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 .