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SOCIETY CORPORATION ANNOUNCES SALE OF AMERITRUST TEXAS CORPORATION

 CLEVELAND, July 6 /PRNewswire/ -- Society Corporation (NYSE: SCY) today announced the signing of a definitive purchase agreement to sell Ameritrust Texas Corporation to Texas Commerce Bank National Association. This transaction is expected to close prior to year-end, subject to regulatory approvals. The after-tax gain on the disposition is anticipated to be $10.1 million.
 Ameritrust Texas, which serves individuals, businesses and institutions with investment management and fiduciary services, was acquired by Ameritrust Corporation in 1990 from MCorp and became a wholly-owned subsidiary of Society Corporation when Society acquired Ameritrust Corporation in March of 1992. Society has no commercial banking franchise in Texas.
 "In reviewing our long-term strategic options for Ameritrust Texas, it has become increasingly clear that on a standalone basis, this business was less valuable than one aligned with a local banking franchise," said Robert W. Gillespie, chairman and chief executive officer of Society Corporation. "We are very pleased to announce the signing of a definitive agreement to sell this business to Texas Commerce which will continue a high level of service to Texas customers. Growing Society's investment management businesses remains a key strategic objective and we will continue to look for appropriate investment opportunities."
 James W. Wert, vice chairman and chief financial officer of Society, noted, "This transaction will have a positive financial impact upon Society Corporation. The balance sheet will be strengthened by the elimination of almost $100 million of intangible assets. Importantly, the sale will allow Society to redeploy capital into more profitable lines of business." On an ongoing basis, the transaction should have an immaterial impact on net income.
 As of March 31, 1993, Society Corporation had $26 billion in assets, $1.9 billion in equity capital, with offices in Ohio, Indiana, Michigan, Florida, New York, Colorado, and Missouri. Through its affiliates, Society engages in commercial banking, consumer banking, mortgage banking and leasing, and investment management and trust services. Excluding Ameritrust Texas, Society has assets under management of approximately $25 billion, ranking it among the largest money managers in the nation.
 Texas Commerce Bank National Association is a subsidiary of Texas Commerce Bancshares, Inc., an affiliate of Chemical Banking Corporation (NYSE: CHL). Ameritrust Texas Corporation is based in Dallas.
 -0- 7/6/93
 /CONTACT: John Fuller (media), 216-689-8140, or Jay S. Gould (analysts), 216-689-4721, both of Society Corporation/
 (SCY CHL)


CO: Society Corp., Ameritrust Texas Corp., Texas Commerce Bank Natl. ST: Ohio, Texas IN: FIN SU: TNM

BM -- CL005 -- 8486 07/06/93 08:32 EDT
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Publication:PR Newswire
Date:Jul 6, 1993
Words:411
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