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THE GREEN POINT SAVINGS BANK CORRECTS INACCURATE STATEMENTS

 NEW YORK, Nov. 24 /PRNewswire/ -- The Green Point Savings Bank desires to correct inaccurate statements made by Green Point to the effect that a special payment such as the one announced by Republic in its November 5 press release was not permissible under New York law and regulation.
 The Bank stated that it did not believe that the special payment feature of Republic's publicized offer would be permissible under New York law and regulation.
 The Bank believed that the proposed payment did not satisfy the three requirements set forth in the New York State Banking Department's November 1st letter. The Bank wishes to correct its statement by clarifying that a payment, if made by the Board of Trustees, would under certain circumstances, be permissible under New York law and regulation.
 -0- 11/24/93
 /CONTACT: Richard T. Rice of Hill and Knowlton, 212-210-8716, or 212-210-8732/


CO: The Green Point Savings Bank ST: New York IN: FIN SU:

TM -- NY080 -- 7825 11/24/93 19:17 EST
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Publication:PR Newswire
Date:Nov 24, 1993
Words:166
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