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THE GREEN POINT SAVINGS BANK RECEIVES UNSOLICITED PROPOSAL FROM REPUBLIC NEW YORK CORPORATION

 NEW YORK, Nov. 5 /PRNewswire/ -- The Green Point Savings Bank today acknowledged that it had received an unsolicited proposal from Republic New York Corporation (NYSE: RNB) with respect to a merger conversion transaction. The Green Point stated that it has received a number of indications of interest in merging from various bank and thrift institutions in New York.
 As recently disclosed in the proxy statement which has been mailed to The Green Point depositors for the Green Point's pending initial public offering and conversion, The Green Point's Board of Trustees has unanimously determined that engaging in a merger conversion, with Republic or any other potentially interest party, is not in the best interest of The Green Point and its depositors.
 Thomas S. Johnson, chairman, president, and chief executive officer of The Green Point stated, "We remain firmly committed to the plan of conversion that we have placed before our depositors and believe that this plan will provide the greatest long-term value for our depositors and the communities that we serve. Through our plan of conversion The Green Point will gain added financial strength that will enable us to grow in size and profitability. Our depositors will participate in the growth as shareholders of the leading thrift franchise in the metropolitan New York marketplace.
 "It is no secret why Republic and others would be interested in The Green Point," added Johnson. "The Green Point is an extremely valuable institution and through a merger conversion an acquirer such as Republic would be able to reap windfall profits for their owners and directors. The benefits for our depositors and our institution, however, would be minimal. Moreover, one feature of Republic's proposal, a promise of a $100 million fund for depositors, is, in the judgement of legal counsel, not permissible under New York law and regulation. We have carefully considered the Republic proposal with our financial advisors, J.P. Morgan and Company and Adams Cohen Securities Inc. and have been advised by them that a merger conversion would be detrimental to our depositors' financial interests."
 -0- 11/5/93
 /Contact: Richard T. Rice of The Green Point Savings Bank, 212-210-8716/
 (RNB)


CO: Green Point Savings Bank; Republic New York Corporation ST: New York IN: FIN SU:

TM -- NY082 -- 3309 11/05/93 21:35 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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