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FIRST SECURITY BANK OF OREGON ANNOUNCES SIGNING A LETTER OF INTENT

 FIRST SECURITY BANK OF OREGON ANNOUNCES SIGNING A LETTER OF INTENT
 SALEM, Ore., Aug. 19 /PRNewswire/ -- Morry J. Burford, chairman and chief executive officer of First Security Bank of Oregon, Salem, and Marvin E. McDonald, president and chief executive officer of Benton County Bank, Corvallis, announced today that a letter of intent has been signed under which First Security will acquire Benton County Bank.
 Benton County Bank has assets of $32.6 million and deposits of $29.2 million. Terms of the letter agreement call for Benton County Bank with its two offices in Corvallis to be merged into the First Security Bank of Oregon system in a stock transaction. Owners of Benton County Bank will receive a yet to be disclosed amount of First Security Corp. (NASDAQ: FSCO) common stock in exchange for shares held in Benton County Bank, the two bank officials said.
 They said the acquisition is subject to approval of shareholders of both institutions and appropriate regulatory authorities. The transaction is expected to be completed by year-end 1992 or early in 1993.
 First Security Bank of Oregon is a subsidiary of First Security Corp., Salt Lake City. The parent company's four banks operate 203 offices in Oregon, Idaho, Utah and Wyoming. Acquisition of Benton County Bank would bring to 205 the number of First Security banking offices in the four-state area and to 12 the number of First Security Bank offices in Oregon.
 Burford said, "The management and employees of Benton County Bank will bring to the First Security network 15 years of dedicated service to individuals and businesses in the Corvallis area. We intend to maintain and build on Benton County Bank's outstanding tradition. The bank is a profitable, well-managed operation and is well-respected in its marketplace.
 "We are extremely pleased to have the opportunity to add such a fine institution to our Oregon banking network. The Corvallis offices will make First Security's retail and commercial banking products and services available to the people of Corvallis and the surrounding area for the first time."
 "We are pleased," McDonald said, "to be joining an organization that achieved the highest earnings in its 64-year history last year, continuing a 5-year growth trend. First Security's returns on assets and equity are increasing, along with earnings from core operations. The corporation's strong balance sheet reflects increasing equity and reserves, improved asset quality, healthy capital ratios and a loan portfolio diversified by size, number and industry. First Security's management and operations are customer-driven, which is the foundation of Benton County Bank's own business philosophy.
 "I am convinced that our banking institutions will complement each other. Our Benton County customers will have a wider choice of products and services from which to meet their banking and financial needs after the merger is completed. Banking will be more convenient since our customers can also transact most of their business at 10 other First Security offices located in Salem, Bend, Dallas, Hillsboro, Keizer, Redmond and Woodburn. Moreover, as part of a $7.27 million organization, we will be better positioned to compete effectively in today's financial markets."
 First Security Corp. is the largest financial services organization headquartered in the Intermountain West. Incorporated in 1928, it is the oldest multistate bank holding company in the United States. In addition to its banks, First Security's other 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- 8/19/92
 /CONTACT: Morry Burford of First Security, 801-350-5456/
 (FSCO) CO: First Security Corp.; First Security Bank of Oregon; Benton
 County Bank ST: Utah, Oregon IN: FIN SU:


BB -- DV004 -- 1347 08/19/92 12:49 EDT
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Publication:PR Newswire
Date:Aug 19, 1992
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