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FIRST FIDELITY COMPLETES ACQUISITION OF VILLAGE FINANCIAL

 LAWRENCEVILLE, N.J., Aug. 11 /PRNewswire/ -- First Fidelity Bancorporation (NYSE: FFB) announced today that it had completed the acquisition of Village Financial Services, Ltd. (NASDAQ: VIFS), the parent of the nine-branch Village Bank, of Port Chester, N.Y.
 Trading in Village Financial stock was suspended at the close of business Wednesday, Aug. 11.
 Village Financial shareholders at Wednesday's close will receive $17.01 in cash and .2350 shares of First Fidelity common stock for each share of Village Financial common. Fractional shares of Village Financial common stock will be redeemed in cash.
 At the closing, the nine Village Bank offices became part of First Fidelity Bank, N.A., New York.
 "We welcome the Village customers to First Fidelity," Kenneth H. Thorn, president and chief operating officer of First Fidelity, N.Y., said. "We are committed to continuing to offer customers the high levels of service to which they are accustomed while expanding the array of available products."
 At June 30, Village Financial had assets of $772 million and Village Bank had $509 million in deposits.
 First Fidelity, one of the country's 25 largest banking companies with $32.3 billion in assets, operates more than 600 offices through Union Trust Company, of Connecticut, and the First Fidelity Banks in New Jersey, New York and Pennsylvania.
 /delval/
 -0- 8/11/93
 /CONTACT: Paul J. Levine (media), 201-565-2949, Laura A. Schaible


(analysts), 201-565-3397, both of First Fidelity; or Robert H. Jones of Village Financial (media and analysts), 914-934-8235/
 (FFB VIFS)


CO: First Fidelity Bancorporation; Village Financial Services, Ltd. ST: New Jersey, New York IN: FIN SU: TNM

MJ-CC -- PH023 -- 1866 08/11/93 16:59 EDT
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Publication:PR Newswire
Date:Aug 11, 1993
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