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PALFED ANNOUNCES POSITION ELIMINATIONS

 AIKEN, S.C., Feb. 25 /PRNewswire/ -- PALFED, Inc. (NASDAQ: PALM) announced today that it is reducing its work force by approximately 45 positions in a move aimed at enhancing the bank's operating efficiencies and profitability. Due to a hiring freeze instituted several months ago only about 35 employees will be affected.
 "We have made a difficult decision that we consider to be in the best interest of our 260 employees, 1,500-plus stockholders, and 75,000- plus customers," says Chairman Albert H. Peters, Jr. "This move is a first step toward enabling Palmetto Federal to be an even more efficient, more productive company.
 "It is always a difficult decision to eliminate positions," Peters added, "but our management and Board have studied our operations very carefully over the past several months and recommend that this, in addition to other reductions in operating expense, is an appropriate action." Many of the positions being eliminated, he said, were important in the past but are no longer considered essential in today's changing banking environment.
 Bank officials emphasized that the reduction in staff was implemented prior to the appointment of John Troutman as President and was developed without his involvement. "Management recognized a need, developed a plan, and acted in the appropriate manner before the Board met with John on Tuesday," added Peters.
 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- 2/25/93
 /CONTACT: W. Barry Adams of PALFED, Inc., 803-642-1421/
 (PALM)


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

MM -- CH013 -- 0480 02/25/93 15:04 EST
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Publication:PR Newswire
Date:Feb 25, 1993
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