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NATWEST PURCHASES CREDIT CARD PORTFOLIO OF FIRST SIGNATURE BANK

 NATWEST PURCHASES CREDIT CARD PORTFOLIO OF FIRST SIGNATURE BANK
 NEW YORK, Oct. 6 /PRNewswire/ -- National Westminster Bank USA (ADS-NYSE: NW), a subsidiary of National Westminster Bancorp, announced today that it has purchased the credit card portfolio of First Signature Bank & Trust Company. The portfolio has outstandings of approximately $120 million, and is almost entirely made up of "Gold" card customers. The purchase price was not disclosed.
 "The acquisition of this credit card portfolio is an important step in our strategy of building our retail loan business and diversifying our income stream," said NatWest Bancorp Chairman John Tugwell.
 The transaction will raise NatWest's credit card outstandings to more than $600 million.
 First Signature Bank, of Portsmouth, N.H., is a wholly owned subsidiary of John Hancock Financial Services. The consumer bank was chartered by the state of New Hampshire in 1985.
 National Westminster Bancorp, headquartered in New York City, has $22 billion in assets and operates 265 branch offices in New York and New Jersey. NatWest Bancorp is a wholly owned subsidiary of National Westminster Bank Plc, the London-based international banking and financial services organization with mid-year 1992 assets of $241 billion.
 -0- 10/6/92
 /CONTACT: Tim Connolly of National Westminster Bancorp, 212-602-2511/
 (NW) CO: National Westminster Bancorp; First Signature Bank & Trust Company ST: New York, New Hampshire IN: FIN SU: TNM


SM-TS -- NY036 -- 7001 10/06/92 10:59 EDT
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Publication:PR Newswire
Date:Oct 6, 1992
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