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BANCO POPULAR DE PUERTO RICO TO ACQUIRE VIRGIN ISLANDS BRANCHES OF CORESTATES FIRST PENNSYLVANIA BANK

 BANCO POPULAR DE PUERTO RICO TO ACQUIRE VIRGIN ISLANDS
 BRANCHES OF CORESTATES FIRST PENNSYLVANIA BANK
 PHILADELPHIA, Sept. 24 /PRNewswire/ -- CoreStates Financial Corp (NASDAQ: CSFN) and BancPonce Corporation announced today the signing of a definitive sales agreement between their subsidiaries Corestates First Pennsylvania Bank, a division of CoreStates Bank, N.A. and Banco Popular de Puerto Rico.
 By the terms of the agreement, Banco Popular will acquire CoreStates First Pennsylvania's Virgin Islands banking operations for an undisclosed amount of cash.
 The acquisition includes six branch offices and associated banking operations in the U.S. Virgin Islands and one branch on Tortola in the British Virgin Islands. It is subject to approval by regulatory authorities. Closing is anticipated during the first quarter of 1993.
 CoreStates Financial Corp is a Philadelphia-based, multi-bank holding company with $22.6 billion in assets, marketing diversified financial services in the middle-Atlantic states and selected products and services worldwide. Its principal domestic banking subsidiaries are CoreStates Bank, N.A. which operates under the names CoreStates First Pennsylvania Bank and Philadelphia National Bank; Hamilton Bank and New Jersey National Bank.
 BancPonce Corporation is a diversified, publicly owned bank holding company headquartered in Puerto Rico with assets of approximately $10 billion. It provides a wide variety of financial services through its principal subsidiaries Banco Popular, Velco and BancPonce Financial Corp.
 Banco Popular de Puerto Rico is the corporation's full-service commercial banking subsidiary and Puerto Rico's largest banking institution. The bank operates 160 branches in Puerto Rico; 22 branches in New York City, one in Chicago, one in Los Angeles and three in the U.S. Virgin Islands.
 /delval/
 -0- 9/24/92
 /CONTACT: Gregg Feistman of CoreStates, 215-973-3546, or Valentino McBean or Larry Kesler 809-754-8330, both of Banco Popular/
 (CSFN) CO: CoreStates Financial Corp; BancPonce Corporation; CoreStates Bank,
 N.A.; Banco Popular de Puerto Rico ST: Pennsylvania, Puerto Rico IN: FIN SU: TNM


MJ-CC -- PH037 -- 3306 09/24/92 17:02 EDT
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Publication:PR Newswire
Date:Sep 24, 1992
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