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PALFED, Inc.
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(Name of Registrant as Specified In Its Charter)
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PALFED, INC.
107 Chesterfield Street S.
Aiken, South Carolina 29801
John C. Troutman
President and CEO
(803) 642-1433
February 12, 1997
FOR IMMEDIATE RELEASE
PALFED, INC. ANNOUNCES DIRECTOR NOMINEE
AIKEN, South Carolina, February 12, 1997 -- The PALFED, INC. (NASDAQ:PALM)
("PALFED") Board or Directors announced the nomination of Edwin S. Pearlstine,
Jr. for membership on the Board of Directors of PALFED, Inc. and its banking
subsidiary, Palmetto Federal Savings Bank of South Carolina. Mr. Pearlstine,
President of Pearlstine Distributors, Inc. of Charleston, will be a candidate
for election by the shareholders at the Company's Annual Meeting, which is
scheduled for April 22, 1997. Other candidates for election are incumbent PALFED
directors William F. Cochrane, E. Larry Hutto and Charles E. Simons, III.
Albert H. Peters, Jr., PALFED's Chairman, said, "Edwin Pearlstine is the
ideal candidate from Charleston to represent not only that vital part of our
franchise, but provide valuable input and leadership for our Company as we move
into the exciting future. He is an outstanding business and community leader who
will be a great asset to our Boards."
PALFED, INC. is a South Carolina corporation whose principal subsidiary,
Palmetto Federal Savings Bank of South Carolina, operates 21 banking and eight
mortgage lending offices in South Carolina and one mortgage lending office in
Georgia. PALFED's common stock is traded in the Nasdaq National Market System
under the symbol "PALM".