Printer Friendly

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
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 30, 1992
Words:235
Previous Article:WEYERHAEUSER PURCHASES ALBERTA OSB MILL
Next Article:PRUDENTIAL HOME MORTGAGE SERIES 1992-35 RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
EASTERN STAINLESS CORPORATION REPORTS THIRD QUARTER RESULTS
FIRST EASTERN ANNOUNCES THIRD QUARTER RESULTS
FIRST EASTERN CORP. ANNOUNCES OVERSEAS PLACEMENT OF COMMON STOCK
FIRST EASTERN COMPLETES EUROPEAN STOCK PLACEMENT
EASTERN STAINLESS CORPORATION REPORTS SECOND QUARTER 1993 RESULTS
FIRST EASTERN ANNOUNCES THIRD QUARTER RESULTS
BOTANY 500 TO INTRODUCE FIRST AMERICAN APPAREL STORE TO THE BALTIC STATES
COASTAL'S COAL SALES APPOINTS MACNEIL AND MCBURNEY
First Eastern Mortgage Announces New Springfield Office
Resource Bancshares Mortgage Group, Inc. Announces Web-Based Replay of Its First Quarter Conference Call.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters