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FLEET/NORSTAR FINANCIAL GROUP BECOMES PART OWNER OF NYCE NETWORK

 FLEET/NORSTAR FINANCIAL GROUP BECOMES PART OWNER OF NYCE NETWORK
 PROVIDENCE, R.I., March 9 /PRNewswire/ -- Fleet/Norstar Financial Group (NYSE: FNG), a bank holding company with the ninth largest automatic teller machine (ATM) network in the United States, announced today that it will become part owner of The New York Switch Corp., operator of the NYCE EFT (electronic funds transfer) network.
 As part of the agreement between the two companies, Fleet/Norstar will bring all of its banks into the NYCE network. This development marks a significant expansion of NYCE's position as a provider of electronic banking services in the Northeast under the NYCE service mark.
 Peter L. Hood, corporate vice president of products and services for Fleet/Norstar, said, "As a result of this agreement, we have established a single ATM network brand identity for all of our customers in New York and New England. The NYCE identity is well known throughout our bank markets and we feel that it represents the best fit for our current and future plans in electronic banking."
 Alan P. Pohlman, president of NYCE, added, "We are proud to welcome Fleet/Norstar as our newest equity owner. We are confident that the outstanding services provided by both organizations will greatly complement one another and will result in a win-win situation for all parties involved, particularly consumers throughout the Northeast."
 Last month Fleet/Norstar announced plans to create a single corporate identity by asking shareholders to approve a name change to Fleet Financial Group at the company's annual meeting on April 15. If the change is approved, the corporation will begin operating all of its subsidiary banks under the Fleet name. Currently, Fleet/Norstar banks in New York state operate under the Norstar name.
 Hood said that the agreement with NYCE "reinforces our overall strategy to create one identity for all of our retail products and services." Fleet/Norstar has already established one regional network affiliation with NYCE at all of its New York banks.
 The addition of Fleet/Norstar Financial Group as an equity owner increases the NYCE ownership to nine banking organizations, including holding companies of The Bank of New York, Barclays Bank of New York, N.A., BayBanks, The Chase Manhattan Bank, N.A., Chemical Bank, Marine Midland Bank, N.A., National Westminster Bank, and Union Trust Company.
 Fleet/Norstar, with approximately 830 branches in New York, Maine, New Hampshire, Massachusetts, Rhode Island and Connecticut, has more than 800 ATMs and 1.3 million cardholders.
 Fleet/Norstar customers will be able to use their NYCE cards at any of the more than 10,000 ATMs bearing the NYCE logo. NYCE ATMs are located in banks, supermarkets, airports, restaurants, college campuses and train stations throughout the United States.
 NYCE is the largest EFT network in the Northeast with over 10,000 ATMs in 24 states as well as the District of Columbia and Puerto Rico. NYCE also operates the NYCE/INSTABANK and NYCE/CASHERE services, and has over 400 point-of-banking (POB) and NYCE Scrip locations in New York State, as well as more than 1,500 point-of-sale (POS) terminals. Over 600 financial institutions are members of NYCE and more than 18 million people carry cards bearing the NYCE logo.
 Fleet/Norstar Financial Group is a diversified financial services company listed on the New York Stock Exchange with approximately 1,300 offices nationwide. Its lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, investment management, and student loan processing.
 -0- 3/9/92
 /CONTACT: Robert W. Lougee Jr., vice president-corporate communications, 401-278-5879, or Charles T. Conway Jr., 401-278-6240, both of Fleet/Norstar; or Elizabeth A. Taylor, senior vice president, or Joan Savarese, vice president, 201-488-6111, both of NYCE/
 (FNG) CO: Fleet/Norstar Financial Group; The New York Switch Corp. ST: Rhode Island, New York IN: FIN SU: JVN


EG-SH -- NE005 -- 6283 03/09/92 10:08 EST
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Publication:PR Newswire
Date:Mar 9, 1992
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