PSBI Psb Bancorp (MM)

PSB Bancorp, Inc. Memorandum of Understanding With Federal Reserve Bank of Philadelphia Lifted PHILADELPHIA, Aug. 25 /PRNewswire-FirstCall/ -- PSB Bancorp, Inc. (NASDAQ:PSBI), the holding company for First Penn Bank, announced today that the Memorandum of Understanding entered into on April 14, 2003, by and among PSB, the Bank and the Federal Reserve Bank of Philadelphia has been lifted. "We are pleased that we have diligently worked with the Federal Reserve Bank of Philadelphia to comply with the provisions of the Memorandum of Understanding and that the Memorandum of Understanding has been lifted. We strongly believe that the entire process has strengthened PSB's structure," commented Anthony DiSandro, President and CEO of PSB and the Bank. DATASOURCE: PSB Bancorp, Inc. CONTACT: Anthony DiSandro, President, PSB Bancorp, Inc., +1-215-979-7910 Web site: http://www.firstpennbank.com/

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