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POLIFLY FINANCIAL FILES REVISED CAPITAL PLAN

 POLIFLY FINANCIAL FILES REVISED CAPITAL PLAN
 NEW MILFORD, N.J., Oct. 16 /PRNewswire/ -- Polifly Financial


Corporation (NASDAQ: PFLY), the holding company for Polifly Savings and Loan Association, today announced the filing of its revised capital plan with the Office of Thrift Supervision (OTS) as required by the capital directive in effect between the OTS and Polifly. Members of Polifly's board and senior management met with the OTS to discuss all of the salient activities contemplated in the plan. The plan proposes the manner in which Polifly seeks to be in compliance with all regulatory capital guidelines within the time frames prescribed by applicable laws and regulations.
 Polifly also announced the resignation of Donald Musso, who has been serving as acting chairman since July 1, 1992. This action is effective Nov. 1, 1992. Dennis Carpini, acting president said, "Don Musso and his company have been instrumental in the development of Polifly's capital plan and we look forward to his continued assistance in this area."
 -0- 10/16/92
 /CONTACT: Dennis A. Carpini, acting president and CEO of Polifly Financial, 201-261-6900/
 (PFLY) CO: Polifly Financial Corporation ST: New Jersey IN: FIN SU:


PS-TM -- NY073 -- 1132 10/16/92 16:59 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
Words:199
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