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CHEMICAL BANKING COMPLETES MERGER OF ITS TWO FLAGSHIP BANKS

 CHEMICAL BANKING COMPLETES MERGER OF ITS TWO FLAGSHIP BANKS
 NEW YORK, June 22 /PRNewswire/ -- Chemical Banking Corporation (NYSE: CHL) today announced that it has completed the merger of its two flagship banks, Chemical Bank and Manufacturers Hanover Trust Company. The retail branch systems of the two banks will merge later in the year.
 Effective today, Manufacturers Hanover Trust Company becomes a division of Chemical Bank. Manufacturers Hanover's branches throughout the New York State will continue to operate and conduct transactions separately under the Manufacturers Hanover name until systems are fully integrated and Manufacturers Hanover branches are converted into branches of Chemical Bank, which is expected to occur in the fall.
 As a result of the bank merger, effective today the "reference rate" at Manufacturers Hanover Trust Company will be replaced by the Chemical Bank "prime rate." All previous transactions executed with Manufacturers Hanover Trust that were based on the Manufacturers Hanover reference rate will now be based on the Chemical Bank prime rate.
 -0- 6/22/92
 /CONTACT: John Meyer, 212-270-7454, or John Stefans, 212-270-7438, both of Chemical Banking/
 (CHL) CO: Chemical Banking Corporation ST: New York IN: FIN SU: TNM


PS-OS -- NY029 -- 2343 06/22/92 11:25 EDT
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Publication:PR Newswire
Date:Jun 22, 1992
Words:200
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