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POUGHKEEPSIE SAVINGS BANK ANNOUNCES

 POUGHKEEPSIE, N.Y., June 21 /PRNewswire/ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS) today announced that its rights offering was successfully completed as of the close of business on Friday, June 18. A total of approximately 8.5 million shares will be issued, generating gross proceeds of approximately $21.3 million. Approximately 6.3 million shares of the Bank's common stock were purchased pursuant to the exercise of rights, and an additional 2.2 million shares are being purchased by standby investors.
 The purpose of the rights offering was to enable the bank to raise additional capital in accordance with its Amended Capital Plan. The bank is required by the Office of Thrift Supervision to meet capital targets of a 5 percent core capital ratio and an 8 percent risk-based capital ratio by June 30, 1993, as well as risk-based ratios of 9 percent by Dec. 31, 1993 and 10 percent by Dec. 31, 1994. Based on the results of the rights offering which will result in approximately $19.8 million in net proceeds, the bank expects to meet the most stringent, Dec. 31, 1994, capital requirements. As of March 31, 1993, the bank had tangible, core and risk-based capital ratios of 3.90 percent, 3.90 percent and 7.02 percent, respectively. On a pro forma basis, giving effect to the rights offering, the bank's March 31, 1993 tangible, core and risk-based capital ratios would be 6.69 percent, 6.69 percent and 11.12 percent, respectively.
 Joseph B. Tockarshewsky, chairman, president and chief executive officer said, "We are extremely pleased with the results of the rights offering. This offering is the centerpiece of the bank's plan to return to capital compliance. The capital infusion provided by the rights offering will greatly enhance the bank's ability to serve as the premier community bank of the Mid-Hudson Valley."
 The rights offering provided shareholders of record on May 11, 1993 with two transferable rights for each share owned. Each right entitled the holder to purchase one share of common stock at $2.50 per share. Record date holders also had an oversubscription privilege. In addition to purchases pursuant to the exercise of rights, certain standby investors agreed to purchase 2.2 million shares. Advest, Inc. served as the bank's financial advisor in the rights offering.
 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- 6/21/93
 /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:

TS-MP -- NY073 -- 4151 06/21/93 15:56 EDT
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Publication:PR Newswire
Date:Jun 21, 1993
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