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FIRST FIDELITY, BANKERS TRUST ANNOUNCE CHECK OPERATIONS JOINT VENTURE

 LAWRENCEVILLE, N.J., and NEW YORK, July 1 /PRNewswire/ -- First Fidelity Bancorporation (NYSE: FFB), of Lawrenceville, and Bankers Trust Company, of New York, today announced an agreement to create a bank service corporation, Global Processing Alliance, Inc. that will provide check-processing and related services to depository institutions.
 First Fidelity's subsidiary, First Fidelity Bank, N.A., New Jersey and Bankers Trust each will own 50 percent of the new company which will sell high quality, cost-effective check processing and check-related services to other depository institutions while at the same time providing these services to the founding institutions and their affiliates.
 Global Processing Alliance, Inc. will be headquartered in Totowa, N.J.
 "We believe that this alliance will allow us to bring to market enhanced products and services more quickly and more cost-effectively than either of us could independently," said Donald C. Parcells, First Fidelity executive vice president and head of its Consumer Banking line of business. "This is part of a natural evolution in the industry. The ultimate beneficiaries will be our customers."
 "Bankers Trust's participation in this company is further evidence of its ongoing commitment to provide the highest quality cash management services," said B.J. Kingdon, Bankers Trust managing director and head of Global Assets -- Banks, Governments and Agencies. "Integral to that commitment is the continued investment in future technologies that will enable us to remain on the leading edge of the U.S. dollar check services business. I have met with many Bankers Trust clients and they are very supportive of this endeavor."
 The agreement will create a check services company that will provide third-party processing to depository institutions. First Fidelity, a leading regional banking company with an extensive retail and middle market commercial client base in the middle Atlantic states, and Bankers Trust, a premier money center bank and a leader in international and wholesale corporate market services, will leverage their combined strengths in wholesale and retail services to provide a new alternative to high-cost, in-house check processing.
 The partners said the joint venture offered them the opportunity to reduce their own expenses as well as to create a future source of fee income. The combination of the two banks' operations will provide additional product capability, scale adequate to using cost-effectively such new technologies as electronic presentment, image processing and on-line exception resolution, and the ability to develop new products more cost-efficiently.
 The president and chief executive officer of the new venture will be James G. Hamrick, a veteran executive with wide experience in the banking services and computer applications industries. Most recently he has been president and chief executive officer of National Check Inc., a McLean, Virginia-based company formed to provide check-related processing services. Previously, he was the president and chief operating officer of the financial services division of Datatel, Inc., and president and chief executive officer of Wachovia Services, Inc., a former service bureau subsidiary of The Wachovia Corporation, of Winston Salem, N.C.
 "This venture is being undertaken by two progressive organizations to provide services for depository institutions by depository institutions," Hamrick said. "The timing reflects the need for banks to cooperate by introducing an innovative approach to check-related services."
 First Fidelity and Bankers Trust employees currently performing check-related services will be offered employment opportunities with the new company in similar capacities. The affected services will be moved to the new company during the remainder of 1993 with full integration scheduled for early 1994.
 First Fidelity and Bankers Trust will retain complete responsibility for their client and customer relationships. The two banks said that their partnership in this joint venture was further enhanced by the complementary nature of their core businesses.
 First Fidelity Bancorporation, with more than $30 billion in assets at March 31, 1993, is among the 25 largest banking companies in the nation. With more than 600 offices in Connecticut, New Jersey, New York and Pennsylvania, its principal affiliates include Union Trust Company, of Stamford, Connecticut, and the First Fidelity Banks of New Jersey, New York and Pennsylvania.
 Bankers Trust Company is a wholly-owned subsidiary of Bankers Trust New York Corporation (NYSE: BT), the nation's seventh largest bank holding company with more than $79 billion in assets at March 31, 1993. Bankers Trust has offices in over 40 countries.
 /delval/
 -0- 7/1/93
 /CONTACT: Paul J. Levine of First Fidelity, 201-565-2949, or Thomas A. Parisi of Bankers Trust, 212-454-1686/
 (FFB BT)


CO: First Fidelity Bancorporation; Bankers Trust Company ST: New Jersey, New York IN: FIN SU: JVN

MK -- PH027 -- 7809 07/01/93 14:11 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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