Printer Friendly

NORTH SIDE SAVINGS BANK REPORTS ON PROGRESS OF CONSOLIDATION AND SALE OF DEPOSITS ACQUIRED FROM THE RTC

 NORTH SIDE SAVINGS BANK REPORTS ON PROGRESS OF CONSOLIDATION
 AND SALE OF DEPOSITS ACQUIRED FROM THE RTC
 NEW YORK, Feb. 18 /PRNewswire/ -- North Side Savings Bank (NASDAQ: NSBK) President and Chief Executive Officer Thomas M. O'Brien reported today that North Side Savings Bank has received regulatory approval to consolidate the deposits of five of the branch offices acquired from the Resolution Trust Corporation in September and October 1991. The deposits maintained at the five offices will be transferred to existing North Side branches. Deposits at these five branches total approximately $100 million. In addition, the bank has executed contracts to sell the deposits of two other branch offices acquired from the RTC. Deposits at the two sold branches amount to approximately $46 million and the bank expects to receive a premium of approximately $.3 million. Although such sales are subject to regulatory approval and the satisfaction of certain other conditions, the bank expects these sale transactions to be completed by June 30, 1992.
 Commenting on the consolidations and sales, O'Brien stated, "Such actions are consistent with North Side's strategic plan for these acquisitions. The plan provided for the elimination of branches serving overlapping geographic markets, while at the same time bringing a greater variety of financial services to the depositors of the former institutions." The bank expects that the consolidations will generally be completed by the end of February 1992 and that the expenses associated with the operation of five branches will cease at that time.
 -0- 2/18/92
 /CONTACT: John McDermott, senior vice president of North Side Savings Bank, 516-488-6900, ext. 221/
 (NSBK) CO: North Side Savings Bank; Resolution Trust Corporation ST: New York IN: FIN SU:


GK-AH -- NY116 -- 0202 02/18/92 18:33 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 18, 1992
Words:288
Previous Article:DEL MONTE FOODS ANNOUNCES PLANS TO BUILD DISTRIBUTION CENTER IN BIRMINGHAM
Next Article:S.R. (BOB) BLAIR TO JOIN BOARD OF DIRECTORS OF BIOMIRA INC.
Topics:


Related Articles
CRESTAR FINANCIAL CORPORATION REPORTS 1991 EARNINGS
VALLEY NATIONAL BANCORP REPORTS STRONG 1991 FOURTH QUARTER AND YEAR END RESULTS
METROPOLITAN FINANCIAL COMPLETES RTC ACQUISITION EXPANDS WISCONSIN PRESENCE
IRVING S & L TAKEN OVER BY HUBCO, INC./HUDSON UNITED BANK
AMSOUTH BANK N.A. PURCHASES CERTAIN ASSETS OF JEFFERSON FEDERAL SAVINGS AND LOAN ASSOCIATION, F.A.
GREAT WESTERN ACQUIRES AMERIFIRST FEDERAL SAVINGS BANK
MERIDIAN BANCORP CONFIRMS PURCHASE OF BELL FEDERAL SAVINGS BANK FROM RTC
MERIDIAN BANCORP CONFIRMS PURCHASE OF BELL FEDERAL SAVINGS BANK FROM RTC
Leaner, meaner and braced for change: black banks and thrifts are evaluating the impact of the Community Reinvestment Act, as insurance companies...
Dogged, defiant, and determined.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters