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POUGHKEEPSIE SAVINGS BANK ANNOUNCES DEFINITIVE PURCHASE AND SALE AGREEMENT FOR MARKET STREET MORTGAGE CORPORATION

 POUGHKEEPSIE, N.Y., Nov. 23 ~PRNewswire~ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS), announced today that it and its wholly owned subsidiary, Market Street Mortgage Corporation, has signed a definitive purchase and sale agreement and other related agreements with Republic Bancorp, Inc., of Ann Arbor, Mich., which provide for the sale of Market Street Mortgage's loan servicing and loan origination operations, its loan production offices and certain other assets to Republic. The agreement was signed on Nov. 21, 1992, and is subject to obtaining several consents including the Office of Thrift Supervision and the Federal Reserve Board.
 Poughkeepsie Savings and Market Street expect the transaction to close in late December 1992. The terms of the agreement provide for a purchase price of approximately $22 million for the assets and operations purchased by Republic and the retention of certain net assets aggregating approximately $12.3 million by Poughkeepsie and Market Street Mortgage. The purchase price is subject to adjustment under certain circumstances as of the closing. The net assets retained by Market Street which consist primarily of cash, mortgage loans, warehouse notes payable and certain other liabilities are expected to be realized shortly after the closing with the assistance of Republic. As a result of this transaction, Poughkeepsie expects to record a gain on sale of approximately $5 million.
 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. Market Street Mortgage Corporation, its Tampa- based mortgage banking subsidiary, has loan production offices in Florida, North Carolina, Georgia, Virginia and Maryland. The bank's deposits are insured by the Federal Deposit Insurance Corporation.
 -0- 11~23~92
 ~CONTACT: Joseph B. Tockarshewsky, chairman 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~
 (PKPS)


CO: Poughkeepsie Savings Bank, FSB; Market Street Mortgage Corporation;
 Republic Bancorp, Inc. ST: New York, Florida, Michigan IN: FIN SU: TNM


GK-TS -- NY061 -- 0638 11~23~92 14:35 EST
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Publication:PR Newswire
Date:Nov 23, 1992
Words:336
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