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PNC BANK CORP. COMPLETES ACQUISITION OF GATEWAY FED

 PITTSBURGH, Nov. 19 /PRNewswire/ -- PNC Bank Corp. (NYSE: PNC) announced that it will complete the acquisition of Gateway Fed Corporation (NASDAQ: GATW) and its subsidiary, Gateway Federal Savings Bank, effective at the close of business today. Gateway Fed had assets of $514 million at Sept. 30, 1993 and is headquartered in Cincinnati.
 Gateway Fed shareholders will receive $30.60 in cash for each share of Gateway Fed common stock. The total consideration was approximately $53.9 million.
 Thomas H. O'Brien, chairman and chief executive officer of PNC Bank, said, "Gateway Fed will be merged into PNC Bank, Ohio, and will strengthen our position in Greater Cincinnati, one of our more important markets."
 Bill R. Graham, who had been president and chief executive officer of Gateway Fed, will join PNC Bank in Pittsburgh as a vice president in retail banking.
 PNC Bank is the 11th-largest banking organization in the United States with assets of $52.3 billion at Sept. 30, 1993, and operates 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. Bank of Delaware will change its name to PNC Bank early in 1994. PNC Bank Corp. is headquartered in Pittsburgh.
 /delval/
 -0- 11/19/93
 /CONTACT: media, Jonathan Williams, 412-762-4550, or at home, 412-257-3257, or investors, William H. Callihan, 412-762-8257, both of PNC Bank/
 (PNC GATW)


CO: PNC Bank Corp.; Gateway Fed Corporation; Gateway Federal Savings
 Bank ST: Pennsylvania, Ohio IN: FIN SU: TNM


KC -- PG001 -- 6570 11/19/93 13:27 EST
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Publication:PR Newswire
Date:Nov 19, 1993
Words:279
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