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PROPOSED GATEWAY FED MERGER PROGRESSES

 PITTSBURGH and CINCINNATI, April 8 /PRNewswire -- PNC Bank Corp. (NYSE: PNC) and Gateway Fed Corporation (NASDAQ: GATW), the largest thrift in Cincinnati, today jointly announced that PNC Bank Corp. has completed its initial due diligence review of Gateway Fed and that applications for requisite regulatory approvals will be filed in the near future.
 Gateway Fed Chairman Philip W. Casper and President Bill R. Graham also said in a letter to shareholders that its annual meeting, normally scheduled for late April, will be postponed this year to permit inclusion of a shareholder vote on the proposed merger at the meeting.
 Assuming satisfaction of the conditions of the merger, it is expected that the transaction will be finalized in November 1993.
 Under terms of the merger agreement announced last December, each share of Gateway Fed common stock would be exchanged for $30.60 if the transaction is consummated in the fourth quarter.
 The companies previously announced that following the merger Gateway Federal Savings Bank will be merged into PNC Bank, Ohio.
 Gateway Federal operates 10 branches in greater Cincinnati, with assets of approximately $504 million and deposits of approximately $451 million at year-end 1992.
 PNC Bank is the 10th-largest banking organization in the U.S., with $51.4 billion in assets at year-end 1992 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 Marine Bank in Northwestern Pennsylvania; 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.
 -0- 4/8/93
 /CONTACT: Jonathan Williams, media, of PNC Bank, 412-762-4550, or at home, 412-257-3257; William H. Callihan, investors, of PNC Bank, 412-762-8257; or Robert McCullough of Gateway Fed Corporation, 513-621-9600/
 (PNC GATW)


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

KC -- PG004 -- 4100 04/08/93 09:24 EDT
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Publication:PR Newswire
Date:Apr 8, 1993
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