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UNITED BANK OF PHILADELPHIA ACQUIRES DEPOSITS OF CHASE FEDERAL SAVINGS AND LOAN ASSOCIATION

 PHILADELPHIA, Aug. 2 /PRNewswire/ -- United Bank of Philadelphia, a recently chartered state member bank, has acquired the deposits of Chase Federal Savings and Loan Association, Philadelphia.
 The resultant bank will be headquartered at 714 Market St., Philadelphia, with branch locations in Mount Airy at 1562 E. Wadsworth Ave., and in North Philadelphia at 1015 N. Marshall St. (at Girard Avenue). Both locations reopen today as the new branch offices of United Bank of Philadelphia.
 Dr. Emma C. Chappell, chairman, president and CEO of United Bank, stresses that all customers of Chase Federal Savings & Loan Association maintaining deposits at Chase will automatically become customers of United Bank of Philadelphia. She invites all of the customers and the general public to come in and visit with the new management team to discuss the continuation of their banking services and take advantage of new services being offered by United Bank of Philadelphia.
 Chappell, who is only the second black woman ever to start a bank in the United States, remembers the door-to-door solicitations, church bake sales, and neighborhood community fairs held to sell the stock to capitalize United Bank. Her goal was to found a bank through which minority dollars would be recycled to support minority businesses and enhance minority communities, while maintaining a strong presence in the Philadelphia banking community.
 This first expansion of United Bank into the neighborhoods of Philadelphia is part of the bank's original commitment to establish branches throughout the city, with special emphasis on meeting the needs of minority communities currently being underserved by major banking institutions.
 "The creation of United Bank was really my life-long dream," related Chappell. "Now, the shareholders' dream to expand `The Bank the People Built' is coming to fruition. This is an opportunity to provide quality banking services to the public and, in particular, to the minority businesses and consumers right in Mount Airy and North Philadelphia."
 Chappell further explained that the management and board of directors are totally committed to operating this institution on a profitable basis, always mindful to protect the integrity of the depositors' accounts at United Bank of Philadelphia. "Safety and soundness will always be our concern; our goal is to grow wisely," she emphasized.
 United Bank begins banking operations at its two new locations with approximately $31.5 million in deposits, all of which will be fully insured by the Federal Deposit Insurance Corporation. The Resolution Trust Corporation invited 761 potential purchasers to submit offers but United Bank submitted the winning bid. The combined institution is one of the largest black-owned commercial banks on the East Coast.
 Tab Buford, chief administrative officer, who is actively involved with the daily operations of the bank, stated that the resultant bank might be compared to a phoenix rising out of the ashes of the old Chase Federal. "We have no problem assets; all of the bad loans and other problems will remain with the Resolution Trust Corporation."
 The board of directors announced that its second stock offering has been extended to Dec. 31, 1993, to allow people more time to invest in the bank. The stock is sold in blocks of 50 shares. The minimum purchase price is $600 (i.e., $12 per share x 50 shares = $600), or multiples of $600 (i.e., $1,200, $1,800, $2,400, etc.). In addition to the bank's initial capitalization of $6 million, an additional $1 million has been raised to assist its expansion plans.
 The board of directors of United Bank of Philadelphia consists of Chappell, the chairman, president and CEO and: James F. Bodine, the Rev. S. Amos Brackeen, the Rev. Luis A. Cortes Jr., Bishop Frank C. Cummings, Kemel G. Dawkins, L. Armstead Edwards, William C. Green, Angela Huggins, the Rev. William B. Moore, Wilbur V. Tyler, Ernest L. Wright and Elmer Young Jr.
 United Bank was assisted in the acquisition of the deposits of Chase Federal Savings & Loan Association by the bank consulting firm of Financial Consultants, Inc., Memphis, Tenn., headed by M. Scott Lawyer. Financial Consultants specializes in negotiating and implementing these types of transactions on a nationwide basis.
 /delval/
 -0- 8/2/93
 /CONTACT: Sam Cerminaro of Wolfinger Cerminaro Communications, 215-337-7320, for United Bank of Philadelphia/


CO: United Bank of Philadelphia; Chase Federal Savings and Loan
 Association ST: Pennsylvania IN: FIN SU: TNM


JM-LJ -- PH017 -- 8362 08/02/93 12:15 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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