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PNC BANK COMPLETES PURCHASE OF THE MASSACHUSETTS COMPANY

 PITTSBURGH, Sept. 17 /PRNewswire/ -- PNC Bank Corp. (NYSE: PNC) today announced that it has completed the acquisition of The Massachusetts Company, Inc., a bank and trust company located in Boston, from The Travelers Corporation (NYSE: TIC) for $53 million in cash.
 Thomas H. O'Brien, chairman and chief executive officer of PNC Bank, said, "This represents an extremely attractive acquisition for PNC Bank. The Massachusetts Company is well-managed and very profitable. It will serve specialized consumer markets under its existing name and management."
 As a retail bank operating on a national basis from a single branch in Boston, The Massachusetts Company focuses on residential first mortgages and home equity lines of credit, insured deposit and cash management services to individuals and businesses. It also provides trust services to individuals, pension/profit-sharing plans and collective investment funds.
 Eugene M. Tangney, chairman and chief executive officer of The Massachusetts Company, said, "Through our new association with PNC Bank, The Massachusetts Company will have access to a wide range of additional resources that will enable us to offer our customers enhanced products and services."
 The Massachusetts Company had assets of $982 million and deposits of $726 million as of June 30, 1993.
 PNC Bank is the 10th-largest banking organization in the United States, with $53.8 billion in assets at June 30, 1993, and more than 550 community banking offices throughout Pennsylvania, Delaware, Ohio, Kentucky and Indiana. PNC Bank's major lines of business include retail banking; corporate banking; investment management and trust; and investment banking.
 PNC Bank Corp. operates as PNC Bank in Pennsylvania, Kentucky, Ohio and Indiana. Its Bank of Delaware in Delaware will change its name to PNC Bank by the first quarter of 1994. PNC Bank Corp. is headquartered in Pittsburgh.
 /delval/
 -0- 9/17/93
 /CONTACT: Jonathan Williams, media, 412-762-4550, or at home, 412-


257-3257; or William H. Callihan, investors, 412-762-8257, of PNC Bank/
 (PNC TIC)


CO: PNC Bank Corp.; The Massachusetts Company, Inc.; The Travelers
 Corporation ST: Pennsylvania, Massachusetts IN: FIN SU: TNM


CD -- PG003 -- 3145 09/17/93 14:32 EDT
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Publication:PR Newswire
Date:Sep 17, 1993
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