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BANKERS TRUST AND FIRST FIDELITY ANNOUNCE CHECK OPERATIONS JOINT VENTURE

 NEW YORK, July 1 /PRNewswire/ -- Bankers Trust Company, New York, and First Fidelity Bancorporation, Lawrenceville, N.J., today announced that an agreement to create Global Processing Alliance, Inc. (GPA), a bank service corporation that will provide check related services.
 Bankers Trust and First Fidelity's subsidiary, First Fidelity Bank, N.A., New Jersey, each will own 50 percent of GPA, which will sell high quality, cost-effective check processing and check related services to other financial institutions while at the same time providing these services to the founding institutions and their affiliates.
 Global Processing Alliance will be headquartered in Totowa, N.J.
 "Bankers Trust's participation in this company is further evidence of its ongoing commitment to provide the highest quality cash management services," said B.J. Kingdon, Bankers Trust managing director and head of Global Assets-Banks, Governments and Agencies. "Integral to that commitment is the continued investment in future technologies that will enable us to remain on the leading edge of the U.S. dollar check services business. I have met with many Bankers Trust clients and they are very supportive of this endeavor."
 "We believe that this alliance will allow us to bring to market enhanced products and services more quickly and more cost-effectively than either of us could independently," said Donald C. Parcells, executive vice president and head of First Fidelity's Consumer Banking line of business. "This is part of a natural evolution in the industry. The ultimate beneficiaries will be our customers."
 The agreement will create a check services company that will provide third party processing to regional financial institutions. Bankers Trust, a premier money center bank and a leader in international and wholesale corporate market services, and First Fidelity, a leading regional banking company with an extensive retail and middle market commercial client base in the middle Atlantic states, will leverage their combined strength in wholesale and retail services to provide a new alternative to high-cost, in-house check processing.
 The combination of the two banks' operations will provide additional product capability, scale adequate to using cost-effectively such new technologies as electronic presentment, image processing and on-line exception resolution and the ability to develop new product offerings.
 The president and chief executive officer of GPA will be James G. Hamrick, a veteran executive with wide experience in the banking services and computer applications industries. Most recently he has been the president and chief executive officer of National Check Inc., a McLean, Va.-based company, formed to provide check related processing services. Previously, he was the president and chief operations officer of the financial division of Datatel, Inc. and president and chief executive officer of Wachovia Services Inc., a former service bureau subsidiary of The Wachovia Corporation, of Winston-Salem, N.C.
 "This venture is being undertaken by two progressive organizations to provide services for financial institutions by financial institutions," said Mr. Hamrick. "The timing reflects the need for banks to cooperate by introducing an innovative approach to check related services."
 Bankers Trust and First Fidelity Bank employees currently performing check related services will be offered employment opportunities with the new company in similar capacities. The affected services will be moved to the new company during the remainder of 1993, with full integration scheduled for 1994.
 Bankers Trust and First Fidelity Bank will retain complete responsibility for their client relationships. The two banks said that their partnership in this joint venture was further enhanced by the complementary nature of their core business.
 Bankers Trust is a wholly owned subsidiary of Bankers Trust New York Corporation, the nation's seventh largest bank holding company with more than $79 billion in assets at March 31, 1993. Bankers Trust has offices in over 40 countries.
 First Fidelity Bancorporation, with more than $30 billion in assets at March 31, 1993, is among the 25 largest banking companies in the nation. With more than 600 offices in Connecticut, New Jersey, New York and Pennsylvania, its principal affiliates include Union Trust Company of Stamford, Conn. and the First Fidelity Banks of New Jersey, New York and Pennsylvania.
 -0- 7/1/93
 /CONTACT: Thomas A. Parisi of Bankers Trust, 212-454-1686 or Paul Levine of First Fidelity Bank, 201-565-2949/
 (BT FFB)


CO: Bankers Trust Company; First Fidelity Bancorporation ST: New York, New Jersey IN: FIN SU: JVN

SM-LG -- NY001 -- 7810 07/01/93 14:12 EDT
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Date:Jul 1, 1993
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