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FARMERS & MECHANICS BANK SUCCESSFULLY CONCLUDES SUBSCRIPTION AND COMMUNITY STOCK OFFERINGS

 MIDDLETOWN, Conn., Dec. 3 /PRNewswire/ -- Farmers & Mechanics Bank today announced important progress toward its conversion from a Connecticut-chartered mutual savings bank to a Connecticut-chartered stock savings bank and the planned closing of the sale of 1,653,125 shares of its common stock at a price of $10.00 per share. Orders for the bank's "to be issued" stock received in concurrent subscription and community offerings which ended Nov. 30, 1993 exceeded shares available and an allocation of such shares will be required in the community offering in accordance with the approved plan of conversion. The offering was subscribed for by the bank's depositors, certain bank employee benefit plans, individuals residing in the bank's immediate market area and members of the general public.
 John F. Beckert, president and chief executive officer of the bank, said, "We are gratified by the strong demand for our stock in all phases of the subscription and community offerings, and we are especially pleased that firm orders were received for an amount in excess of the number of the shares available. We look to the future with a stronger capital base and the ability to consider a range of exciting opportunities to serve our shareholders and customers. This vote of confidence in the bank was made possible by the hard work of many employees and the support of our loyal customers." First Albany Corporation advised the bank and acted as its investment banker in connection with the conversion.
 Subject to final regulatory and other clearances, the bank anticipates that the common stock of Farmers & Mechanics Bank will begin trading on the NASDAQ in approximately one week under the symbol "FMCT." Stock certificates will be mailed to shareholders at or about the same time. The underwritten public offering planned by First Albany Corporation will not be necessary due to the amount of orders received by the bank.
 Farmers & Mechanics Bank is a Connecticut savings bank operating from its main office in Middletown, Conn. and eleven branch offices in and adjacent to Middlesex County. The bank is the second largest depository institution headquartered in Middlesex County. At Sept. 30, 1993, the Bank had total assets of $475.8 million and total deposits of $441.2 million.
 -0- 12/3/93
 /CONTACT: Joel E. Hyman, executive vice president and chief financial officer, or Beth R. Wardwell, senior vice president of Farmers & Mechanics Bank, 203-346-9677/


CO: Farmers & Mechanics Bank ST: Connecticut IN: FIN SU: OFR

LD -- NY069 -- 0400 12/03/93 17:06 EST
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Publication:PR Newswire
Date:Dec 3, 1993
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