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POUGHKEEPSIE SAVINGS BANK EXTENDS RIGHTS OFFERING

 POUGHKEEPSIE, N.Y., June 14 /PRNewswire/ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS, PKPSR) today announced that it has extended the period of its rights offering until 5:00 p.m. on Friday, June 18, 1993. The bank determined to extend the rights offering, which otherwise would have expired at 5:00 p.m. today, due to delays in the receipt of rights offering materials by beneficial owners about its concern that certain banks, securities dealers, trustees and other nominee holders have not had enough time to receive instructions from the beneficial owners. The extension will allow such nominee holders additional time to communicate with their customers in order to receive directions on the exercise or sale of rights.
 The rights offering provides shareholders of record on May 11, 1993 with two transferable rights for each share owned. Each right entitles the holder to purchase one share of common stock at $2.50 per share. Record date holders also have an oversubscription privilege.
 Poughkeepsie Savings Bank said that the extension is intended to provide ample opportunity to current stockholders to participate in the rights offering even though the bank has commitments from standby investors to purchase substantially all of the shares available for shareholder purchase. The extension of the expiration date to Friday, June 18, 1993 also will allow shareholders additional time to sell rights in the open market or through the subscription agent. The subscription agent, however, will accept orders to sell rights only until 10:00 a.m. on Wednesday, June 16, 1993. Rights are expected to be traded on the NASDAQ Stock Market through June 18, 1993.
 Poughkeepsie Savings Bank is a community banking institution whose principal market is the Mid-Hudson Valley region of New York where it operated seven branches. The bank's deposits are insured by Federal Deposit Insurance Corporation.
 -0- 6/14/93
 /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

TS-SM -- NY016 -- 1446 06/14/93 09:05 EST
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Publication:PR Newswire
Date:Jun 14, 1993
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