FIRST EASTERN ANNOUNCES SALE OF SUBSIDIARY
FIRST EASTERN ANNOUNCES SALE OF SUBSIDIARY WILKES-BARRE, Pa., Oct. 30 /PRNewswire/ -- First Eastern Corp.
(NASDAQ: FEBC) announced today that it has signed a letter of intent to sell, subject to regulatory approval, its wholly owned subsidiary, Dolphin & Bradbury, Inc. a securities dealer and underwriter headquartered in Philadelphia.
It is expected that the sale, which is a cash transaction, to principals of the subsidiary, will be completed before year end. "The sale of Dolphin & Bradbury is part of First Eastern's plan to focus on serving local customers and local communities in northeast Pennsylvania," commented Edward L. Vergari, chief investment officer of First Eastern. "While the sale will have a negligible effect on earnings, the return of capital will provide additional liquidity and strength to First Eastern Bank," he added. Acquired by First Eastern in 1987, Dolphin & Bradbury participates in the underwriting and sale of certain taxable and tax-exempt securities. Customers include both institutional and retail investors. Employees will remain with the operation in their current capacities. First Eastern Corp., parent firm of First Eastern Bank, N.A., is a one-bank holding company with assets of approximately $2.5 billion serving a nine-county region of northeastern Pennsylvania through 60 branch offices. /delval/ -0- 10/30/92 /CONTACT: Tony Cusatis, public relations officer of First Eastern Bank, 717-821-3211/ (FEBC) CO: First Eastern Corp. ST: Pennsylvania IN: FIN SU: TNM
CC -- PH038 -- 7270 10/30/92 16:07 EST
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|Date:||Oct 30, 1992|
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