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THE BANK OF NEW YORK TO ACQUIRE NATIONAL COMMUNITY BANKS

 NEW YORK, Jan. 29 /PRNewswire/ -- The Bank of New York Company, Inc. (NYSE: BK) announced today it had signed a merger agreement to acquire National Community Banks, Inc. (NASDAQ: NCBR), headquartered in West Paterson, N.J.
 The agreement calls for shareholders of National Community to receive .96 shares of The Bank of New York common stock for each share of National Community common stock. The transaction, which will be accounted for on a pooling-of-interests basis, is expected to close in the second half of 1993 and is subject to shareholder and regulatory approvals.
 The merger will increase The Bank of New York's assets to over $45 billion, deposits to over $33 billion, loans to $30 billion, and the branch network to 396 sites in New York and New Jersey.
 "National Community, with its excellent retail franchise, fits well with The Bank of New York. This transaction is a natural extension of our suburban branch banking and middle market lending strategies. It will strengthen our position as the leading bank in the greater metropolitan area," said J. Carter Bacot, Chairman and Chief Executive Officer of The Bank of New York.
 The New Jersey bank, founded in 1895, will operate as a wholly-owned subsidiary of The Bank of New York Company, Inc. As of Dec. 31, 1992, National Community had assets of $4.2 billion, deposits of $3.8 billion, loans of $2.2 billion, and 105 branches serving predominantly northern New Jersey.
 "This transaction is good for our shareholders and beneficial to our customers," said Robert M. Kossick, Chairman of the Board and Chief Executive Officer of National Community. "The Bank of New York will bring a wide array of additional products and services to our retail and corporate customers."
 National Community also entered into an option agreement under which The Bank of New York has an option to acquire 19.9 percent of National Community's common stock.
 The Bank of New York Company, Inc. is the 17th largest bank holding company in the United States, with total assets of $40.9 billion at the end of 1992. The Bank of New York, its principal subsidiary, was founded in 1784 by Alexander Hamilton and is the country's oldest bank operating under its original name. The Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its five basic businesses: Corporate Banking, Retail Banking, Securities Processing, Trust and Investment Management, and Financial Market Services.
 -0- 1/29/93
 /CONTACT: Margaret Southerland, AVP of Bank of New York, 212-495-1725/
 (BK NCBR)


CO: The Bank of New York Company, Inc.; National Community Banks, Inc. ST: New York, New Jersey IN: FIN SU: TNM

SH -- NY012 -- 0624 01/29/93 09:06 EST
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Publication:PR Newswire
Date:Jan 29, 1993
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