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PEOPLES WESTCHESTER SHAREHOLDERS APPROVE MERGER WITH FIRST FIDELITY

 WESTCHESTER COUNTY, N.Y., Oct. 7 /PRNewswire/ -- Peoples Westchester Savings Bank (NASDAQ: PWSB) today announced that its shareholders have approved the proposed merger of the bank with and into First Fidelity Bank, N.A., New York, a subsidiary of First Fidelity Bancorporation (NYSE: FFB).
 More than 80 percent of shares outstanding were voted in favor of the merger at a special meeting of shareholders held today in Tarrytown, N.Y.
 Pending the approval of the Office of the Comptroller of the Currency, the merger is expected to take place by the end of this year. Subject to certain election and allocation procedures, Peoples Westchester shareholders will elect to receive either cash or shares of First Fidelity common stock in exchange for their shares of Peoples Westchester Savings Bank stock. The value received will be based upon the average closing price of First Fidelity's common stock over a 10-day pricing period ending 10 business days prior to the effective date of the merger.
 Peoples Westchester is a New York State-chartered savings bank with $1.7 million in assets, $1.5 million in deposits, and a network of 31 branches serving Westchester County. One of the nation's 25 largest banking companies, First Fidelity Bancorporation has assets of more than $32 billion and deposits of more than $27 billion, and operates more than 600 branch offices through its subsidiaries in New York, New Jersey, Pennsylvania and Connecticut.
 With the addition of Peoples Westchester to its New York subsidiary, First Fidelity will have more than 40 offices in Westchester County and rank second in the county for deposit market share.
 /delval/
 -0- 10/7/93
 /CONTACT: Paul J. Levine (media), 201-565-2949, or Laura A. Schaible (analysts), 201-565-3397, of First Fidelity Bancorporation; or Ilene A. Angarola (media and analysts) of Peoples Westchester, 914-347-3800, ext. 687/
 (PWSB FFB)


CO: First Fidelity Bancorporation; Peoples Westchester Savings Bank ST: New Jersey, New York IN: FIN SU: TNM

CC-LJ -- PH038 -- 9929 10/07/93 17:21 EDT
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Publication:PR Newswire
Date:Oct 7, 1993
Words:328
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