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POLIFLY ANNOUNCES SETTLEMENT OF LAWSUIT AGAINST A FORMER DIRECTOR

POLIFLY ANNOUNCES SETTLEMENT OF LAWSUIT AGAINST A FORMER DIRECTOR
 NEW MILFORD, N.J., Jan. 15 /PRNewswire/ -- Polifly Financial Corporation (NASDAQ: PFLY), the holding company for Polifly Savings and Loan Association, today announced that it has entered into a settlement agreement in connection with the lawsuit filed by the corporation against former director Robert K. Hartmann. Pursuant to the settlement agreement, Hartmann has agreed to pay approximately $5 million to the association in cash, notes and real property. Payments are scheduled over the next three and one-half years. The association is unable to determine at this time what the net amount of the settlement will be after, among other things, deduction for litigation cost and accounting adjustments. The association's accounting firm is currently examining the accounting adjustments.
 -0- 1/15/92
 /CONTACT: Henry S. Becker, CFO of Polifly Financial, 201-261-6900/
 (PFLY) CO: Polifly Financial Corporation ST: New Jersey IN: FIN SU: SM-FC -- NY086 -- 0232 01/15/92 17:08 EST
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Publication:PR Newswire
Date:Jan 15, 1992
Words:159
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