Chemical Bank hires noted equipment leasing executive to launch new business initiative.

NEW YORK--(BUSINESS WIRE)--Aug. 8, 1995--Chemical Bank has hired a senior-level equipment leasing executive, John F. Unchester, from First Fidelity Bancorp, where he was the head of First Fidelity Leasing Group, as president of ChemLease Inc., an affiliate of Chemical Bank.

"The hiring of John Unchester, who has 20 years' experience in senior-level equipment leasing positions with First Fidelity, Chase Manhattan and Citibank, marks the start of a move by Chemical Bank to become a major force in this business," said Frank Lourenso, executive vice president, Chemical Bank's Middle Market Banking Group.

Lourenso noted that an increasing number of all new capital investments -- about one-third -- are financed by leases, often driven by tax and accounting considerations. "Virtually all of our customers, from hospitals to oil companies, lease expensive equipment. This marketing push represents an opportunity to sell a new product through our existing franchise," he said.

Unchester, 47, joined First Fidelity Leasing Group as senior vice president and general manager in 1992. Previously he had been president of Chase Manhattan Leasing Co., which he joined in 1982. Prior to that he was in leasing equipment finance with Citibank, which he joined in 1975.

Chemical Bank is the leading financial institution serving the metropolitan New York area's middle market businesses, doing business with over 50% of them.

CONTACT: Ken Hertz 

212/270-4621