CENTRUST SAVINGS <DLP> TO RECAPITALIZE STOCK
Centrust Savings Bank said it will
recapitalize its common stock at the close of business today,
converting each share of outstanding common into 0.5 share of
common and 0.5 share of series one participating stock.
    Centrust said its shareholders previously approved the
recapitalization at a meeting held on February 20, 1987.
    Centrust said the series one stock, a newly created series
of Centrust's capital stock, has enhanced voting rights versus
the common stock. Series one holders generally will vote to
elect 75 pct of the board of directors, while common
shareholders will elect 25 pct, Centrust said.
    CenTrust added that the common stock will have the right to
vote along with the series one as a single class for the
election of 75 pct of the board only if the number of
outstanding "high voting stock," including the series one,
falls below a certain percentage of outstanding shares of all
classes and series of voting stock.
    CenTrust said the common stock gets one vote per share, the
series one gets ten votes per share and there is separate class
voting on some matters.
    CenTrust said series one dividends will be lower than
common stock dividends until April 1, 1992. 
    Also the series one will have limited preferential dividend
and liquidation rights and will be convertible into common
stock.
    Both series one and the recapitalized common stock shares
are scheduled to begin trading on the American Stock Exchange
on March 23, 1987.
 Reuter
