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POUGHKEEPSIE SAVINGS BANK REPORTS DISPOSITION OF TWO MAJOR NON-PERFORMING ASSETS

 POUGHKEEPSIE, N.Y., Feb. 23 /PRNewswire/ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS) today reported that in January and February 1993, it consummated the sales, in two separate transactions, of shopping centers in Central Islip, Long Island and Stuart, Fla., that it had obtained in foreclosure in prior years.
 The centers were sold with aggregate net proceeds of $8.3 million. The aggregate book value at the time of the dispositions was $8.1 million. Of the sales prices, $1.9 million was realized in cash with the balance recorded as performing loans by the bank to the respective purchasers of the properties. The sales will further reduce the bank's non-performing assets, which were $55.9 million (net of $20.3 million of reserves) at Dec. 31, 1992 and $85.2 million (net of $21.1 million of reserves) at June 30, 1992.
 Commenting on the sales, Joseph B. Tockarshewsky, chairman, president and chief executive officer, said, "We are continuing the progress made during the second half of 1992 on reducing the non- performing assets. In addition, the sales replaced two significant, relatively long-standing, non-performing assets with two new, interest- earning assets."
 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 to the full extent provided by the Federal Deposit Insurance Corporation.
 -0- 2/23/93
 /CONTACT: Joseph B. Tockarshewsky, chairman, president and CEO, 914-431-6211, or Robert J. Hughes, executive vice president and CFO, 914-431-6386, both of Poughkeepsie Savings Bank/
 (PKPS)


CO: Poughkeepsie Savings Bank, FSB ST: New York IN: FIN SU:

AH-PS -- NY039 -- 9367 02/23/93 11:09 EST
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Publication:PR Newswire
Date:Feb 23, 1993
Words:280
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