wsj_0736.xml
WSJ891027-0159
WSJ891027-0159
=
891027
=
891027
891027-0159
.
891027-0159
.
Poughkeepsie
Savings
@
Abandons
Plan
to
Sell
@
South
Carolina
Offices
Poughkeepsie
Savings
@
Abandons
Plan
to
Sell
@
South
Carolina
Offices
10/27/89
10/27/89
10/27/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
PKPS
PKPS
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
POUGHKEEPSIE
,
N.Y.
POUGHKEEPSIE
,
N.Y.
Poughkeepsie
Savings
Bank
said
a
plan
to
sell
its
South
Carolina
branch
offices
to
First
Citizens
Bank
,
of
Columbia
,
S.C.
,
fell
through
.
Poughkeepsie
also
expects
to
post
a
one-time
charge
of
$
8.3
million
,
resulting
in
a
net
loss
for
the
third
quarter
.
The
charge
represents
a
write-down
of
the
goodwill
associated
with
Poughkeepsie
's
investment
in
the
banks
it
is
trying
to
sell
and
its
North
Carolina
branches
as
well
.
The
thrift
announced
the
plan
Aug.
21
.
Among
other
reasons
,
high
fees
regulators
imposed
on
certain
transfers
of
thrift
deposits
to
commercial
banks
``
substantially
altered
the
economics
of
the
transaction
for
both
parties
,
''
Poughkeepsie
said
.
Additionally
,
the
bank
is
increasing
its
loan-loss
reserves
for
the
third
quarter
by
$
8.5
million
before
taxes
.
In
the
year-earlier
third
quarter
,
Poughkeepsie
Savings
had
net
income
of
$
2.8
million
,
or
77
cents
a
share
.
Poughkeepsie
said
it
is
continuing
to
try
to
sell
itself
,
under
a
June
agreement
with
a
dissident-shareholder
group
.
The
bank
also
said
its
effort
would
continue
past
the
Nov.
1
deadline
set
in
that
agreement
and
that
the
litigation
between
the
two
sides
might
resume
as
a
result
.
The
thrift
and
the
holders
had
suspended
their
lawsuits
as
part
of
the
agreement
.