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OMEGA FINANCIAL AGREES TO PURCHASE BANK OFFICES

 STATE COLLEGE, Pa., March 23 /PRNewswire/ -- Omega Financial Corporation (NASDAQ: OMEF) today announced plans to purchase two Mellon Bank offices in Centre and Mifflin counties, Pa.
 The offices -- located in Milesburg and Allensville, Pa. -- will be owned and operated by the holding company's subsidiaries, the Peoples National Bank of Central Pennsylvania, headquartered in State College, and The Russell National Bank, headquartered in Lewistown, Pa.
 Omega chairman and chief executive officer David B. Lee said that plans must be reviewed by bank regulators, but that he hopes for approval within 60 days.
 According to Lee, Peoples Bank -- which recently announced plans to open a new office on East College Avenue in State College -- will be operating 18 community offices by late summer with the addition of Milesburg. Peoples currently operates offices in the neighboring communities of Bellefonte and Snow Shoe.
 For Russell, the Allensville branch will be the bank's seventh community office. Russell recently moved its Reedsville Office to a new building in the Old Carriage Crossing development not far from Allensville.
 Lee said that based on June 30, 1992 figures -- the latest available -- the deposits for the Milesburg office will raise Peoples' total Centre County market share to 22.54 percent from 22.08 percent. Peoples is second in Centre County market share to United Federal Bank, which also operates offices in Philipsburg -- a community in which Peoples is not yet represented.
 With the addition of Allensville deposits, Russell's market share in Mifflin County increases to 26.86 percent from 25.52 percent, according to Lee. Russell Bank has led Mifflin County in deposit market shares for many years.
 "We are really excited about serving new customers in Milesburg, nearby Bald Eagle Valley, in Allensville and in Mifflin County's Big Valley region. Our customers are very important to us, and we plan to maintain our reputation for delivering high levels of service," Lee said. "Our new customers will be receiving a lot of mail from us to smooth the transition once the plan is approved. Quality service depends on keeping customers informed."
 Omega Financial, headquartered in Centre County's College Township, currently operates 22 banking offices in Centre, Clinton, Juniata and Mifflin counties.
 /delval/
 -0- 3/23/93
 /CONTACT: Robert A. Frederick, director of public relations of Omega Financial, 814-231-5773/
 (OMEF)


CO: Omega Financial Corporation; Mellon Bank ST: Pennsylvania IN: FIN SU: TNM

CD-KC -- PG012 -- 8797 03/23/93 15:56 EST
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Publication:PR Newswire
Date:Mar 23, 1993
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