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MERIDIAN BANCORP ANNOUNCES PURCHASE OF LIBERTY BANK BRANCHES FROM EQUIMARK

 MERIDIAN BANCORP ANNOUNCES PURCHASE
 OF LIBERTY BANK BRANCHES FROM EQUIMARK
 READING, Pa., Feb. 3 /PRNewswire/ -- Meridian Bancorp, Inc. (NASDAQ-NMS: MRDN), of Reading, and Equimark Corporation (NYSE: EQK), of Pittsburgh, today jointly announced the signing of a definitive agreement for Meridian to purchase certain assets, deposits and physical facilities of Liberty Savings Bank for an undisclosed price.
 The transaction is subject to regulatory approvals. Liberty Savings Bank is a division of Equimark Corporation's banking subsidiary, Equibank.
 Under the terms of the agreement, Meridian will assume approximately $300 million in deposits and will purchase $40 million in current consumer loans of Liberty Bank branches in Dresher, Newtown, Glenside, Rhawnhurst, Penrose, Wayne, Morris Point, Center City and Southampton. Deposits from 11 Liberty Bank offices that were previously closed will continue to be serviced from the Liberty Bank office at 1401 Walnut St.
 "The addition of Liberty branches offers some attractive market extensions and market fill-ins to our Meridian Bank branching system in the Philadelphia five-county area," noted Samuel A. McCullough, chairman and chief executive officer of Meridian Bancorp. Meridian Bank currently has 76 branches in the Philadelphia five-county area.
 Gary W. Fiedler, chairman and chief executive officer of Equimark Corporation, said the sale of the branches to Meridian "will have a positive financial effect and is a major step in our plan to refocus Equimark's business on western Pennsylvania."
 Meridian Bancorp, Inc., an $11.3 billion asset multi-bank holding company, is based in Reading. Meridian, through banking and non-banking subsidiaries, operates nationally with its banking focus in 16 Pennsylvania counties and the state of Delaware.
 Equimark Corporation is a Pittsburgh-based bank holding company with $3.1 billion in assets. Equimark's banking subsidiary, Equibank, operates 53 offices in western Pennsylvania.
 /delval/
 -0- 2/3/92
 /CONTACT: George E. Biechler of Meridian Bancorp, 215-655-2470, or Joyce L. Stump of Equimark, 412-288-5932/
 (MRDN EQK) CO: Meridian Bancorp, Inc.; Equimark Corporation ST: Pennsylvania IN: FIN SU: TNM


MK-MP -- PH033 -- 6375 02/03/92 16:59 EST
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Publication:PR Newswire
Date:Feb 3, 1992
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