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PNC'S CITIZENS FIDELITY BANK CLOSES ACQUISITION OF COWGER & MILLER MORTGAGE SERVICING PORTFOLIO

 PNC'S CITIZENS FIDELITY BANK CLOSES ACQUISITION OF
 COWGER & MILLER MORTGAGE SERVICING PORTFOLIO
 PITTSBURGH, June 8 /PRNewswire/ -- PNC Financial Corp (NYSE: PNC) announced today that its Citizens Fidelity Bank, in Louisville, Ky., has closed its acquisition of the mortgage servicing portfolio of Cowger & Miller Mortgage Company, Inc., also of Louisville, from First Atlantic Federal Savings Association, in receivership.
 The Resolution Trust Corporation (RTC) is the receiver for First Atlantic.
 The Cowger & Miller portfolio will be serviced by Citizens Fidelity Bank's PNC Mortgage Servicing Company. The acquired portfolio will remain at the current location at Three Riverfront Plaza through July. Operations associated with the servicing of the portfolio will relocate to the PNC Mortgage Servicing Company office at Citizens Fidelity's Fourth Avenue Building, 539 Fourth Avenue, by Aug. 1.
 With the closing of the transaction, mortgage servicing employees of Cowger & Miller became transitional employees of PNC Mortgage Servicing Company. Citizens Fidelity hopes to hire most of these employees on a regular basis. Excluding the transitional employees, Citizens Fidelity currently employs 167 in its mortgage servicing division.
 Under the agreement, Citizens Fidelity purchased a $1.3 billion mortgage servicing portfolio, consisting of approximately 28,000 loans, for PNC Mortgage Servicing Company, one of the corporation's fastest growing divisions. The acquired portfolio will increase the division's servicing portfolio to approximately $8 billion, including $5.2 billion serviced for outside investors.
 Terms and conditions of the mortgages in the portfolio will not change. Customers will begin receiving service information from PNC Mortgage Servicing Company in June.
 As of June 30, 1991, PNC Mortgage Servicing Company ranked among the top three mortgage servicing providers among banks, according to an American Banker survey. PNC Mortgage Servicing Company was formed at Citizens Fidelity in Louisville in 1988, with 51 employees. The division has tripled its staff as PNC Financial Corp consolidated mortgage servicing activities for all its affiliates in Louisville.
 Citizens Fidelity Bank is a PNC bank. PNC Financial Corp, headquartered in Pittsburgh, is the nation's 14th-largest bank holding company, with assets of $43.8 billion. It operates approximately 500 community banking offices in Pennsylvania, Kentucky, Ohio, Indiana and Delaware and conducts business through additional offices in 16 states.
 PNC's principal banking affiliates include: Pittsburgh National Bank, Pittsburgh; Provident National Bank, Philadelphia; Citizens Fidelity Bank, Louisville, Ky.; Central Trust, Cincinnati; Bank of Delaware, Wilmington, Del.; Northeastern Bank, Scranton, Pa.; Marine Bank, Erie, Pa.; PNC National Bank, Wilmington, Del.; Hershey Bank, Hershey, Pa.; and The First Bank and Trust Company, Mechanicsburg, Pa.
 -0- 6/8/92
 /CONTACT: Jonathan Williams of PNC Financial, 412-762-4550, or at home, 412-257-3257, or Rick Cook of Citizens Fidelity, 502-581-2124, both media; or William H. Callihan, investors, of PNC Financial, 412-762-8257/
 (PNC) CO: PNC Financial Corp; Citizens Fidelity Bank; Cowger & Miller
 Mortgage Company, Inc. ST: Pennsylvania; Kentucky IN: FIN SU: TNM


CD -- PG003 -- 7804 06/08/92 10:15 EDT
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Publication:PR Newswire
Date:Jun 8, 1992
Words:475
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