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FIRST FEDERAL SAVINGS EXPANDS UPSTATE FRANCHISE

 ROCHESTER, N.Y., Feb. 5 /PRNewswire/ -- First Federal Savings and Loan Association of Rochester and Anchor Savings Bank FSB, a wholly owned subsidiary of Anchor Bancorp, Inc. (NASDAQ-NMS: ABKR), jointly announced today that First Federal also signed an agreement to acquire approximately $500 million of deposits and 14 branch facilities from Anchor in the Rochester, Batavia, and Buffalo area.
 The sale is subject to regulatory approval.
 "This exciting move is part of our strategic program of continuous franchise growth in the quarter Rochester and Buffalo areas," said Thomas N. Borshoff, president and CEO, First Federal. "It signals our dedication to expanded service in these communities. This brings First Federal's presence in Buffalo to 16 branches and to 23 branches in Rochester."
 In announcing the sale on behalf of Anchor, James M. Large Jr., chairman and chief executive officer, explained that the sale was consistent with Anchor's strategy of focusing its operations in the metropolitan New York area. He also noted that it would benefit Anchor by adding to its regulatory capital. Mr. Large also expressed confidence that First Federal would continue the high level of service offered by Anchor to its customers. He went on to note that Anchor's servicing center in Albion would be continued and that Anchor would thus remain a major employer in the Albion, N.Y. area.
 The acquisition of the 14 Anchor branches will bring First Federal's retail service network across the state to 86 branches. First Federal will employ approximately 1,790 people altogether.
 "This addition to our branch network also reflects our commitment to providing employment opportunities in our service area," said Dana C. Gavenda, vice president, Upstate Region, First Federal Retail division. "Most important, adding new branches emphasizes our desire to make banking as convenient as possible for our customers.'
 Borshoff and Large noted that deposits at these branches will continue to be insured up to $100,000 by the Federal Deposit Insurance Corporation. "And delivery of banking services to customers will not be interrupted," they added.
 The Anchor branches that First Federal is acquiring are in the greater Buffalo, Batavia, and Rochester areas. They are located at 46 Main St., Hamburg; 83 Main St., Batavia; 1750 Sheridan Dr., Tonawanda; 953 Payne Ave., N. Tonawanda; and 2981 Delaware Ave., Buffalo. Also, 8200 Transit Rd., Buffalo; 2435 Grand Island Blvd., Grand Island; 341 Ride Rd. East, Rochester; 1485 Penfield Rd., Rochester; 366 Kenmore Ave., Buffalo; 20 Main St., Tonawanda; 3800 Dewey Ave., Rochester; 2315 Main St. East., Rochester; and 172 S. Main St., Albion.
 Ninety-seven-year-old first Federal of Rochester converted from a mutual to a stock-based institution in May 1991. Its stock is held by CT Financial Services, Inc., London, Ontario, Canada, a financial services company with more than $45 billion in assets.
 -0- 2/5/93
 /CONTACT: Robert Nolan, public relations of First Federal, 716-238-2225, or Thomas K. Hernly, public relations of Anchor Bancorp, Inc., 516-596-3902/
 (ABKR)


CO: First Federal Savings and Loan Association of Rochester ST: New York IN: FIN SU: TNM

TS-WB -- NY049 -- 3692 02/05/93 16:43 EST
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Publication:PR Newswire
Date:Feb 5, 1993
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