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DIME SAVINGS BANK TO SELL ALBANY AND UTICA AREA BRANCHES TO ALBANK FINANCIAL CORPORATION

 DIME SAVINGS BANK TO SELL ALBANY AND UTICA AREA BRANCHES
 TO ALBANK FINANCIAL CORPORATION
 NEW YORK, Oct. 21 /PRNewswire/ -- Richard D. Parsons, Chairman and CEO of The Dime Savings Bank of New York, (NYSE: DME) FSB today announced that The Dime has signed a letter of intent under which it will sell its eight branch offices in the Albany and Utica areas to ALBANK Financial Corporation. These branches have approximately $450 million in deposits.
 Under the terms of the letter, which was signed by both institutions yesterday, the offices will become part of the branch network of Albany Savings Bank, FSB, a wholly owned subsidiary of ALBANK.
 "The sale of our eight Albany and Utica area branches is part of The Dime's strategy to streamline our branch network and focus on our core franchise in the New York metropolitan area," Parsons said. "It will reduce The Dime's asset base by approximately $450 million, cut expenses through economies of operation and improve our capital position."
 After the sale, the Bank will have 39 branches in New York State, and, through its wholly owned subsidiary, The Dime Savings Bank of New Jersey, an additional eight retail banking offices in central New Jersey.
 Completion of the transaction is subject to the signing of a definitive purchase agreement by both parties, and the receipt of all required regulatory approvals, including that of The Dime's and Albany Savings Bank's primary regulator, the Office of Thrift Supervision.
 The five Albany area branches being sold to ALBANK are located at 111 Washington Avenue, the Northway Mall and 1516 Western Avenue in Albany; 214 Delaware Avenue in Delmar, and the Saratoga Mall in Saratoga. The three Utica area branches are located at 266 Genesee Street in Utica, 324 Prospect Street in Herkimer and 89 Oriskany Boulevard in Whitesboro.
 The deposits at these branches will continue to be insured by the Federal Deposit Insurance Corporations in accordance with applicable regulations, and all services will continue without interruption.
 Founded in 1859, The Dime is the largest thrift institution in New York State. The Dime's common stock is traded on the New York Stock Exchange under the symbol DME.
 -0- 10/21/92
 /CONTACT: David J. Totaro of The Dime Savings Bank of New York, FSB, 212-326-6965; or Idan Sims of Sims & Associates, Inc., 212-725-3838, for The Dime Savings Bank of New York/
 (DME) CO: Dime Savings Bank of New York, FSB ST: New York IN: FIN SU: TNM


LR-EE -- NY026 -- 2750 10/21/92 10:02 EDT
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Publication:PR Newswire
Date:Oct 21, 1992
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