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BANK OF AMERICA AND CARRS SIGN AGREEMENT TO OPEN IN-STORE BRANCHES

 ANCHORAGE, Alaska, Oct. 20 /PRNewswire/ -- Bank of America (BofA) Alaska and Carr Gottstein Foods Co. (NYSE: CGF) are teaming up to offer expanded services to customers in Alaska.
 The two companies today announced that they have signed a letter of intent under which Bank of America will have exclusive rights to open up to 10 branches in Carrs Quality Centers and Eagle Quality Centers in Alaska over the next four years.
 "We are the first grocery chain in the state to provide in-store banking," said Mark R. Williams, president and chief operating officer of Carr Gottstein Foods Co. "It's another opportunity to add to customer convenience and enhance our one-stop shopping format."
 BofA will open its first in-store branch by the end of this year at the Carrs Quality Center in Wasilla and plans to open a second branch in Carrs Aurora Village store in Anchorage next year. Each branch will be approximately 500 to 1,000 square feet and will provide a full-range of banking services.
 "This is an excellent way to make banking more convenient for busy consumers and also provides the bank with a very cost-efficient way to expand its presence in Alaska," said BofA Alaska Chairman and Chief Executive Officer Michael D. Jalone. "Our affiliates in other states currently operate more than 90 in-store banking locations and our experience shows that in-store banking is very popular with consumers."
 Bank of America operates four branches in Alaska, all in the Anchorage area. BofA Alaska is a subsidiary of BankAmerica Corp. (NYSE: BAC), which operates more than 1,900 branches in 10 Western states. As of June 30, 1993, BankAmerica had assets of $185 billion and deposits of $140 billion.
 Carr Gottstein currently operates 32 stores in Anchorage, Fairbanks, Kenai and other Alaska communities and is the largest nongovernment employer and food retailer in the state. Annual revenues were $557 million in 1992.
 -0- 10/20/93
 /CONTACT: Betty Riess of Bank of America, 415-622-6397; or Mark R. Williams of Carr Gottstein Foods, 907-561-1944; or Dolores Chenoweth of in.ves'com, 503-221-2087, for Carr Gottstein Foods/
 (CGF BAC)


CO: Carr Gottstein Foods Co.; Bank of America Alaska ST: Alaska IN: FIN REA SU:

IC-JH -- SE005 -- 4343 10/20/93 07:50 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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