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COREBANK RESOURCES, INC., ESTABLISHED TO PROVIDE MUTUAL FUNDS, ANNUITIES AND OTHER INVESTMENT SERVICES TO COMMUNITY BANKS

 NEW YORK, May 20 /PRNewswire/ -- The organization of Corebank Resources, Inc., a new company that will provide mutual funds, annuities and other investment services to community banks, was announced today. Concord Holding Corporation, the largest administrator of bank-related mutual funds, is the majority investor in the new company.
 "Corebank will offer community bankers an opportunity to control and service mutual fund accounts for their customers," said Richard L. Saalfeld, chairman and chief executive officer of Corebank Resources. "This will include an advisory board of community bankers. As a result, community banks will be able to control all aspects of their customer relationship."
 "Community banks need an organization that will protect their customer base instead of turning names over to outside third parties," said Dennis R. Sheehan, senior vice president of Concord and a member of the board of Corebank Resources. "Therefore, we are pleased to be an important part of an organization that will work closely with these banks and will be responsive to their special needs while providing mutual funds, annuities and other investment products. In addition, Concord will have the opportunity to offer its clients' funds to this expanding market."
 Corebank Resources will be based in the San Francisco Bay area. In addition to Saalfeld, who was formerly chairman of Equitec Financial Group, Inc., and executive vice president of Bank of America, other Corebank officers are:
 Roger M. Loar, president. He was formerly senior vice president and chief financial officer of Franklin Resources, Inc.
 A. Ray Freeman, executive vice president. He will continue as president of A. Ray Freeman & Co., a broker-dealer that currently serves about 100 California community banks, and which was acquired by Corebank Resources to provide brokerage services.
 Concord Holding Corporation is the No. 1 administrator of bank- related mutual funds, according to Lipper Analytical Services, Inc. As of May 12, 1993, Concord had more than $35 billion in mutual fund assets under administration.
 -0- 5/20/93
 /CONTACT: Laura Berger or Stan Appenzeller of Arlen Financial Communications, 212-966-5100, for Corebank Resources/


CO: Corebank Resources, Inc.; Concord Holding Corporation ST: New York, California IN: FIN SU:

MP-LJ -- PH007 -- 0661 05/20/93 10:11 EDT
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Publication:PR Newswire
Date:May 20, 1993
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