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CHASE MANHATTAN OF CONNECTICUT EXPANDS; ACQUIRES DEPOSITS OF FAIRFIELD COUNTY TRUST COMPANY

 CHASE MANHATTAN OF CONNECTICUT EXPANDS;
 ACQUIRES DEPOSITS OF FAIRFIELD COUNTY TRUST COMPANY
 NEW YORK, April 9 /PRNewswire/ -- Reaffirming its commitment to southern Connecticut, The Chase Manhattan Bank of Connecticut, N.A., announced that it today acquired from the Federal Deposit Insurance Corporation approximately $120 million in deposit accounts and the branches of The Fairfield County Trust Company, which was headquartered in Stamford. Chase Connecticut also purchased a small portfolio of Fairfield County Trust's secured loans.
 Chase Connecticut will pay the FDIC a $500,000 premium for Fairfield County Trust's deposits.
 Fairfield County Trust was closed today by the Connecticut Banking Commissioner. The FDIC was named the receiver for the institution.
 Donald L. Boudreau, Chase Manhattan Bank executive vice president for regional banking, said: "Connecticut is an important market for Chase. We are delighted to welcome the depositors of the Fairfield County Trust Company to the Chase family.
 "This acquisition continues our commitment to Connecticut consumers, whom we have been serving since last August when we acquired two banks headquartered in Bridgeport. Our banking team has been gratified by the positive response it has received from both the customers and the communities in our service areas."
 Chase Connecticut was formed in August 1991 with the acquisition of the former Citytrust and Mechanics and Farmers Savings Bank. The second largest bank in Fairfield County, it operates 52 branches with over $2 billion in deposits in a network that extends from Fairfield to Litchfield counties.
 Fairfield County Trust Company has three branches (two in Stamford and one in Cos Cob). Deposit accounts in the Cos Cob branch will be consolidated immediately into Chase's Cos Cob branch, located approximately one block away at 211 East Putnam Avenue.
 Chase Connecticut President and Chief Executive Officer Hermes L. Ames said: "These new branches enhance our ability to serve consumers in southern Fairfield County. We look forward to introducing an attractive array of Chase products and services that includes an outstanding choice of investment products.
 "This is an excellent addition to our distribution network in Fairfield County, and it significantly improves our market share in Stamford," Ames said.
 The former Fairfield County Trust branches at 274 Hope Street and 45 Prospect Street in Stamford will reopen as Chase branches at their normal times on Friday, April 10. Depositors who banked at the Fairfield County Trust's Cos Cob branch will be welcomed at the Chase Connecticut branch at 211 East Putnam Avenue. Chase bankers will be on hand at the Stamford branches to welcome customers and answer questions they may have about the transition. Fairfield County Trust depositors also may call 1-800-972-9477.
 Chase Connecticut is a subsidiary of The Chase Manhattan Corporation (NYSE: CMB). In addition to its Connecticut branches, Chase has more than 300 branches serving customers throughout New York State.
 -0- 4/9/92
 /CONTACT: Ken Mills of Chase Manhattan Corporation, 212-552-4507, or David S. Nolan of Chase Manhattan Bank of Connecticut, 203-382-6315/
 (CMB) CO: Chase Manhattan Corp. ST: Connecticut, New York IN: FIN SU: TNM


SH -- NY080 -- 6903 04/09/92 15:49 EDT
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Publication:PR Newswire
Date:Apr 9, 1992
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