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PILGRIM REGIONAL BANKSHARES RIGHTS OFFERING EFFECTIVE

 LOS ANGELES, May 24 /PRNewswire/ -- Pilgrim Regional BankShares Inc. (NYSE: PBS), a closed-end fund listed on the New York Stock Exchange, announced today that the Securities and Exchange Commission (SEC) has declared its Rights Offering effective.
 Under the Rights Offering, shareholders of record as of June 1, 1993, will be granted the right to purchase one share of common stock for every four shares currently being held. The Rights will be transferable until the Expiration Date of the Rights Offering. The proposed Expiration Date of the Rights Offering is 5 p.m., New York time, July 16, 1993, unless otherwise extended.
 The exercise price of the Rights will be the lesser of (i) 90 percent of the company's net asset value per share, as calculated as of the close of business on the Expiration Date of the offer or (ii) 90 percent of the average of the closing sales prices, per share, of the company's common stock as reported on the NYSE composite transactions tape for the four trading dates immediately preceding the Expiration Date of the Offer and for such Expiration Date itself.
 The shares of Pilgrim Regional BankShares will begin trading on an ex-rights basis on May 26, 1993.
 -0- 5/24/93
 /CONTACT: Carl Dorf of Pilgrim Regional BankShares Inc., 310-551-5426/
 (PBS)


CO: Pilgrim Regional BankShares Inc. ST: California IN: FIN SU: OFR

SB -- DE037 -- 3440 05/24/93 17:08 EDT
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Publication:PR Newswire
Date:May 24, 1993
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