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U.S. COURT OF APPEALS DENIES CHARTER FEDERAL SAVINGS BANK PETITION FOR REHEARING REGARDING LAWSUIT AGAINST THE OTS AND FDIC

 U.S. COURT OF APPEALS DENIES CHARTER FEDERAL SAVINGS BANK
 PETITION FOR REHEARING REGARDING LAWSUIT AGAINST THE OTS AND FDIC
 BRISTOL, Va., Nov. 2 /PRNewswire/ -- Charter Federal Savings Bank (NASDAQ: CHFD) ("Charter Federal") announced today that it had learned that the U.S. Court of Appeals for the Fourth Circuit had denied on Oct. 27, 1992 the Savings Bank's petition for a rehearing before the Court.
 Charter Federal had requested a rehearing after the Court affirmed in part and reversed in part on Sept. 25, 1992 a decision of the U.S. District Court for the Western District of Virginia in Charter Federal's lawsuit against the Office of Thrift Supervision and the Federal Deposit Insurance Corporation.
 Charter Federal announced on Sept. 29, 1992 that the Board of Directors of the Savings Bank had decided that Charter Federal would, if necessary, petition the U.S. Supreme Court. As a result of the Appellate Court's refusal to rehear the suit, the Savings Bank will now file a petition for a hearing before the U.S. Supreme Court and is requesting a stay of the Appellate Court's mandate pending application to the Supreme Court. If the Supreme Court does not grant Charter Federal's petition, and the Court of Appeals decision becomes final, then the Savings Bank could be subjected to a range of regulatory actions due to the failure to meet applicable capital requirements. The possible regulatory actions include limitations upon activities, the issuance of a directive to increase capital, or the appointment of a conservator or receiver for the Savings Bank.
 Charter Federal, which began operation in 1920, is a federally- chartered stock Savings Bank headquartered in Bristol, Va. with 26 offices throughout Southwest and Southside Virginia and the Knoxville, Tenn. area.
 -0- 11/2/92
 /CONTACT: Douglas D. Deppen, Senior Vice President and Chief Financial Officer, Charter Federal Savings Bank, 703-669-5101/
 (CHFD) CO: Charter Federal Savings Bank ST: Virginia IN: FIN SU:


MM -- CH011 -- 1762 11/02/92 16:40 EST
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Publication:PR Newswire
Date:Nov 2, 1992
Words:330
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