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MERITOR SAVINGS BANK TO SELL SAVINGS AND LOAN SUBSIDIARY

 MERITOR SAVINGS BANK TO SELL SAVINGS AND LOAN SUBSIDIARY
 PHILADELPHIA, Dec. 9 /PRNewswire/ -- Meritor Savings Bank


(NASDAQ: MTOR) today announced that it has agreed to sell its savings and loan subsidiary, Meritor Savings FA, to WMG Holding Company, formed by a group of individual investors.
 Meritor Savings FA, headquartered in Winter Haven, Fla., operates 43 branch offices in central Florida and the metropolitan Washington D.C. area.
 Under the terms of the agreement, WMG Holding Company will pay approximately $35 million for the subsidiary which has approximately $1.3 billion in assets. The sale will result in a book loss to Meritor of approximately $28 million, $23 million of which is the result of the write-off of goodwill associated with Meritor Savings FA.
 "The sale of Meritor Savings FA will substantially improve Meritor's regulatory capital position," said Meritor Chairman Roger S. Hillas. On a pro forma basis, the primary capital ratio at Sept. 30, 1991, would improve to 10.23 percent from 8.46 percent. Additionally, the risk- based capital ratio would improve to 12.43 percent from 11.35 percent and the leverage ratio would improve to 8.13 percent from 6.64 percent.
 "This transaction will complete our strategic plan to divest operations outside of our core banking franchise in the Delaware Valley," said Hillas.
 The transaction is subject to regulatory review and approval.
 /delval/
 -0- 12/9/91
 /CONTACT: Leslie C. Voth of Meritor Savings Bank, 215-636-7117/
 (MTOR) CO: Meritor Savings Bank; Meritor Savings FA ST: Pennsylvania, Florida IN: FIN SU:


MP-MK -- PH002 -- 0392 12/09/91 08:50 EST
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Publication:PR Newswire
Date:Dec 9, 1991
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