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POUGHKEEPSIE SAVINGS BANK ANNOUNCES PLANS TO SELL MARKET STREET MORTGAGE COMPANY

 POUGHKEEPSIE SAVINGS BANK ANNOUNCES PLANS TO SELL
 MARKET STREET MORTGAGE COMPANY
 POUGHKEEPSIE, N.Y., June 24 /PRNewswire/ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS) announced today that it has begun the process of soliciting offers for the purchase of its wholly owned subsidiary, Market Street Mortgage Corporation. The bank has engaged Cohane, Rafferty Securities, Inc., of Harrison, N.Y., to act as its exclusive advisor in this matter.
 In commenting on this action, Christoph H. Schmidt, chairman and chief executive officer said, "We believe that a sale of Market Street Mortgage in these current market conditions would enable the bank to maximize the value of its investment and would facilitate its capital restoration efforts."
 Poughkeepsie Savings Bank is a community banking institution whose principal market is the Mid-Hudson Valley region of New York, where it operates eight 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- 6/24/92
 /CONTACT: Robert J. Hughes, executive vice president and chief financial officer of Poughkeepsie Savings Bank, 914-431-6386/
 (PKPS) CO: Poughkeepsie Savings Bank FSB ST: New York IN: FIN SU: TNM


TS-OS -- NY014 -- 3203 06/24/92 10:16 EDT
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Publication:PR Newswire
Date:Jun 24, 1992
Words:211
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