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                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, April 14, 1993                   TAG: 9304140055
SECTION: BUSINESS                    PAGE: B6   EDITION: METRO 
SOURCE: GEORGE KEGLEY STAFF WRITER
DATELINE:                                 LENGTH: Short

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CHARTER PLANNING TO ISSUE MORE STOCK

Charter Federal Savings Bank said Tuesday it plans to issue additional stock and has hired Wheat, First Securities Inc. as adviser for a new capital restructuring plan.

The Office of Thrift Supervision approved the employment of Wheat and gave Charter permission to implement capital restructuring, the Bristol thrift said.

Details of the plan, intended to raise enough capital to meet federal requirements, will be announced after further discussions with Wheat and federal regulators, said Charter Chairman Robert J. Bartel.

The plan is to involve offering additional shares to existing stockholders and to others.

Charter was forced to increase its capital following an adverse ruling by the U.S. Supreme Court in Charter's lawsuit against two federal agencies over the inclusion of supervisory goodwill as an asset. Charter said goodwill should have been counted as an asset in its acquisition of financially-ill thrifts in the 1980s.

Charter's suit was against the Federal Deposit Insurance Corp. and Office of Thrift supervision. Charter's effort to compel the inclusion of goodwill as an asset was denied by an appeals court and that decision was upheld by the Supreme Court.

Without the goodwill, Charter has a capital deficiency by federal standards for savings banks.

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