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PACIFIC FIRST BANK ANNOUNCES POTENTIAL BRANCH EXCHANGE

 PACIFIC FIRST BANK ANNOUNCES POTENTIAL BRANCH EXCHANGE
 SEATTLE, Sept. 4 /PRNewswire/ -- A letter of intent was signed yesterday between Pacific First Bank, FSB and Great Western Bank to exchange 10 Pacific First branches located in Southern California for 14 Great Western branches located in Washington, Pacific First announced today.
 "Should a definitive agreement be reached, it would be a very positive move for both companies," said John Dean, chief executive officer of Pacific First. "For Great Western, they would acquire branches located in attractive markets which help them round out their network in Southern California. For Pacific First, the new branches would complement our existing locations in the Puget Sound region and fill in areas where we have sought to increase coverage for some time."
 In this exchange, Pacific First would be acquiring approximately $385 million in deposits and Great Western would be acquiring approximately $445 million in deposits.
 If a definitive agreement can be reached by the two companies, regulatory approval would be required for the transaction to be finalized.
 Founded in 1907 in Tacoma, Wash., Pacific First Bank currently operates 134 retail and mortgage banking offices throughout Washington, Oregon and California.
 Pacific First's parent corporation, Royal Trust (Toronto: RYL), is Canada's leading trust company, with more than $36 billion (Canadian) in assets and $123 billion (Canadian) in trust assets under administration. Royal Trust offers a broad range of client services, including retail and private banking, personal trust and investment management through its network of 144 offices in Canada and 20 offices in major financial centers in the United Kingdom, Europe, the Caribbean and Asia.
 -0- 9/4/92
 /CONTACT: Marlane Wolf of Pacific First, 206-224-3384/
 (RYL. GNW) CO: Pacific First Bank, FSB; Great Western Bank; Royal Trust ST: Washington, California IN: FIN SU: TNM


LM-SC -- SE008 -- 7163 09/04/92 20:37 EDT
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Publication:PR Newswire
Date:Sep 4, 1992
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