Printer Friendly

PALFED, INC. ANNOUNCES RESULTS OF STOCK OFFERING

 AIKEN, S.C., Oct. 28 /PRNewswire/ -- PALFED, Inc. ("PALFED") (NASDAQ-NMS: PALM), the holding company for Palmetto Federal Savings Bank of South Carolina ("Palmetto Federal") announced today the successful closing of its stock offering and the receipt of net proceeds of approximately $18.4 million from the sale of 3,636,364 shares of its common stock at $5.50 per share. PALFED's existing shareholders exercised rights to purchase approximately 1.1 million shares with 1.3 million shares sold in a concurrent public offering and the remaining 1.2 million sold to institutional standby investors. PALFED intends to use a substantial portion of the offering proceeds to increase the regulatory capital of its wholly-owned subsidiary, Palmetto Federal, which will enable the bank to meet its fully phased-in regulatory capital requirements.
 John C. Troutman, president and CEO, stated that he was extremely pleased with the response received from both current shareholders and new investors in the company. "We are delighted that so many investors have exhibited such confidence in the future of PALFED," he said.
 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, two limited service retail branches and four mortgage origination centers in western and southern South Carolina. At Sept. 30, 1993, PALFED, Inc. had consolidated assets of $668.4 million and deposits of $475.3 million.
 -0- 10/28/93
 /CONTACT: Darrell R. Rains, executive vice president and chief financial officer, of PALFED, 803-642-1328/
 (PALM)


CO: PALFED, Inc.; Palmetto Federal Savings Bank of South Carolina ST: South Carolina IN: FIN SU: OFR

CM -- CH017 -- 8053 10/28/93 14:56 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 28, 1993
Words:285
Previous Article:LADD DECLARES REGULAR QUARTERLY CASH DIVIDEND
Next Article:DIANE C. HARRIS NAMED TO DURIRON'S BOARD OF DIRECTORS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters