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TOLLAND BANK ENTERS AGREEMENT TO SELL LAND

 TOLLAND, Conn., June 23 /PRNewswire/ -- Tolland Bank (AMEX: TBK) announced today that it has entered into an agreement to sell approximately 20 acres of land in the vicinity of the Buckland Hills Mall in Manchester, Conn. to the Melville Realty Corporation for approximately $4.5 million. The closing of the transaction is subject to Melville obtaining the required approvals. Chairman, President and CEO Guy Cambria, Jr., indicated that, "While this agreement is still subject to a number of closing contingencies, we are pleased to have reached this stage in the process of disposing of this portion of the largest foreclosed property on our books. We continue to work towards the disposition of the remaining two parcels of land, approximately 12 acres, associated with this problem asset situation, and to market the other foreclosed properties."
 -0- 6/23/93
 /CONTACT: Joel E. Hyman, senior vice president, treasurer, and CFO of Tolland Bank, 203-875-2500/
 (TBK)


CO: Tolland Bank ST: Connecticut IN: FIN SU: RLE

SM-MG -- NY055 -- 5113 06/23/93 15:34 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
Words:171
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