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POUGHKEEPSIE SAVINGS BANK REDEEMS MORTGAGE-BACKED BOND

 POUGHKEEPSIE SAVINGS BANK REDEEMS MORTGAGE-BACKED BOND
 POUGHKEEPSIE, N.Y., Oct. 5 /PRNewswire/ -- Poughkeepsie Savings


Bank, FSB (NASDAQ: PKPS) announced that it had redeemed the remaining $31.7 million of 10.5 percent Mortgage-Backed Bonds at their maturity on Oct. 1, 1992. The redemption was at par plus accrued interest through Oct. 1, 1992 and was funded from available liquid assets.
 The Mortgaged-Backed Bond was issued in 1985 in the amount of $75 million. Poughkeepsie had previously redeemed $43.3 million in 1990 and 1991 through open market purchases and through an early redemption option.
 Joseph B. Tockarshewsky, chairman, president and chief executive said, "We are pleased to see this redemption and the resulting elimination of a high cost borrowing in the current interest environment."
 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. 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- 10/5/92
 /CONTACT: Robert J. Hughes, executive vice president & chief financial officer of Poughkeepsie Savings Bank, FSB, 914-431-6386/
 (PKPS) CO: Poughkeepsie Savings Bank, FSB ST: New York IN: FIN SU:


LD-OS -- NY089 -- 6734 10/05/92 16:12 EDT
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Publication:PR Newswire
Date:Oct 5, 1992
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