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PNC BANK TO SELL WESTERN OFFICES OF SEARS MORTGAGE

 PITTSBURGH, June 11 /PRNewswire/ -- PNC Bank Corp. (NYSE: PNC) said today that it has signed a letter of intent to sell the western mortgage production offices and support facilities of Sears Mortgage Corporation to a management-led group headed by Arthur D. Ringwald, executive vice president of Sears Mortgage Corporation.
 The sale is contingent upon the negotiation of a definitive agreement and completion of PNC Bank's previously announced acquisition of the Sears Mortgage Group from Sears, Roebuck and Co. (NYSE: S).
 Financial terms were not disclosed.
 James E. Rohr, president of PNC Bank Corp., said the sale will allow PNC Bank to focus on the management of offices in the eastern United States, which are more in line with PNC's primary market area and which originate roughly two-thirds of Sears Mortgage Corporation's retail production. "We're delighted that we've been able to reach agreement with the management group, which assures a smooth transition for the western regional offices," Rohr said.
 "I am very pleased that PNC has elected to deal with our management group," said Ringwald. "These offices, led by strong, experienced managers with established customer relationships, will continue to produce significant results and offer good growth potential."
 PNC Bank is the 11th-largest banking organization in the United States, with $51.1 billion in assets at March 31, 1993, and more than 550 community banking offices throughout Pennsylvania, Delaware, Ohio, Kentucky and Indiana. PNC Bank's major lines of business include retail banking; corporate banking; investment management and trust; and investment banking.
 PNC Bank Corp. operates as PNC Bank in most of its Pennsylvania markets and in Kentucky and Ohio. Its CCNB Bank, Hershey Bank and First Bank and Trust in southcentral Pennsylvania and Bank of Delaware in Delaware will change names to PNC Bank by the first quarter of 1994. PNC Bank Corp. is headquartered in Pittsburgh.
 /delval/
 -0- 6/11/93
 /CONTACT: Jonathan Williams, media, 412-762-4550, or home at 412-257-3257; or William H. Callihan, investors, 412-762-8257, both of PNC Bank Corp./
 (PNC S)


CO: PNC Bank Corp.; Sears Mortgage Corporation; Sears, Roebuck and Co. ST: Pennsylvania IN: FIN SU: TNM

CD -- PG003 -- 0941 06/11/93 08:15 EST
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Publication:PR Newswire
Date:Jun 11, 1993
Words:358
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