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PIONEER BANCORP ANNOUNCES EARNINGS ESTIMATE

 ROCKY MOUNT, N.C., March 29 /PRNewswire/ -- Pioneer Bancorp, Inc. (NASDAQ: PSBN), headquartered in Rocky Mount, N.C., announced that it expects to report a net loss of an estimated $2.5 million for the quarter ending March 31, 1993. The projected loss results primarily from additional charge-offs and increases in reserves arising from recently completed federal and state regulatory examinations of the Company's wholly owned subsidiary, Pioneer Savings Bank, Inc. ("Bank").
 At Dec. 31, 1992, the Bank reported total assets and capital of $355 million and $9.3 million, respectively. As required by the Office of Thrift Supervision ("OTS"), the Bank's primary federal regulator, the Bank submitted for OTS consideration a new capital restoration plan ("Plan") in February 1993. According to the Plan, the Bank would be recapitalized through projected gains on the sale of certain loan servicing rights and from the sale of five of the Bank's branch offices and through an additional infusion of outside capital. The Bank is uncertain as to the timing and nature of regulatory response regarding its Plan and as to the effect the most recent examination findings may have regarding the Plan. Because the Bank does not currently meet its regulatory capital requirements and has entered into a Consent Agreement with the OTS, its ability to continue as a going concern is dependent upon the approval of its Plan and the willingness of federal and state regulators to allow the Bank additional time to regain full regulatory capital compliance.
 Pioneer Savings Bank currently serves it customers through 19 retail banking offices throughout eastern North Carolina. Customer deposits in the Bank are insured by the Federal Deposit Insurance Corporation up to the applicable $100,000 limit.
 -0- 3/29/93
 /CONTACT: Ed Roughton or Mike Weisman of Pioneer Bancorp, 919-446-0611/
 (PSBN)


CO: Pioneer Bancorp, Inc. ST: North Carolina IN: FIN SU: ERP

MM -- CH012 -- 0683 03/29/93 16:32 EST
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Publication:PR Newswire
Date:Mar 29, 1993
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