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PALFED, INC. ANNOUNCES AGREEMENT IN PRINCIPLE TO SELL WOODSIDE

 AIKEN, S.C., Sept. 2 /PRNewswire/ -- PALFED, Inc. (NASDAQ-NMS: PALM) announced today that its subsidiary, Palmetto Federal Savings Bank of South Carolina, entered into a nonbinding agreement in principle to sell substantially all of the assets associated with Palmetto Service Corporation's subsidiary, Woodside Development Company of Aiken, Inc. (Woodside Plantation). The agreement in principle is subject to purchaser due diligence, negotiation of a definitive purchase agreement and regulatory approval. The company anticipates that the transaction will result in no additional allowances related to the project.
 Woodside Plantation is a 2,000 acre planned single family development in Aiken, S.C. The facility is served by an amenity package which includes two (2) eighteen hole championship golf courses designed by Rees Jones and Bob Cupp and a challenging 9-hole par three course, together with a tennis center, and swimming and dining facilities at the Clubhouse. Since its inception in 1986, 577 homes have been completed at Woodside. There are approximately 227 developed lots remaining in the project together with approximately 1,000 acres of semi-improved land zoned residential. Woodside Development Company of Aiken, Inc., a wholly owned subsidiary of the bank, is the developer of this project.
 PALFED, Inc. is a South Carolina corporation whose principal subsidiary, Palmetto Federal Savings Bank of South Carolina, is a federally chartered stock savings bank. Palmetto Federal operates 14 full-service banking offices in western and southern South Carolina. The bank also operates two limited service retail branches and four mortgage lending offices. At June 30, 1993, PALFED, Inc. had consolidated assets of $676.2 million and deposits of $486.0 million.
 -0- 9/2/93
 /CONTACT: Howard M. Hickey Jr., Executive Vice President and General Counsel of PALFED, 803-642-1328/
 (PALM)


CO: PALFED, Inc.; Palmetto Federal Savings Bank of South Carolina;
 Woodside Development Company of Aiken, Inc.; Palmetto Service
 Corporation ST: South Carolina IN: FIN SU: RLE


SB -- CH010 -- 8553 09/02/93 16:27 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
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