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GLENDALE BANCORPORATION, NEW JERSEY SAVINGS & LOAN ASSOCIATION ANNOUNCE TERMINATION OF AGREEMENT FOR CONVERSION MERGER DATED AUGUST 24, 1990

GLENDALE BANCORPORATION, NEW JERSEY SAVINGS & LOAN ASSOCIATION ANNOUNCE

TERMINATION OF AGREEMENT FOR CONVERSION MERGER DATED AUGUST 24, 1990
 VOORHEES, N.J., Nov. 1 /PRNewswire/ -- Glendale Bancorporation (NASDAQ: GNBC) and New Jersey Savings and Loan Association (NJSLA) jointly announced today that they have mutually agreed to terminate the Agreement of Conversion Merger between Glendale Bancorporation and New Jersey Savings and Loan Association dated Aug. 24, 1990.
 Glendale is a multi-bank holding company headquartered in Voorhees. Its two existing subsidiaries are Glendale National Bank of New Jersey, headquartered in Voorhees, with banking offices in Marlton Crossing, Voorhees, Evesham Township and Haddon Heights, N.J.; and Glendale Bank of Pennsylvania, headquartered in Philadelphia, with banking offices in Philadelphia and Delaware counties.
 NJSLA is a New Jersey state chartered mutual savings and loan headquartered in Atco, N.J., with banking offices in Atco, Sicklerville and Voorhees.
 Due to economic conditions, the companies agreed that further extension of the agreement beyond its closing date (Oct. 31, 1991) was not warranted.
 /delval/
 -0- 11/1/91
 /CONTACT: Glendale Bancorporation, 609-346-8400/
 (GNBC) CO: Glendale Bancorporation; New Jersey Savings and Loan Association ST: New Jersey IN: FIN SU: TNM LJ-CC -- PH042 -- 0381 11/01/91 16:27 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 1, 1991
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