THE BANK OF NEW YORK COMPANY COMPLETES ACQUISITION OF NATIONAL COMMUNITY BANKS, INC.
NEW YORK, Aug. 11 /PRNewswire/ -- The Bank of New York Company, Inc. (NYSE: BK) announced today that it has completed the acquisition of National Community Banks, Inc. (NASDAQ: NCBR) of West Paterson, N.J. Each outstanding share of National Community's common stock has been converted to 0.96 shares of The Bank of New York Company common stock. Each outstanding share of National Community's Series B 7-3/4 percent cumulative convertible preferred stock has been converted into one share of the company's Class A preferred stock. The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank operating under its original name. It is the principal subsidiary of The Bank of New York Company, Inc., which is the sixteenth largest bank holding company in the United States. With the National Community merger, the company now has over $45 billion in assets and nearly 400 branches in the greater New York suburban area. The Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its five basic businesses: Corporate Banking, Retail Banking, Securities and Other Processing, Trust and Investment Management, and Financial Market Services. -0- 8/11/93 /CONTACT: Michael M. Pascale, VP of Abernathy/MacGregor, 212-495-1041/ (BK NCBR)
CO: Bank of New York Company, Inc.; National Community Banks, Inc. ST: New York, New Jersey IN: FIN SU: TNM
WB -- NY085 -- 1825 08/11/93 16:23 EDT
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|Date:||Aug 11, 1993|
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