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FIRST FIDELITY COMPLETES ACQUISITION OF N.J. DIME BRANCHES, DEPOSITS

 LAWRENCEVILLE, N.J., July 1 /PRNewswire/ -- First Fidelity Bancorporation (NYSE: FFB) announced today that it had completed the previously announced acquisition of the eight branches of The Dime Savings Bank of New Jersey, of Somerset, and had assumed their $329 million in deposits.
 The eight branches are located in Warren, North Plainfield and Somerset in Somerset County; Plainfield and Scotch Plains in Union County; Middlesex and South Plainfield in Middlesex County, and Lawrence Township, in Mercer County. Upon closing of the transaction, the Somerset, Scotch Plains and Lawrence Township offices were consolidated into the Piscataway, Scotch Plains and Mercerville offices, respectively, of First Fidelity Bank, N.A., New Jersey. The other five New Jersey Dime offices became part of First Fidelity's New Jersey bank branch system and all former New Jersey Dime branch employees are now employees of First Fidelity.
 In the transaction, First Fidelity assumed some 40,000 accounts (15,000 households) served by the New Jersey Dime. First Fidelity also acquired a small amount of loans, less than $1 million, secured by the assumed deposits.
 The Dime Savings Bank of New Jersey is a wholly owned subsidiary of The Dime Savings Bank of New York, FSB (NYSE: DME).
 First Fidelity Bancorporation is among the nation's 25 largest banking companies and operates more than 600 offices through its principal affiliates, Union Trust Company, of Connecticut, and the First Fidelity Banks in New Jersey, New York and Pennsylvania.
 /delval/
 -0- 7/1/93
 /CONTACT: Paul J. Levine (media), 201-565-2949, or Laura A. Schaible (analysts), 201-565-3397, both of First Fidelity Bancorporation/
 (FFB DME)


CO: First Fidelity Bancorporation; The Dime Savings Bank of New Jersey;
 The Dime Savings Bank of New York, FSB ST: New Jersey IN: FIN SU: TNM


CC -- PH022 -- 7714 07/01/93 12:08 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
Words:297
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