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FIRST EASTERN MANAGEMENT DENIES FBI INVESTIGATION

 FIRST EASTERN MANAGEMENT DENIES FBI INVESTIGATION
 WILKES-BARRE, Pa., March 10 /PRNewswire/ -- In commenting on recent


news concerning the class action suit against First Eastern Corp. (NASDAQ: FEBC), Richard M. Ross Jr., chairman, said today, "We want to respond to the irresponsible statements by Richard Greenfield, Esquire, a Philadelphia lawyer for several plaintiffs suing First Eastern. It is a shame that Mr. Greenfield continues to speak publicly on matters before investigating the facts. As far as we know, Mr. Greenfield is absolutely wrong when he states that the FBI is investigating the Bank for misstatements made to federal regulators. Perhaps Mr. Greenfield's recent set-backs in court have made him resort to scurrilous attacks against people known in our community and highly regarded here. Mr. Greenfield, who practices in Philadelphia, does not know this Bank. He does not know our people. He has no basis for his recent statements to the newspapers."
 Ross continued, "Although it is not the Bank's policy to comment on specific allegations contained in a lawsuit, we maintain that the Board of Directors and its management adhere to policies on ethics and conflict of interest consistent with regulatory guidelines. This class action was anticipated, and our lawyers expect to file a motion for dismissal. Indeed, a federal court in New York recently dismissed a very similar case filed against Citicorp. by Mr. Greenfield."
 First Eastern Bank's attorney, Robert Heim, called the recent lawsuit against First Eastern "a lot of rhetoric and wild accusations" and promised "a vigorous defense." He stated, "It is unfortunate to have these kind of statements made against very fine people who have little opportunity to defend themselves except in court, and that's where we are going to defend them."
 /delval/
 -0- 3/10/92
 /CONTACT: Anthony Cusatis of First Eastern Bank, 717-821-3211/
 (FEBC) CO: First Eastern Corp. ST: Pennsylvania IN: FIN SU:


LJ -- PH007 -- 6762 03/10/92 09:53 EST
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Publication:PR Newswire
Date:Mar 10, 1992
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