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PRIME BANCORP, INC. COMPLETES PURCHASE

 PHILADELPHIA, Dec. 31 /PRNewswire/ -- Prime Bancorp, Inc. (NASDAQ-NMS: PSAB) today announced the purchase of The Bank of Delaware Valley.
 The Bank of Delaware Valley is a state-chartered, commercial bank located in Fairless Hills, Pa. The bank was a subsidiary of BMJ Financial Corp. of New Jersey.
 Erwin T. Straw, president and chief executive office of Prime commented: "The Bank of Delaware purchase gives us a key new stronghold in the Lower Bucks County market. The staff at BDV are customer- oriented, community bankers who have built a successful branch in a very short time. We expect to see good profits and strong growth from this acquisition for many years into the future."
 The transaction will be executed as a purchase of most of BDV's assets and the assumption of most of their liabilities. Prime will be purchasing approximately $22 million in loans and assuming approximately $30 million in deposits. Prime will be paying a purchase premium of about $838,000.
 On Dec. 16, 1992, Prime's board declared a dividend of 13 cents for each share of common stock payable on Feb. 1, 1993, to shareholders of record on Jan. 2.
 Prime Bancorp, Inc. is headquartered in Philadelphia. Prime Savings Bank, fsb is a federally chartered savings bank, which is insured by the Savings Association Insurance Fund (SAIF) which is administered by the Federal Deposit Insurance Corporation (FDIC). Prime Bancorp, Inc. had total assets of $365,327,615 and total deposits of $310,152,606 on Sept. 30, 1992. The bank conducts operations in Philadelphia, Bucks and Montgomery counties through nine full-service offices.
 /delval/
 -0- 12/31/92
 /CONTACT: Erwin T. Straw of Prime Bancorp, 215-742-5300/
 (PSAB)


CO: Prime Bancorp, Inc.; The Bank of Delaware Valley ST: Pennsylvania IN: FIN SU: TNM

MJ-JS -- PH012 -- 0885 12/31/92 11:37 EST
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Publication:PR Newswire
Date:Dec 31, 1992
Words:300
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