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MERIDIAN BANCORP CONTINUES NEW JERSEY EXPANSION; COMPLETES PURCHASE OF FOUR PROVIDENT SAVINGS BANK BRANCHES

 READING, Pa., Nov. 23 /PRNewswire/ -- Meridian Bancorp, Inc. (NASDAQ-NMS: MRDN), of Reading, has completed its previously announced purchase of four southern New Jersey branches of Provident Savings Bank, of Jersey City, N.J.
 Under the terms of the definitive agreement, Meridian assumed approximately $76 million in deposits and purchased approximately $20 million in one- to four-family residential mortgage loans of Provident.
 The four branches are located in Cherry Hill, Collingswood, Willingboro and Maple Shade. They opened as branches of Meridian Bank, New Jersey, on Monday, Nov. 22. With this acquisition, Meridian's New Jersey banking subsidiary, formed in April 1993, now has eight branches. The other branches (of the former Cherry Hill National Bank) are located in Medford, Cherry Hill, Cinnaminson and Riverside.
 Meridian Bancorp, Inc., a $14.3 billion asset banking and financial services holding company, is based in Reading. With nearly 300 branches, Meridian's banking focus is in 29 Pennsylvania counties and the states of Delaware and New Jersey.
 /delval/
 -0- 11/23/93
 /CONTACT: George Biechler, 215-655-2470, or Bob Shade, 215-655-2463, of Meridian Bancorp/
 (MRDN)


CO: Meridian Bancorp, Inc.; Provident Savings Bank ST: Pennsylvania, New Jersey IN: FIN SU: TNM

MK-JM -- PH007 -- 7172 11/23/93 09:49 EST
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Publication:PR Newswire
Date:Nov 23, 1993
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