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INITIAL DUE DILIGENCE REVIEW OF CCNB CORPORATION COMPLETED

 INITIAL DUE DILIGENCE REVIEW OF CCNB CORPORATION COMPLETED
 PITTSBURGH, Feb. 21 /PRNewswire/ -- PNC Financial Corp (NYSE: PNC) and CCNB Corporation (NASDAQ: CCNC) jointly announced today that PNC has completed its initial due diligence review under the definitive merger agreement announced last December and has waived its right to terminate the merger agreement under the due diligence provision.
 Rocco Ortenzio, chairman of CCNB's board of directors, indicated that a meeting of CCNB's shareholders to consider the merger will be scheduled for mid-year. A PNC Financial spokesman said the company intends to proceed with applications for the regulatory approvals that are among the remaining conditions to consummation of the transaction. The parties expect to complete the merger in the second half of 1992.
 CCNB also said it will take an incremental provision for loan losses and certain valuation adjustments with respect to foreclosed properties of approximately $12 million in the fourth quarter to conform its allowance for loan losses and valuations with PNC's policies, practices and procedures, as required under the merger agreement. CCNB's total provision for loan losses for the fourth quarter will be approximately $16 million.
 CCNB Corporation, with assets of approximately $1.2 billion on Sept. 30, 1991, includes CCNB Bank, N.A., The Gettysburg National Bank and Parent Federal Savings Bank, and operates 42 branch offices throughout south central Pennsylvania's Adams, Cumberland, Dauphin, Lancaster, Perry and York counties.
 PNC Financial Corp, headquartered in Pittsburgh, is the nation's 15th-largest bank holding company, with assets of $44.9 billion. It operates approximately 500 community banking offices in Pennsylvania, Kentucky, Ohio, Indiana and Delaware and conducts business through additional offices in 16 states.
 PNC's principal banking affiliates include: Pittsburgh National Bank, Pittsburgh; Provident National Bank, Philadelphia; Citizens Fidelity Bank, Louisville, Ky.; Central Trust, Cincinnati; Bank of Delaware, Wilmington, Del.; Northeastern Bank, Scranton, Pa.; Marine Bank, Erie, Pa.; PNC National Bank, Wilmington, Del.; Hershey Bank, Hershey, Pa.; and The First Bank and Trust Company, Mechanicsburg, Pa.
 /delval/
 -0- 2/21/92
 /CONTACT: Jonathan Williams, media, 412-762-4550, or home at 412-359-0979, or William H. Callihan, investors, 412-762-4510, both of PNC Financial Corp; or John Hakes of CCNB Corporation, 717-730-2401/
 (PNC CCNC) CO: PNC Financial Corp; CCNB Corporation ST: Pennsylvania IN: FIN SU: TNM


CD -- PG001 -- 1259 02/21/92 08:59 EST
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Publication:PR Newswire
Date:Feb 21, 1992
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