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FIRST SECURITY'S PURCHASE OF FIVE FIRST INTERSTATE OFFICES APPROVED

FIRST SECURITY'S PURCHASE OF FIVE FIRST INTERSTATE OFFICES APPROVED
 SALT LAKE CITY, Aug. 20 /PRNewswire/ -- Scott Nelson, chairman and chief executive officer of First Security Bank of Utah, N.A., and Robert C. Gross, president of First Interstate Bank of Utah, today announced that the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have approved First Security's purchase of five branches of First Interstate of Utah. The bank officials said all regulatory approvals have been received, and the transaction should be completed by Sept. 30, or soon thereafter.
 Under the purchase agreement, the five First Interstate offices, located in Beaver, Milford, Roosevelt, Tooele and Vernal will become part of First Security Bank of Utah. The five First Interstate offices, with deposits totaling $55 million in more than 12,000 accounts, will increase First Security's Banking network to 113 offices in 60 Utah communities statewide. The purchase price of the transaction was not disclosed.
 Nelson said, "Acquisition of these five offices will increase First Security's presence in these markets. The Beaver and Milford offices will make First Security's retail, commercial, trust, insurance and investment products and services available to these communities for the first time. We have served consumers and businesses for many years through our offices in Roosevelt, Tooele and Vernal."
 "First Interstate's tradition of service in Utah spans more than 130 years," Gross said. "As the state's oldest banking institution, we will continue to focus on the 17 Utah communities where we offer a full range of banking services. We will continue, as we always have, to provide our customers with the superior service they have come to expect from First Interstate."
 With 31 branches and 34 automated teller machines throughout the state, First Interstate Bank of Utah is a subsidiary of First Interstate Bancorp, Los Angeles.
 First Security Bank of Utah is a subsidiary of Fist Security Corp., Salt Lake City. The corporation is the largest financial services company headquartered in the Intermountain West with assets of $7.27 billion. Incorporated in 1928, the parent company is the oldest multistate bank holding company in the United States. Its four banking subsidiaries operate 203 offices in Utah, Idaho, Oregon and Wyoming. Other First Security subsidiaries include a leasing company, two insurance companies, an investment management firm, a full-service broker/dealer operation, an information technology company and a foreign exchange trading subsidiary.
 -0- 8/20/92
 /CONTACT: Phil Hudson of First Security, 801-350-5258; or Graham McKinney of First Interstate, 702-334-5509/ CO: First Security Bank of Utah, N.A.; First Interstate Bank of Utah ST: Utah IN: FIN SU:


MC-TS -- DV004 -- 1648 08/20/92 10:49 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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