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MELLON TO EXPAND ITS MARYLAND PRESENCE THROUGH PURCHASE OF BRANCHES

 MELLON TO EXPAND ITS MARYLAND PRESENCE THROUGH PURCHASE OF BRANCHES
 -- Mellon's Maryland Branch Network To Double in Size
 -- Transaction Affirms Mellon's Commitment To Increasing
 Its Maryland Presence
 ROCKVILLE, Md., Aug. 18 /PRNewswire/ -- Mellon Bank Corporation (NYSE: MEL) announced today that Mellon Bank (MD), its Maryland banking subsidiary, has reached a definitive agreement to purchase eight branch offices of Standard Federal Savings Bank, based in Gaithersburg, Md.
 The transaction, when completed, will double Mellon's branch network in Maryland.
 Under the agreement, Mellon will acquire six Standard Federal branch offices in Montgomery County and two in Prince George's County, representing approximately 38,000 accounts. Mellon plans to hire all of the approximately 80 employees of the branches it is acquiring.
 "We have stated on many occasions our commitment to building our presence in Maryland, and this transaction is an important step in that process," said Frank V. Cahouet, chairman, president and chief executive officer of Mellon Bank Corporation.
 Kenneth R. Dubuque, chairman of Mellon Bank (MD), said, "This purchase strengthens our core branch office network in Montgomery and Prince George's counties. These exceptional locations will provide a sizable addition to our customer base and increased visibility for Mellon.
 "Until the sale is completed, it's business as usual at the branches we are acquiring," Dubuque said. "There will be no immediate changes to the operation of the branches or to customer accounts. Upon completion of the sale, we will work hard to ensure a smooth transition for our new customers and continue to provide them efficient, high-quality banking products and services."
 The transaction has been approved by the boards of directors of both Mellon Bank Corporation and Standard Federal Savings Bank. It requires the approval of various regulators, which is expected in the fourth quarter of 1992. The financial terms of the agreement call for Mellon to pay Standard Federal approximately $12.5 million for the approximately $313 million in deposits Mellon will assume, representing a premium of approximately 4 percent.
 Mellon Bank (MD) serves the Maryland suburbs of Washington, D.C. With this purchase, it will have 16 branch offices in Montgomery, Prince George's and Howard counties. Mellon Bank (MD) is a subsidiary of Mellon Bank Corporation, a major superregional bank holding company based in Pittsburgh, with assets of approximately $30 billion.
 /delval/
 -0- 8/18/92
 /EDITORS: Lists of the branches included in the proposed sale and current Mellon Bank (MD) branches follow./
 Mellon Bank (MD) plans to acquire the following branch offices of Standard Federal Savings Bank:
 Bethesda Rockville
 10329 Old Georgetown Road 1647 Rockville Pike
 Bethesda, Md. 20814 Rockville, Md. 20852
 5110 Ridgefield Road Silver Spring
 Bethesda, Md. 20816 1330 East-West Highway
 Silver Spring, Md. 20910
 Greenbelt
 7515 Greenbelt Road 11140 New Hampshire Avenue
 Greenbelt, Md. 20770 Silver Spring, Md. 20904
 Langley Park Wheaton
 7911 New Hampshire Avenue 13621 Georgia Avenue
 Langley Park, Md. 20783 Wheaton, Md. 20906
 Mellon Bank (MD) currently operates these branches:
 Bethesda Greenbelt
 7475 Wisconsin Avenue 113 Centerway Road
 Bethesda, Md. 20814 Greenbelt, Md. 20770
 Bowie Rockville
 3218-A Superior Lane 1903 Research Blvd.
 Bowie, Md. 20715 Rockville, Md. 20850
 Columbia Wheaton
 5865 Robert Oliver Place 2335 Glenallan Avenue
 Columbia, Md. 21045 Wheaton, Md. 20906
 Gaithersburg
 15906 Shady Grove Lane
 Gaithersburg, Md. 20877
 19114 Montgomery Village Avenue
 Gaithersburg, Md. 20879
 /CONTACT: Thomas W. Butch, 301-217-0607, or J.T. Tuskan, 412-234-0850, both of Mellon Bank, or Howard Schloss of Standard Federal, 202-434-8542, all media; or Charles M. Johnston, analysts, 412-234-5601, of Mellon Bank/
 (MEL) CO: Mellon Bank Corporation; Standard Federal Savings Bank ST: Maryland IN: FIN SU: TNM


CD -- PGOO2 -- 0777 08/18/92 07:45 EDT
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Date:Aug 18, 1992
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