Pennsylvania Savings Bank has reached a one-year truce with a pesky shareholder activist that will allow it to complete its conversion to a stock holding company.

Jerome Davis, the Greenwich, Conn., investor who owns 9.3% of the thrift's stock, has agreed to vote for the pending conversion and to approve all board recommendations for one year after it. Mr. Davis also promised not to buy additional stock in the $122 million-asset thrift.

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