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FLEET BANK OF N.Y. TO ASSUME APPROXIMATELY $1 BILLION IN DEPOSITS AT 31 FORMER MANUFACTURERS HANOVER BRANCHES UPSTATE

 FLEET BANK OF N.Y. TO ASSUME APPROXIMATELY $1 BILLION IN DEPOSITS
 AT 31 FORMER MANUFACTURERS HANOVER BRANCHES UPSTATE
 ALBANY, N.Y., Aug. 27 /PRNewswire/ -- Fleet Bank of New York will assume approximately $1 billion in consumer deposits of 31 upstate New York branches formerly owned by Manufacturers Hanover Trust, a division of Chemical Bank, it was announced today by Chemical Vice Chairman Edward D. Miller,.
 In addition to assuming deposits at the 31 branches, Fleet will purchase those branches owned by Chemical, assume the leases on offices that are currently leased and purchase various fixed assets.
 Miller noted that the sales does not include Chemicals's eight middle market loan production offices upstate of 10 additional Chemical branches upstate that support its middle market business, nor does it include the sale of any commercial loans. "Chemical remains deeply committed to its upstate middle market business, where we are a major player and market force," he said. "We made a strategic decision to sell the 31 former Manufacturers Hanover branches because we did not have sufficient scale and position in the consumer business upstate, unlike downstate, where we are the market leader. This sale will not affect our ability to continue to conduct middle market business in this region."
 The transaction is expected to be completed in Jan. 1993. It is subject to regulatory approvals and a due diligence review. Fleet will not purchase any of Chemical's consumer loans, other than a small number secured by deposits. Chemical Banking Corporation (NYSE: CHL), the third largest banking company in the United States, was created on Dec. 31, 1991 by the merger of Manufacturers Hanover Corporation and Chemical Banking Corporation. Chemical has asset of $142 billion, shareholders' equity of over $9.5 billion and a ratio of equity to risk- adjusted assets of 6.8 percent. Chemical's net income in the first six months of 1992 was $500 million, an increase of 37 percent over 1991. In the metropolitan New York region, it has a dominant market share in serving middle market companies.
 -0- 8/27/92
 /CONTACT: Ken Herz of Chemical Bank, 212-270-4621/
 (CHL) CO: Manufacturers Hanover Trust; Chemical Bank; Fleet Bank of New York ST: New York IN: FIN SU:


LR-TS -- NY010 -- 3794 08/27/92 09:01 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
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