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FIRST FIDELITY ACQUIRES FIVE AMERICAN SAVINGS BANK OFFICES IN NEW YORK'S WESTCHESTER COUNTY AND RIVERDALE

 FIRST FIDELITY ACQUIRES FIVE AMERICAN SAVINGS BANK OFFICES
 IN NEW YORK'S WESTCHESTER COUNTY AND RIVERDALE
 LAWRENCEVILLE, N.J., June 12 /PRNewswire/ -- First Fidelity Bancorporation (NYSE: FFB) announced today that it had acquired five offices, their deposits and certain assets of New York-based American Savings Bank from the Federal Deposit Insurance Corporation, acting as receiver for American Savings.
 First Fidelity is assuming about $335 million in deposits in more than 28,000 accounts and is purchasing a small number of deposit- collateralized loans. Four of the offices are in Westchester County, N.Y., and the fifth is in the Riverdale section of New York City. They will become part of a newly-organized bank, First Fidelity Bank, N.A., New York, headquartered in Riverdale.
 "These offices represent a natural extension of our consumer, small business franchise in the greater New York-New Jersey metropolitan area," Kenneth H. Thorn, First Fidelity executive vice president and head of Consumer Banking, said.
 "We are committed to providing these new customers banking continuity, the full range of our deposit and loan products, and high quality service," Thorn continued. "We welcome them to First Fidelity."
 The branches will be closed Saturday and will reopen Monday at their normal times. Beginning at about 7 p.m. Friday, ATM service will be available through the weekend. Existing branch personnel will staff the five offices. The branches and their addresses are:
 -- Riverdale Branch, 3709 Riverdale Avenue, Riverdale
 -- Yonkers Branch, 1076 Yonkers Avenue, Yonkers
 -- White Plains Branch, 99 Church Street, White Plains
 -- New Rochelle Branch, 1307 North Avenue, New Rochelle
 -- Hartsdale Branch, North Central Park Avenue, Dalewood Shopping Center, Hartsdale
 First Fidelity Bancorporation is the parent company of the First Fidelity Banks in New Jersey, Fidelity Bank in Philadelphia and the Merchants Banks in northeastern Pennsylvania. With $29.2 billion in assets and more than 500 offices, First Fidelity is the largest banking company in New Jersey, the third largest in eastern Pennsylvania and the 25th largest in the United States.
 /delval/
 -0- 6/12/92
 /CONTACT: Paul Levine of First Fidelity, 201-565-2949/
 (FFB) CO: First Fidelity Bancorporation; American Savings Bank; Federal
 Deposit Insurance Corporation ST: New Jersey, New York IN: FIN SU: TNM


CC -- PH037 -- 9807 06/12/92 16:11 EDT
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Publication:PR Newswire
Date:Jun 12, 1992
Words:371
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