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RTC REPUDIATES MERIDIAN BANCORP CONTRACT

 READING, Pa., Nov. 29 /PRNewswire/ -- Meridian Bancorp, Inc. (NASDAQ-NMS: MRDN) of Reading, Pa., announced today it has been notified by the Resolution Trust Corp. (RTC) that it has repudiated Meridian's purchase and assumption agreement with the Security Federal Savings Bank, formerly Security Savings Bank, SLA.
 In July 1992, Meridian entered into a definitive agreement with Security Savings Bank to purchase 21 Security branches in seven counties of central and south New Jersey. Under the terms of the agreement, Meridian would have assumed deposits at these branches and purchased certain performing assets. The Office of Thrift Supervision placed Security into conservatorship, with the RTC acting as conservator, in December 1992. Meridian had been attempting to negotiate the transaction with the RTC since that time.
 /delval/
 -0- 11/29/93
 /CONTACT: George E. Biechler, 215-655-2470, or Bob Shade, 215-655-2463, of Meridian Bancorp/
 (MRDN)


CO: Meridian Bancorp, Inc. ST: Pennsylvania IN: FIN SU: CON

JM-JR -- PH033 -- 8465 11/29/93 17:23 EST
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Publication:PR Newswire
Date:Nov 29, 1993
Words:160
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