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$200 MILLION FLORIDA BANK HOLDING COMPANY SIGNS DEFINITIVE AGREEMENT FOR PROPOSED MERGER WITH COMMAND CREDIT CORPORATION

 LAKE WORTH, Fla. & ROCKVILLE CENTRE, N.Y., Feb. 12 /PRNewswire/ -- Suburban Bankshares, Inc. (NASDAQ: SBKSA) (SBI) of Lake Worth, Fla., the holding company of Suburban Bank with assets of approximately $200 million, and Command Credit Corporation (NASDAQ: CDMD) of Long Island, N.Y., jointly announced today the signing of a definitive agreement to merge the two companies subject to, among other things, shareholders' and regulatory approvals. The merger will be accomplished through an exchange of shares on a one-for-one basis and issuance of warrants such that SBI shareholders and Command shareholders shall each own one-half of the merged company. The merger will result in the acquisition of Command by SBI.
 Both SBI and Command are NASDAQ companies. "The fact that both the bank and Command are on NASDAQ makes it easier and more effective to execute this merger and gives each shareholder in both organizations the opportunity to be involved in a stronger combined entity," said Dean Vegosen, chairman of SBI, "This merger is based on the obvious and profitable synergism between the two operations."
 The chairman of Command, William G. Lucas, expanded on this point. "The bank needs capital and the opportunity to expand its product line. Command will provide both. At the same time, Command needs its own bank to expand the Command position in the credit card market, implement other financial products and services, and maximize the profit from all its bank programs. Suburban will be that bank and our combined activities will generate a higher level of revenues and profitability."
 Command will bring approximately $4 million into the transaction, the majority of which will be contributed to the capital of Suburban Bank. This will give Suburban Bank the opportunity to achieve its goal of becoming the largest independently owned, community-oriented commercial bank in Palm Beach County. Suburban has four local offices.
 "We will also be strengthening the bank's overall position with the addition of new senior personnel and new board members," said Vegosen.
 -0- 2/12/93
 /CONTACT: Dean Vegosen, chairman of Suburban Bankshares, Inc., 407-659-3300; or William G. Lucas, chairman of Command Credit Corporation, 516-764-1117/
 (SBKSA CDMD)


CO: Command Credit Corporation; Suburban Bankshares, Inc. ST: New York, Florida IN: FIN SU: TNM

JB-SS -- FL007 -- 6129 02/12/93 11:54 EST
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Publication:PR Newswire
Date:Feb 12, 1993
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