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HOW WILL SEAFIRST-SECURITY PACIFIC MERGER IMPACT WORKERS? UFCW TO TESTIFY BEFORE RARE FEDERAL RESERVE BOARD HEARING

 HOW WILL SEAFIRST-SECURITY PACIFIC MERGER IMPACT WORKERS?
 UFCW TO TESTIFY BEFORE RARE FEDERAL RESERVE BOARD HEARING
 As BankAmerica Corp. and Security Pacific seek to effectuate the largest bank merger in U.S. history, an estimated 20,000 workers in Washington and nine other western states -- over one-fifth of the two banks' 92,000 employees -- risk losing their jobs as several hundred branches become targets for closure.
 In response to pressure from United Food and Commercial Workers (UFCW) Local 1182, which represents 4,600 employees at BankAmerica subsidiary Seattle First National Bank (Seafirst), and other groups, the Federal Reserve Board has agreed to hold rare public hearings on the impact of this planned merger. The merger cannot take effect until the board gives its approval.
 WHO: Nancy Holland-Young, president of UFCW Local 1182, will
 testify before the Federal Reserve Board.
 WHERE: Federal Reserve Bank of Seattle
 1015 Second Ave.
 Seattle
 WHEN: Thursday, Jan. 16, 1992
 The hearing will start at 9 a.m. Holland-Young is
 scheduled to testify at 11:30 a.m.
 WHAT: Holland-Young's testimony will be on behalf of 4,600
 Seafirst employees and other bank employees, whose
 livelihood has been placed at risk by this proposed
 merger, which will likely result in branch closures and
 potentially thousands of layoffs in Washington state.
 UFCW Local 1182 has asked BankAmerica and Seafirst to
 establish a model, first-ever in the banking industry,
 joint labor-management program to assist bank workers who
 would be displaced by the merger. To date, neither bank
 has adequately responded to the union's request.
 Holland-Young will also urge the Federal Reserve Board to
 consider the employee impact of the merger in evaluating
 whether to grant its approval. These measures are
 necessary, not only to address this merger but for the
 long term, in light of recent estimates by bank analysts
 that as many as 300,000 layoffs in the banking industry
 could be realized by the end of the decade.
 UFCW Local 1182 represents approximately 4,600 employees at Seafirst Bank, making it the largest local union representing bank workers in the country. Security Pacific is Washington state's second largest bank with approximately 5,300 employees in four Western states and Canada.
 The 1.3 million-member UFCW is the nation's premier union representing employees in the banking, insurance and other "white collar" professions.
 CONTACT: Bruce Kozarsky or Laurie Strongin of The Kamber Group, 202-223-8700, for UFCW.
 -0- 1/15/91


CO: United Food and Commercial Workers; BankAmerica Corp.; Security
 Pacific ST: Washington IN: FIN SU:


MK -- DC008 -- 9977 01/15/92 12:02 EST
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Publication:PR Newswire
Date:Jan 15, 1992
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