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OCC APPROVES MERGER OF PEOPLES WESTCHESTER INTO FIRST FIDELITY, N.Y.

 LAWRENCEVILLE, N.J., and HAWTHORNE, N.Y., Nov. 29 /PRNewswire/ -- The Office of the Comptroller of the Currency today approved the merger of Peoples Westchester Savings Bank (NASDAQ: PWSB) into First Fidelity Bank, N.A., New York, a subsidiary of First Fidelity Bancorporation (NYSE: FFB). The transaction, which has been approved by Peoples Westchester shareholders, is expected to close on Dec. 30, 1993.
 Subject to certain election and allocation procedures, Peoples Westchester shareholders will elect to receive either cash or shares of First Fidelity common stock in exchange for their shares of Peoples Westchester Savings Bank stock. The exchange ratio and cash amount will be based upon the average closing price of First Fidelity's common stock for the period comprising 10 consecutive New York Stock Exchange trading days ending 10 business days prior to the effective date of the merger.
 At Sept. 30, 1993, People Westchester had assets of $1.7 billion and deposits of $1.4 billion. With the merger, First Fidelity, N.A., New York will have more than 40 offices, $2.5 billion in assets and a 12 percent deposit market share in Westchester County, the second largest share in the county. Last month, First Fidelity announced an agreement to acquire The Savings Bank of Rockland County (New York) with four offices and $185 million in assets. This transaction is expected to close in the first quarter of 1994.
 First Fidelity, one of the 25 largest banking companies in the country, operates more than 600 branch offices through its principal affiliates, the Union Trust Company of Connecticut and the First Fidelity Banks in New Jersey, New York and Pennsylvania.
 /delval/
 -0- 11/29/93
 /CONTACT: Paul J. Levine, 201-565-2949, or Jonathan Stern


(analysts), 201-565-3397, of First Fidelity Bancorporation, or Ilene A. Angarola of Peoples Westchester, 914-347-3800, ext. 687/
 (FFB PWSB)


CO: First Fidelity Bancorporation; Peoples Westchester Savings Bank ST: New Jersey IN: FIN SU: TNM

LJ-JM -- PH031 -- 8447 11/29/93 16:54 EST
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Publication:PR Newswire
Date:Nov 29, 1993
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