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PALFED ANNOUNCES APPOINTMENT OF NEW PRESIDENT

 AIKEN, S.C., Feb. 24 /PRNewswire/ -- PALFED, Inc. (NASDAQ: PALM) announced today that John C. Troutman was appointed as President at the regular monthly meeting of its Board of Directors held yesterday.
 Troutman comes to Palmetto Federal from Ft. Lauderdale, Fla. where he most recently served as a senior executive with Citizens & Southern National Bank of Florida (now NationsBank). Responsibilities with Citizens & Southern include tenure as Regional Executive Vice President, East Coast of Florida. Prior to these assignments he served in a number of other executive positions with Citizens & Southern in Georgia, Florida and South Carolina. Troutman began his banking career in 1964 with C&S in Atlanta, Ga.
 Albert H. Peters, Jr., Chairman of PALFED, Inc. said, "John Troutman was chosen from an outstanding list of candidates. Our Board of Directors was interested in attracting an individual with proven leadership abilities and, preferably, commercial banking experience. John Troutman's qualifications and particularly his success in the banking industry met exactly the profile that the Board desired." He added, "John Troutman will, without doubt, play a major role in leading Palmetto Federal to a more prominent position as one of South Carolina's leading financial institutions."
 Pending approval of his appointment by regulatory authorities, Troutman will begin his duties as President on March 1, 1993. His wife, Lynda and family will join him in Aiken in the near future.
 Palmetto Federal, PALFED, Inc.'s primary subsidiary, operates 16 branches in South Carolina. At Sept. 30, 1992, PALFED, Inc. had consolidated assets of approximately $746 million and deposits of approximately $530 million.
 -0- 2/24/93
 /CONTACT: W. Barry Adams, PALFED, Inc., 803-642-1421/
 (PALM)


CO: PALFED, Inc. ST: South Carolina IN: FIN SU: PER

MM -- CH007 -- 9863 02/24/93 11:20 EST
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Publication:PR Newswire
Date:Feb 24, 1993
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