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FIRST COLONIAL BANKSHARES CORP. EXTENDS AGREEMENT TO ACQUIRE BANK OF HIGHWOOD AND NEW CENTURY BANK

 CHICAGO, July 1 /PRNewswire/ -- First Colonial Bankshares Corp. (NASDAQ: FCOLA) announced today that it has reached an agreement to amend the terms of its proposed acquisition of the $85 million asset Hi-Bancorp, Inc., the parent of Bank of Highwood, Highwood, Ill., and the $72 million asset GNP Bancorp, Inc., the parent of New Century Bank, Mundelein, Ill. The amendment was necessary based on the Federal Reserve Board's denial of the required approval of the original agreement based on its conclusion that one of First Colonial's 16 banks did not have a satisfactory record of Community Reinvestment Act performance. Principally, the amendment extends the time necessary to effect the acquisition to March 31, 1994. Under the terms of the amendment, First Colonial will pay cash for 100 percent of the stock of each holding company.
 C. Paul Johnson, First Colonial Bankshares Corp. chairman and chief executive officer, stated, "We are delighted to have reached agreement with the management and ownership of Hi-Bancorp and GNP Bancorp. The banks continue to be excellent performers. We are also confident that the Federal Reserve Board will approve the transaction; we have made significant progress on the CRA performance at Avenue Bank of Oak Park as part of our strong commitment to community banking."
 Dante Greco, president of Hi-Bancorp, Inc. and GNP Bancorp, Inc., expressed enthusiasm for the coming merger with First Colonial. He stated, "We feel that blending of the two smaller community organizations under First Colonial's umbrella will substantially enhance our existing level of community banking services."
 First Colonial Bankshares is a Chicago-based bank holding company with assets of $1.5 billion. Upon consummation of the merger, First Colonial will own 18 banks with 28 locations throughout Chicago and its surrounding suburbs. It also is parent company to other non-bank subsidiaries, including First Colonial Trust Company and First Colonial Investment Services, Inc.
 -0- 7/1/93
 /CONTACT: C. Paul Johnson or Robert F. Sherman of First Colonial Bankshares, 312-419-9891/
 (FCOLA)


CO: First Colonial Bankshares Corp. ST: Illinois IN: FIN SU: TNM

TS -- NY023 -- 7577 07/01/93 09:32 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
Words:346
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