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

DATE: TUESDAY, June 22, 1993                   TAG: 9306220097
SECTION: BUSINESS                    PAGE: B7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

CHARTER FEDERAL PLAN APPROVED

Charter Federal Savings Bank said Monday the Office of Thrift Supervision has approved its capital restoration plan. The Bristol-based thrift has offices in the Roanoke Valley.

The plan provides for Charter to achieve compliance with all applicable capital requirements through an offering of $43.5 million worth of new common stock.

Charter is still waiting for clearance from OTS to issue its circular, the official offering of the stock. No date has been set for the offering.

Approval by the OTS of the capital plan was made conditional, requiring Charter to consent to the issuance of a capital directive, a statement expected in a few days.

Also, Charter said its common stock is listed on the Nasdaq market for small-capitalization companies, but is temporarily under an exception to capital and surplus requirements for such companies. The exception extends to Aug. 15, when the company expects to meet the standards with completion of the offering of new stock.

by CNB