FLEET BANK OF NEW YORK ASSUMES DEPOSITS OF JEFFERSON NATIONAL BANK, WATERSTOWN, N.Y.
ALBANY, N.Y., Feb. 26 /PRNewswire/ -- Fleet Bank of New York today assumed approximately $220 million in insured deposits and other liabilities of Jefferson National bank, Waterstown, N.Y., from the receiving and liquidating agent, the Federal Deposit Insurance Corp. (FDIC), it was announced by Erland E. Kailbourne, president of Fleet Bank of New York. As part of the agreement, Fleet has been granted an option to purchase Jefferson's loans within a 45-day period. Jefferson has 15 offices: three in Watertown, two in Massena, and one each in several other Upstate New York communities. "Fleet bank is committed to expanding its already significant presence throughout Upstate New York," Kailbourne said. "The assumption of Jefferson's deposits affords us an outstanding opportunity to broaden out customer base. We look forward to meeting the financial needs of our new customers in these communities." Fleet Bank of New York operates more than 240 banking offices and has $10 billion in assets. Fleet bank of New York is a subsidiary of Fleet Financial Group, a $47-billion diversified financial services company listed on the new York stock Exchange (NYSE: FLT). Fleet Financial Group has approximately 1,200 offices nation wide. It line of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, investment management and student loan processing. -0- 2/26/93 /CONTACT: Robert W. Lougee, Jr., vice president and director- corporate communications, 401-278-5879, or Thomas L. Lavelle, 401-278-3003, or Bruce P. Crooks, 401-278-6241, or Karen L. Wodarczak, 716-849-3616, all for Fleet Bank of New York/ (FLT)
CO: Fleet Bank of New York; Jefferson National Bank ST: New York IN: FIN SU: TNM
TM -- NY076 -- 7813 02/26/93 19:46 EST
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|Date:||Feb 26, 1993|
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