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PIONEER SAVINGS BANK RECEIVES ORDER FROM OFFICE OF THRIFT SUPERVISION GIVING CONDITIONAL APPROVAL TO BANK'S CAPITAL PLAN

 ROCKY MOUNT, N.C., Aug. 25 /PRNewswire/ -- Pioneer Savings Bank, Inc., a wholly owned subsidiary of Pioneer Bancorp, Inc. (NASDAQ: PSBN), announced that it has received a Prompt Corrective Action Directive ("Directive") from its principal federal regulator, the Office of Thrift Supervision ("OTS"). The Directive conditionally approves the bank's capital plan and supersedes the previously executed Supervisory Agreement and the Consent Agreement with the OTS; requires that the bank achieve capital compliance by being acquired on or before Sept. 10, 1993; allows the appointment of a conservator or receiver so long as the bank fails to meet its regulatory capital requirements; and continues to impose significant restrictions upon the activities of the bank.
 As provided by the bank's capital plan, the company is continuing to press forward with its previously announced merger with First Citizens Bancshares, Inc. (NASDAQ: FCNCA). The proposed transaction is contingent, among other things, upon the approval of the company's stockholders, who are scheduled to vote on this matter Sept. 9, 1993.
 Raleigh-based First Citizens is a $5.3 billion statewide full- service financial institution that operates 311 offices in 170 towns and cities in North Carolina. Pioneer is a $326 million thrift institution that operates 19 offices in 17 communities.
 -0- 8/25/93
 /CONTACT: Ed Roughton, President of Pioneer Bancorp, 919-446-0611/
 (PSBN FCNCA)


CO: Pioneer Bancorp, Inc.; First Citizens Bancshares, Inc. ST: North Carolina IN: FIN SU: TNM

MM -- CH008 -- 0362 08/25/93 12:58 EDT
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Publication:PR Newswire
Date:Aug 25, 1993
Words:242
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