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FLEET BANK OF NEW YORK TO ASSUME APPROXIMATELY $1 BILLION IN DEPOSITS AT 31 FORMER MANUFACTURERS HANOVER BRANCHES UPSTATE

FLEET BANK OF NEW YORK TO ASSUME APPROXIMATELY $1 BILLION IN DEPOSITS
 AT 31 FORMER MANUFACTURERS HANOVER BRANCHES UPSTATE
 ALBANY, N.Y., Aug. 27 /PRNewswire/ -- Fleet Bank of New York will assume approximately $1 billion in consumer deposits of 31 upstate New York branches formerly owned by Manufacturers Hanover Trust, a division of Chemical Bank, it was announced today by Robert F. Macfarland, chairman and chief executive officer, Fleet Bank of New York, a subsidiary of Fleet Financial Group (NYSE: FLT), Providence, R.I.
 In addition to assuming deposits at the 31 branches, Fleet will purchase those branches owned by Chemical, assume the leases on offices that are currently leased, and purchase various fixed assets.
 "We are pleased to announce this agreement with Chemical to purchase the former Manufacturers Hanover branches and are confident these locations will be a solid complement to Fleet's already strong statewide franchise," Macfarland said. "Since we announced the plan to consolidate our Albany and Buffalo-headquartered institutions in October, it has been clear that Fleet has been looking at opportunities to expand our presence in New York State. This acquisition will fit in with our expansion goals and we will be pleased to welcome our newest customers into the family."
 The transaction is expected to be completed in January 1993. It is subject to regulatory approvals and due diligence review. Fleet will not purchase any of Chemical's commercial or consumer loans, other than a small number of consumer loans fully secured by deposits. The sale does not include Chemical's eight middle market loan production offices upstate or 10 additional Chemical branches upstate that support its middle market business.
 The consolidated Fleet Bank (pro-forma), based in Albany, operates 244 banking offices throughout upstate New York and has assets and deposits of approximately $10 billion and $8 billion, respectively, as of June 30, 1992.
 Fleet Financial Group is a $45-billion diversified financial services company listed on the New York Stock Exchange with approximately 1,300 offices nationwide. Its lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, investment management, and student loan processing.
 -0- 8/27/92 R
 /CONTACT: Robert W. Lougee, Jr., 401-278-5879; Bruce P. Crooks, 401-278-6241; Thomas L. Lavelle, 410-278-3003, all of Fleet Financial Group; or Kathryn Bunce, 518-447-6122, of Fleet Bank of New York/
 (FLT) CO: Fleet Bank of New York; Fleet Financial Group ST: New York, Rhode Island IN: FIN SU: TNM


DH -- NE010R -- 3821 08/27/92 09:46 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
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