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POUGHKEEPSIE SAVINGS BANK ANNOUNCES FILING OF OFFERING CIRCULAR FOR ANTICIPATED RIGHTS OFFERING AND FINAL APPROVAL OF CAPITAL PLAN

 POUGHKEEPSIE, N.Y., April 14 /PRNewswire/ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS) announced that, on April 13, 1993, it filed a preliminary offering circular with the Office of Thrift Supervision (OTS) with respect to a proposed offering of additional shares of common stock in the form of a rights offering to existing stockholders as well as to standby and certain other investors. When the offering circular is declared effective by the OTS, which the bank expects in May, each stockholder as of the record date will receive a transferable right to purchase additional shares of the bank's common stock. The record date, price and amount of common stock to be sold under this offering have not yet been established. Stockholders also will be afforded the right to subscribe for additional shares of common stock to the extent that other stockholders do not fully exercise their subscription rights.
 The bank has retained Advest, Inc. as its financial advisor with respect to the offering. Among other things, Advest will assist the bank in identifying potential standby investors, who along with employees and customers of the bank, will be offered shares of common stock.
 The bank also announced that it received final approval from the OTS of its Capital Plan which anticipates the recapitalization of the bank through this rights offering. Concurrent with the approval of the Capital Plan, and as previously disclosed, the OTS issued a Prompt Corrective Action Directive which replaces certain restrictions and conditions already imposed on the bank. This Directive will not have any additional effect on the bank's current operations.
 An offering circular relating to these securities has been filed with the OTS but has not yet become effective. These securities may not be sold nor may any offers to buy be accepted prior to the time the offering circular becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The shares proposed to be sold will be newly issued shares of common stock.
 A copy of the preliminary offering circular pertaining to the offering may be obtained, when available, from Suzanne Gillespie, secretary, Poughkeepsie Savings Bank, FSB, 249 Main Mall, Poughkeepsie, N.Y. 12601.
 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- 4/14/93
 /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/
 (PKPS)


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

KD-WB -- NY112 -- 5901 04/14/93 17:44 EDT
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Publication:PR Newswire
Date:Apr 14, 1993
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