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FIRST FIDELITY COMPLETES ACQUISITION OF PEOPLES WESTCHESTER

 LAWRENCEVILLE, N.J., Dec. 30 /PRNewswire/ -- First Fidelity Bancorporation (NYSE: FFB) announced today that it had completed the previously announced acquisition of Peoples Westchester Savings Bank (NASDAQ: PWSB), of Hawthorne, Westchester County, N.Y.
 Trading in Peoples Westchester stock was suspended at the close of business Wednesday, Dec. 29, 1993.
 Each outstanding share of Peoples Westchester common stock will be converted into either .9390 shares of First Fidelity common stock or $40.86 in cash, without interest. According to the election and allocation procedures provided for by the agreement and plan of merger, Peoples Westchester shareholders will elect to receive either cash or shares of First Fidelity common stock in exchange for their shares of Peoples Westchester Savings Bank stock. Election forms will be mailed to Peoples Westchester shareholders during the week of Jan. 3, 1994.
 The merger consideration values are based on the average closing price for First Fidelity common stock of $43.51, established over a 10-day pricing period that ended at the close of business Thursday, Dec. 16, 1993, as provided for in the agreement based on a Dec. 30 closing. Approximately 54 percent of the outstanding shares of Peoples Westchester common stock will be converted into cash and 46 percent will be converted into First Fidelity common stock. At First Fidelity Bancorporation's common stock closing price on Wednesday, Dec. 29, of $45.875 per share, the transaction has a total value of about $235 million to Peoples Westchester shareholders.
 A prospectus about First Fidelity common stock that meets the requirements of Section 10 of the Securities Act of 1933 may be obtained from Investor Relations, First Fidelity Bancorporation, 550 Broad St., Newark, N.J., 07102.
 Peoples Westchester with its 31 branch offices becomes part of First Fidelity's New York unit, First Fidelity Bank, N.A., New York.
 "We now have more than 40 offices, $2.5 billion in assets and a 12 percent market share in Westchester County," said Kenneth H. Thorn, president and chief operating officer of First Fidelity, New York. "We now can offer Westchester County customers the full range of our commercial and consumer banking services through a large and convenient network of branch offices. We welcome Peoples Westchester customers to First Fidelity."
 "Our customers and communities will be well served by First Fidelity," said William F. Olson, Peoples chairman, president and chief executive officer. "First Fidelity is customer focused and community oriented and is committed to the Westchester County market. The Peoples Westchester tradition of customer and community service will continue."
 First Fidelity Bancorporation, one of the 25 largest banking companies in the country, operates more than 600 branch offices through its principal affiliates, the Union Trust Company of Connecticut, and the First Fidelity Banks in New York, New Jersey and Pennsylvania.
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 /CONTACT: Paul J. Levine (media), 201-565-2949, or Jonathan Stern (analysts), 201-565-3397, both of First Fidelity, or Louis G. Kreutzer Jr. (media/analysts) of Peoples Westchester, 914-347-3800, ext. 421/
 (FFB PWSB)


CO: First Fidelity Bancorporation; Peoples Westchester Savings Bank ST: New Jersey, New York IN: FIN SU: TNM

MK -- PH001 -- 7964 12/30/93 08:20 EST
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Publication:PR Newswire
Date:Dec 30, 1993
Words:521
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