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THE BANK OF NEW YORK COMPANY, INC. SHAREHOLDERS APPROVE PREFERRED STOCK ISSUANCE

 NEW YORK, May 11 /PRNewswire/ -- The Bank of New York Company, Inc. (NYSE: BK) announced that its shareholders today approved an amendment to the company's certificate of incorporation to authorize the issuance of 5 million shares of Class A preferred stock. As a result, the company's acquisition of National Community Banks, Inc. (NCB) is subject to, among other things, the approval of a majority of the votes cast at the NCB annual meeting by holders of the NCB common stock outstanding (assuming a quorum is present at the NCB annual meeting). The holders of NCB Series B 7-3/4 percent cumulative convertible preferred stock will not be entitled to vote at the NCB annual meeting and their votes will not be counted. The NCB annual meeting will be held on June 8, 1993.
 -0- 5/11/93
 /CONTACT: Michael M. Pascale, vice president of The Bank of New York Company, 212-495-1041/
 (BK)


CO: Bank of New York Company, Inc. ST: New York IN: FIN SU: OFR

TS -- NY053 -- 7072 05/11/93 12:42 EDT
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Publication:PR Newswire
Date:May 11, 1993
Words:175
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