Printer Friendly

POUGHKEEPSIE SAVINGS BANK ANNOUNCES CONDITIONAL APPROVAL OF ITS CAPITAL PLAN AND PROPOSED STOCK RIGHTS OFFERING

 POUGHKEEPSIE, N.Y., April 1 /PRNewswire/ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS) announced that it received conditional approval today from the Office of Thrift Supervision ("OTS") of the amended capital plan which it filed on Jan. 28, 1993 ("Capital Plan"). The OTS approval is subject to the bank's receipt of a Prompt Corrective Action Directive ("PCA Directive"). The PCA directive will replace certain previous supervisory restrictions already imposed on the bank by the OTS. The bank does not believe that the PCA directive will have any additional effect on the bank's current operations, and anticipates receipt of the PCA directive shortly.
 The Bank's Capital Plan contemplates a recapitalization of the bank through an offering of additional shares of common stock through a rights offering to existing stockholders as well as to certain standby investors and others, who are not yet identified. The bank anticipates that such offering will be in a range of $14.0 million to $20.0 million, and perhaps more, and will result in the bank meeting its regulatory capital requirements. In addition, the Capital Plan provides that the bank intends to emphasize community banking in its mid-Hudson Valley market area, further reduce non-performing assets and operating expenses and undertake other measures in its efforts to meet its federal regulatory capital requirements.
 In order to facilitate the offering of additional shares of common stock contemplated by the Capital Plan, the bank is requesting stockholder approval of an increase in the number of authorized shares of its common stock. Such proposed increase in common stock is described in the bank's proxy statement, which the bank began to distribute on March 31, 1993, with respect to the annual meeting of shareholders which is scheduled for April 28, 1993. In addition, the bank has received a notice of non-objection from the OTS to engage certain firms to assist it with respect to the proposed issuance of rights and offering of additional shares of common stock. It is anticipated that the offering will take place during the second quarter of 1993, at which time complete information will be provided in the form of an offering circular. The offer of shares of the bank's common stock will be made only by means of such offering circular.
 Poughkeepsie Savings Bank is a community banking institution whose principal market is the Mid-Hudson Valley region of New York, where it operates seven branches. The bank's deposits are insured by the Federal Deposit Insurance Corporation.
 -0- 4/1/93
 /CONTACT: Joseph B. Tockarshewsky, chairman, president and chief executive officer, 914-431-6211, or Robert J. Hughes, executive vice president and chief financial officer, 914-431-6386, both of Poughkeepsie Savings Bank, FSB/
 (PKPS)


CO: Poughkeepsie Savings Bank, FSB ST: New York IN: FIN SU:

LR-OS -- NY080 -- 2116 04/01/93 14:42 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 1, 1993
Words:463
Previous Article:FULTON COUNTY (GA.) $75 MILLION TAX ANTICIPATION NOTES RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:QUOTRON CHOSEN TO BE MICROSOFT SOLUTIONS PARTNER
Topics:


Related Articles
POUGHKEEPSIE SAVINGS BANK SETTLES CLASS ACTION LAWSUIT NO ADDITIONAL COST TO THE BANK
POUGHKEEPSIE SAVINGS BANK ANNOUNCES FINAL SETTLEMENT OF CLASS ACTION LAWSUIT
POUGHKEEPSIE SAVINGS BANK ANNOUNCES THAT A REVISED CAPITAL PLAN WILL BE SUBMITTED TO THE OFFICE OF THRIFT SUPERVISION
POUGHKEEPSIE SAVINGS BANK RECEIVES MODIFIED CAPITAL TARGETS FROM THE OFFICE OF THRIFT SUPERVISION
POUGHKEEPSIE SAVINGS BANK ANNOUNCES FILING OF OFFERING CIRCULAR FOR ANTICIPATED RIGHTS OFFERING AND FINAL APPROVAL OF CAPITAL PLAN
POUGHKEEPSIE SAVINGS BANK REPORTS FIRST QUARTER 1993 RESULTS
POUGHKEEPSIE SAVINGS BANK ANNOUNCES
POUGHKEEPSIE SAVINGS BANK EXTENDS RIGHTS OFFERING
POUGHKEEPSIE SAVINGS BANK ANNOUNCES
Poughkeepsie Savings Bank Announces Results of Annual Meeting of Stockholders and Name Change

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters