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OMEGA RECOGNIZED IN NATIONAL BANKING SURVEY, UPDATES MERGER PLAN

 STATE COLLEGE, Pa., Nov. 19 /PRNewswire/ -- Along with an update of the planned merger, David B. Lee, chairman and chief executive officer of Omega Financial Corporation (NASDAQ: OMEF) headquartered in State College, reported that Omega and merger partner Penn Central Bancorp of Huntingdon were recognized in a survey of the nation's top banking companies.
 For the second straight year, Omega was among the top 10 in an annual survey of 100 banks of its size. Published by the financial services magazine, United States Banker, the performance evaluation assigns a composite rating based on earnings, equity and reserves against losses. "We are really excited that both Omega and Penn Central Bancorp were two of only three Pennsylvania banking companies in the top 25," Lee said.
 In August, Omega and Penn Central Bancorp announced plans to merge to form a new banking organization with assets in excess of $900 million. "We originally targeted April 1, 1994," Lee said. "Though we haven't received final regulatory approval, we feel optimistic enough to move our target date up to Feb. 28."
 Lee said that current plans include mailing on Dec. 3 of a joint merger proxy statement to shareholders of record at Nov. 30, 1993. Proxies to approve the merger would be solicited for a shareholders' meeting on Jan. 12, 1994.
 "A positive vote by shareholders would leave only a statutory waiting period. Unless government officials intervene during this time, the merger will go forward on or before the new target date," Lee said.
 After the merger, Omega Financial will operate 40 banking offices in seven central Pennsylvania counties through five banking affiliates -- First National Bank of Saxton, Holidaysburg Trust Company, Peoples National Bank of Central Pennsylvania, Penn Central National Bank, and The Russell National Bank.
 /delval/
 -0- 11/19/93
 /CONTACT: Robert A. Frederick, director of public relations, of Omega Financial, 814-231-5773/
 (OMEF)


CO: Omega Financial Corporation; Penn Central Bancorp ST: Pennsylvania IN: FIN SU: TNM

DM-JM -- PG011 -- 4499 11/19/93 16:59 EST
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Publication:PR Newswire
Date:Nov 19, 1993
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