." They also had nothing but praises for the previous owners of the property, Palmetto Federal. "The bank really did everything right, in a first class manner. The pride and happiness of the homeowners at Woodside Plantation speaks for itself."
 The new owners expect to meet with members of the Woodside team, local business leaders, contractors, marketing firms and other real estate professionals during the next few weeks. "We look forward to becoming a part of Woodside Plantation and the Aiken community."
 Anyone interested in obtaining more information about Woodside Plantation may contact Frank Thomas at Woodside Plantation, 1365 Silver Bluff Road, Aiken, S.C. 29801 or 803-642-2565.
 -0- 1/12/94
 /CONTACT: Richard B. Steele, of Woodside Development Limited Partnership, 203-293-4228/

CO: Woodside Development Limited Partnership; Woodside Development
 Company of Aiken, Inc.; Palmetto Federal Savings Bank of
 South Carolina ST: South Carolina IN: SU:

MM -- CH003 -- 1332 01/12/94 10:17 EST
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Publication:PR Newswire
Date:Jan 12, 1994

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