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CHASE ANNOUNCES TENTATIVE AGREEMENT TO ACQUIRE TROY & NICHOLS MORTGAGE COMPANY

 NEW YORK, March 15 /PRNewswire/ -- The Chase Manhattan Corporation (NYSE CMB) has announced that it has reached a tentative agreement to acquire Troy & Nichols, Inc., of Monroe, La., from First Gibraltar Mortgage Holdings, Inc., of Houston.
 Troy & Nichols services approximately $10 billion in residential mortgage loans. The company plans to originate approximately $2.5 billion in FHA/VA and conventional residential mortgages this year.
 The acquisition is subject to a due diligence review of the corporation, execution of the definitive purchase agreement and appropriate regulatory approvals. The closing is expected to be completed within the second quarter of 1993.
 After the acquisition is completed, Chase intends to operate the company as Troy & Nichols. Founded in 1939, Troy & Nichols operates a total of 21 offices located in Louisiana, Texas, Mississippi, Tennessee, Alabama, New Mexico and Florida.
 Fred Koons, president of Chase Home Mortgage Corporation, said, "Troy & Nichols has a long history of excellence in the mortgage business. Chase intends to be the premier institution for home mortgages in the United States. This acquisition will complement our origination and servicing capabilities and give Chase a foothold in the Southern U.S. from which we will continue to grow our mortgages business."
 One of the top mortgage servicers in the Untied States, Chase manages a servicing portfolio of $35 billion. In 1992, Chase originated more than $9 billion in mortgages, Chase serves people from all income groups through four mortgage divisions: Chase Home Mortgage Corporation, which offers conventional mortgages nationwide; Chase Manhattan Bank, which offers conventional mortgages throughout New York State and Connecticut; Personal Financial Services, a national network of offices that provides residential financing for affluent individuals; and Chase Community Development Corporation, which provides specialized home mortgage products to low and moderate income home buyers in the New York Metropolitan area and Connecticut.
 -0- 3/15/93
 /CONTACT: Amy L. Sudol of Chase, 212-552-3184/
 (CMB)


CO: Chase Manhattan Corporation; Troy & Nichols, Inc. ST: New York, Louisiana IN: FIN SU: TNM

SH-SM -- NY051 -- 6080 03/15/93 13:51 EST
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Publication:PR Newswire
Date:Mar 15, 1993
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