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COMPTROLLER APPROVES MERGER OF VILLAGE BANK INTO FIRST FIDELITY UNIT AS VILLAGE FINANCIAL SERVICES SHAREHOLDERS OK ACQUISITION BY FFB

 LAWRENCEVILLE, N.J., July 12 /PRNewswire/ -- The Office of the Comptroller of the Currency today approved the application of a subsidiary of First Fidelity Bancorporation (NYSE: FFB), to merge Village Bank in the proposed acquisition by First Fidelity of its parent company, Village Financial Services, Ltd., (NASDAQ: VIFS), of Port Chester, N.Y.
 In a related action Monday, Village Financial shareholders, at the company's annual meeting, approved the proposed acquisition. Pending all regulatory approvals, including that of the New York State Superintendent of Banks, the transaction is expected to close in mid-August.
 The previously announced transaction calls for holders of Village Financial common stock to receive about $66 million in a combination of cash and stock, with the stock conversion formula based on the average First Fidelity common stock closing price for the 20 New York Stock Exchange trading days ending at the close of business, Tuesday, July 27, 1993.
 At March 31, Village Financial had assets of $824 million and Village Bank had $549 million in deposits and eight offices in Westchester County and one in Riverdale in New York City. First Fidelity Bank, N.A., New York, in which Village Bank will merge, already operates five offices in the market. One of the country's 25 largest banking companies, First Fidelity operates more than 600 branch offices through its principal subsidiaries, Union Trust Company of Connecticut, and the First Fidelity Banks in New Jersey, New York and Pennsylvania.
 /delval/
 -0- 7/12/93
 /CONTACT: Paul J. Levine (media), 201-565-2949, or Laura A. Schaible (analysts), 201-565-3397, both of First Fidelity; or Robert H. Jones (media and analysts) of Village Financial, 914-934-8235/
 (FFB VIFS)


CO: First Fidelity Bancorporation; Village Financial Services, Ltd.;
 Village Bank ST: New Jersey, New York IN: FIN SU: TNM


CC -- PH024 -- 0576 07/12/93 16:38 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
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