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MERIDIAN AND COMMONWEALTH SHAREHOLDERS APPROVE MERGER

 READING, Pa., Aug. 26 /PRNewswire/ -- Shareholders of both Meridian Bancorp, Inc. (NASDAQ: MRDN) and Commonwealth Bancshares Corporation have voted to approve the affiliation of the two institutions.
 The separate votes were tallied at special shareholders meetings held today in Reading and Williamsport, Pa.
 The transaction previously had received the approval of the applicable regulatory agencies and is expected to be consummated on Aug. 31, 1993.
 Meridian Bancorp, headquartered in Reading, reported $12.2 billion in assets and $9.8 billion in deposits at June 30, 1993. Meridian operates 232 banking branches and more than 270 automated teller machines in 16 Pennsylvania counties, two New Jersey counties and the state of Delaware.
 Commonwealth Bancshares Corporation, the 12th largest bank holding company headquartered in Pennsylvania, reported $2.2 billion in assets and $1.6 billion in deposits at June 30, 1993. Commonwealth operates 61 banking offices and 45 automated teller machines in 13 north central and northeastern counties of the state.
 /delval/
 -0- 8/26/93
 /CONTACT: George E. Biechler, 215-655-2470, or Bob Shade, 215-655-2463, or W. Sturgis Corbett (investor), 215-655-2438, all of Meridian Bancorp, or Rick Vayhinger of Commonwealth Bancshares, 717-327-2722/
 (MRDN)


CO: Meridian Bancorp, Inc.; Commonwealth Bancshares Corporation ST: Pennsylvania IN: FIN SU: TNM

CC-MK -- PH021 -- 6305 08/26/93 15:36 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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