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NATIONAL COMMUNITY BANKS ANNOUNCES PUBLIC OFFERING OF CONVERTIBLE PREFERRED STOCK

 NATIONAL COMMUNITY BANKS ANNOUNCES PUBLIC OFFERING
 OF CONVERTIBLE PREFERRED STOCK
 WEST PATERSON, N.J., June 30 /PRNewswire/ -- National Community Banks, Inc. (NASDAQ: NCBR) announced today that it has agreed to issue one million shares of its series B 7 3/4 percent cumulative convertible preferred stock. Each share of series B preferred stock will be convertible into 0.96 of a share of common stock and redeemable by the company, commencing July 1, 1996, at $26.16 per share and decreasing prices thereafter. The shares will be offered to the public at $25 per share through an underwriting syndicate managed by the First Boston Corporation and Dillon, Read & Co. Inc.
 National Community Banks, Inc. is the parent company of National Community Bank of New Jersey, a commercial bank with 115 facilities located in 13 of New Jersey's 21 counties. At March 31, 1992, the company had total assets, deposits and shareholders' equity of $3.9 billion, $3.6 billion and $218.5 million, respectively.
 -0- 6/30/92
 /CONTACT: Arthur Ramirez of National Community Banks, 201-357-7109/
 (NCBR) CO: National Community Banks, Inc. ST: New Jersey IN: FIN SU: OFR


TQ-OS -- NY029 -- 5087 06/30/92 10:24 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
Words:198
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