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CoreStates Bank Joins Genuardi's in Multi-Store Supermarket Partnership; Agreement Calls For In-Store Banking Facilities in All Pennsylvania Sites

PHILADELPHIA, Nov. 25 /PRNewswire/ -- CoreStates Bank, N.A. and Genuardi's Family Markets today announced an agreement that will provide consumers with greater banking access, convenience and flexibility by opening CoreStates facilities in Genuardi's supermarkets throughout Pennsylvania within the next two years.

The agreement between CoreStates Bank, the nation's oldest bank, and Genuardi's Family Markets, the 76-year old Norristown-based supermarket chain, calls for CoreStates to establish more than 20 supermarket-housed multi- service branch sites in Pennsylvania, with additional locations possible in New Jersey.

While CoreStates maintains other supermarket branch facilities with various regional retailers, the Genuardi's partnership is CoreStates' first multi-store supermarket banking relationship.

"We recognize that many of our customers lead busy lives and are unable to visit a branch office during regular business hours, " said Rosemarie B. Greco, president of CoreStates Financial Corp and president and chief executive officer of CoreStates Bank, N.A.

"This partnership reaffirms CoreStates commitment to meeting our customers needs, and expanding their flexibility and choices of where, when and how they can do their banking at any hour of the day throughout the week," said Greco.

For Genuardi's officials, the decision to team with CoreStates Bank, N.A. in opening supermarket banking facilities is an extension of its longtime commitment to providing customers with convenience and superior customer service.

"We are proud to join with a market leader like CoreStates to offer our customers the time-saving convenience of one-stop shopping," said Charles Genuardi, Genuardi's president and chief executive officer.

CoreStates' initial Genuardi's supermarket facility opening is set for Monday, December 2, 1996, in the Genuardi's supermarket located in Eagleville, Pennsylvania.

The full-service supermarket banking facility will be open seven days a week, and provide customers with teller and new account services, loan applications and loan closings. In addition, there will be an automated teller machine and a telephone hook-up offering access to the CoreStates Direct Banking Center.

The remaining roll out schedule of supermarket branch locations has not yet been finalized according to CoreStates officials.

CoreStates Bank is the banking subsidiary of CoreStates Financial Corp (NYSE: CFL) with $45 billion in assets, marketing broadly diversified financial services in the middle-Atlantic region and selected product and services worldwide. The agreement teaming CoreStates and Genuardi's was arranged by International Banking Technologies, a banking consulting firm assisting both organizations with the project's implementation.

"The alliance pairs two leading, regional companies that share customers, target markets and geographic locations, " said John Garnett, president of IBT.

IBT specializes in providing its supermarket and banking clients with extensive in-store branching services including: branch site analysis, design, fabrication and installation, specialized marketing and sales training programs for in-store branch employees. IBT has opened more than 1,200 in- store branches throughout the US, Canada and South America.

Founded in 1920, Genuardi's Family Markets operates 26 stores in Pennsylvania and Delaware and will open its first New Jersey store in 1998. More than 4500 team members carry on the company traditions of freshness, legendary service, terrific value and family spirit.

SOURCE CoreStates Financial Corp
 -0- 11/25/96

/CONTACT: Kevin Stirling or Blair Jaffe of CoreStates, 215-973-3546, or David Genuardi of Genuardi's Family Markets, 610-277-6000/


CO: CoreStates Financial Corp; CoreStates Bank, N.A.; Genuardi's Family

Markets ST: Pennsylvania IN: FIN REA SU: JVN

MK -- PHM028 -- 3736 11/25/96 12:23 EST
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Publication:PR Newswire
Date:Nov 25, 1996
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