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POUGHKEEPSIE SAVINGS BANK ANNOUNCES THAT A REVISED CAPITAL PLAN WILL BE SUBMITTED TO THE OFFICE OF THRIFT SUPERVISION

 POUGHKEEPSIE SAVINGS BANK ANNOUNCES THAT A REVISED CAPITAL PLAN
 WILL BE SUBMITTED TO THE OFFICE OF THRIFT SUPERVISION
 POUGHKEEPSIE, N.Y., Nov. 6 /PRNewswire/ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS) today announced that it had been notified by the regional director of the Office of Thrift Supervision (OTS) that the capital plan previously submitted by the bank to the OTS, which described the bank's plan to achieve compliance with the fully phased-in regulatory capital requirements by the end of 1994, was deemed unacceptable by the OTS. As a result of such action by the OTS, the bank will continue to be subject to certain supervisory restrictions and operational limitations, including a prohibition on asset growth.
 The OTS also informed the bank of its intention to issue a revised capital directive, as well as a request that the board of directors of the bank consent to the issuance of such directive. The bank intends to prepare a revised capital plan demonstrating achievement of the newly imposed capital levels in the time-frame required by the OTS. The revised capital directive will require the bank to achieve a core capital level of 5.0 percent and a risk-based capital level of 9.0 percent by June 30, 1993, and a risk-based capital level of 10.0 percent by Dec. 31, 1994. As of Sept. 30, 1992, the bank's core capital level was 2.21 percent and its risk-based capital level was 4.43 percent. The bank will consider the provisions of any capital directive and request for consent to issuance thereto when received.
 Deposits in the bank continue to be insured by the Federal Deposit Insurance Corporation to the maximum amounts permissible under law.
 -0- 11/6/92
 /CONTACT: Joseph B. Tockarshewsky, chairman of the board, president and chief executive officer of Poughkeepsie Savings Bank, FSB, 914-431-6211/
 (PKPS) CO: Poughkeepsie Savings Bank, FSB ST: New York IN: FIN SU:


AH-TS -- NY054 -- 8272 11/06/92 15:31 EST
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Publication:PR Newswire
Date:Nov 6, 1992
Words:325
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