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BANK OF NEW YORK CO. $250 MILLION SUBORDINATED NOTE RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 19 ~PRNewswire~ -- The Bank of New York Co. Inc.'s newly issued $250 million of 7.875 percent subordinated notes, due Nov. 15, 2002 is rated 'A-' by Fitch. The credit is improving. The company sold $100 million of preferred stock on Tuesday.
 The Bank of New York Co.'s asset quality, which had shown improvement during the final half of 1991, continued this trend during the first nine months of 1992. Since June 30, 1991, nonperforming assets have declined $382 million and now represent 3.60 percent of related assets, vs 6.0 percent at the end of June 1991. Also, coverage of problem loans is much higher as the consolidated reserve for loan losses at Sept. 30, 1992 was equal to 125 percent of nonperforming loans, compared to 73 percent at mid-year 1991.
 Profitability for the third quarter was an annualized 0.92 percent of average assets, the company's best quarterly performance in two years. Aiding earnings are continuing expense reductions related to the 1989 acquisition of Irving Trust Co. Fitch expects these savings to exceed $200 million for 1992.
 Capital ratios, including the risk-adjusted regulatory ratios have been strengthened during 1992. Included is The Bank of New York Co., Inc.'s issue of common stock at the end 1992's second quarter which raised $339 million of net proceeds, bolstering the equity to assets ratio to a strong 8.06 percent at the end of this year's third quarter. A portion of this equity will be used to purchase about $2.8 billion of assets from Barclays Bank's New York operations. This acquisition, expected to close in December, will further enhance the company's retail, core funding.
 These higher levels of capital provide the company with increased flexibility when considering additional acquisition possibilities. While the overhead expense savings of future acquisitions may not match the in-market savings generated by the purchase of Irving Trust, Bank of New York is expected to be an active player, particularly within the eastern half of the United States, as U.S. banks consolidate.
 -0- 11~19~92
 ~CONTACT: Fred W. DeBussey of Fitch, 212-908-0521~
 (BK)


CO: Bank of New York Co. ST: New York IN: FIN SU: RTG

AH -- NY079 -- 2944 11~19~92 13:23 EST
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Date:Nov 19, 1992
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