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FIRST EASTERN CORP. ANNOUNCES OVERSEAS PLACEMENT OF COMMON STOCK

 WILKES-BARRE, Pa., Jan. 29 /PRNewswire/ -- First Eastern Corp. (NASDAQ: FEBC) today announced that it has entered into an agreement with Fox-Pitt, Kelton N.V. for the sale and purchase of 1,750,000 shares of its common stock.
 Fox-Pitt, Kelton N.V. in conjunction with Alex Brown & Sons International, plans to place the shares with approximately 75 institutional investors in Great Britain and continental Europe.
 The number of shares to be issued may be increased by up to 250,000 additional shares under an option granted to Fox-Pitt, Kelton N.V. to cover over-allotments. The shares will be placed pursuant to Regulation S of the United States Securities and Exchange Commission. The shares will not be registered with the U.S. Securities and Exchange Commission and no offers or sales will be made in the United States or for the benefit of any United States person. Fox-Pitt, Kelton N.V. has received indications that the offering will be fully subscribed.
 Upon completion of the sale, First Eastern Corp. will have a total of 11,889,965 shares of common stock issued and outstanding. The proceeds of the placement will be used to enhance the capital of First Eastern Bank, N.A., the principal bank subsidiary of First Eastern Corp., to be used for general corporate purposes.
 First Eastern Corp., parent firm of First Eastern Bank, N.A., is a one-bank holding company with assets exceeding $2.3 billion serving a nine-county region of northeast Pennsylvania through 60 branch offices.
 /delval/
 -0- 1/29/93
 /CONTACT: Tony Cusatis of First Eastern Corp., 717-821-3211/
 (FEBC)


CO: First Eastern Corp.; Fox-Pitt, Kelton N.V. ST: Pennsylvania IN: FIN SU:

JS -- PH002 -- 0598 01/29/93 08:09 EST
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Publication:PR Newswire
Date:Jan 29, 1993
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