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PNC BANK TO SELL NON-PERFORMING REAL ESTATE ASSETS

 PITTSBURGH, July 27 /PRNewswire/ -- PNC Bank Corp. (NYSE: PNC) today announced it has signed a letter of intent to sell $130 million of non-performing real estate assets to the Whitehall Street Fund, an investment partnership organized by Goldman, Sachs & Co.
 There will be no income statement impact resulting from the sale since the assets are being sold at approximate net carrying value.
 The sale, which is expected to close in the third quarter of 1993, will result in a 19 percent reduction in PNC Bank's non-performing assets which at June 30, 1993, totaled $675 million. PNC Bank will realize $102 million from the sale.
 PNC Bank is one of the largest banking organizations 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 most of its Pennsylvania markets and in Kentucky and Ohio. Its CCNB Bank, Hershey Bank and First Bank and Trust in southcentral Pennsylvania and Bank of Delaware in Delaware will change names to PNC Bank by the first quarter of 1994. PNC Bank Corp. is headquartered in Pittsburgh.
 /delval/
 -0- 7/27/93
 /CONTACT: media, Jonathan Williams, 412-762-4550, or home at 412-257-3257, or investors, William H. Callihan, 412-762-8257, both of PNC Bank/
 (PNC)


CO: PNC Bank Corp.; Whitehall Street Fund; Goldman, Sachs & Co. ST: Pennsylvania IN: FIN SU:

DM -- PG004 -- 6094 07/27/93 09:19 EDT
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Publication:PR Newswire
Date:Jul 27, 1993
Words:264
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