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Final Shareholder Approval Received for the Formation of a Presidential Holding Company

A special meeting of shareholders has approved the final step in the creation of a unitary thrift holding company for Presidential Savings Bank, FSB.  This action was taken pursuant to regulatory approval received in June 1998.  Under current federal banking law, this holding company will not be restricted to activities closely related to banking, but may engage in any type of business activity.

The holding company is called Presidential Holdings, Inc.  Completion of the holding company reorganization is expected within about 3 months.