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THISTLE GROUP HOLDINGS, CO.
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(Name of Registrant as Specified In Its Charter)
Jewelcor Management, Inc.
100 N. Wilkes-Barre Blvd., 4th Floor
Wilkes-Barre, PA 18702
(Name of Person(s) filing Proxy Statement, if other than the
Registrant)
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FOR IMMEDIATE RELEASE
For Information Contact: Jeffrey Unger (561) 672-4713
Source: Jewelcor Management, Inc.
ISS Recommends a Vote "FOR" The Director Nominees
Proposed by The Committee to Maximize Shareholder Value
WILKES-BARRE, PA - - April 3, 2002 - - The Committee to Maximize
Shareholder Value (the "Committee") announced today that
Institutional Shareholder Services ("ISS") has recommended to its
clients that stockholders of Thistle Group Holdings, Co. ("Thistle")
(NASDAQ: THTL)vote the BLUE Proxy Card "FOR" the Committee's slate of
director nominees at Thistle's 2002 Annual Meeting of Stockholders,
which will be held on Wednesday, April 17, 2002 at 9:30 a.m. at
Williamson's Restaurant, One Belmont Avenue, Bala Cynwyd, Pennsylvania.
ISS is widely recognized as the leading independent proxy advisory firm
in the nation. Their work is relied upon by hundreds of major
institutional investment firms, mutual funds and other fiduciaries
throughout the country.
In recommending that its clients vote the Blue Proxy Card "FOR" the
Committee's nominees, ISS concluded, "that all shareholders will benefit
from the addition of the dissident nominees."
The Committee is pleased that ISS, a truly independent expert, recognizes
the value to all shareholders by adding Seymour Holtzman and
James A. Mitarotonda to Thistle's Board of Directors.
ISS said, "While management has the right to disagree with the dissident's
claim that the bank should be sold, it does not have the right to silence
the voices of the dissident shareholders. Actions such as rescheduling
the annual meeting and changing the company's bylaws shortly after the
announcement of the dissident slate give the impression that management
is entrenched and is not willing to consider alternatives to their
business plan."
The ISS report concluded that, "the request of the dissidents to hire
an investment banker to explore strategic alternatives is not
extravagant."
The Committee has One Goal - to hire an investment banker and sell the
Bank to the highest bidder. Mr. Holtzman said, " the Company has a
good franchise in a great community and I am sure there are larger
financial institutions who would be interested in acquiring the Company."
ISS further stated, "Mr. Holtzman has had previous experience with working
as a dissident director on the board of various companies. As a result,
the dissident nominees can offer a fresh perspective to the Company."
Mr. Mitarotonda said, "we are gratified that after careful consideration,
a neutral and experienced outside observer acknowledges the
Committee's proposals to hire an investment banker and add qualified
outside directors."
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