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TRUST COMPANY OF NEW JERSEY ANNOUNCES APPROVAL OF MERGER TRANSACTION ELIMINATING HOLDING COMPANY FOR THE BANK

 JERSEY CITY, N.J., Dec. 29 /PRNewswire/ -- Siggi B. Wilzig, chairman and president of the Trust Company of New Jersey (NASDAQ: TCNJ), a New Jersey State chartered bank, announced that shareholders approved a merger transaction eliminating the holding company for the Bank. 99.8% of the shareholders voting approved the merger.
 Shareholders now directly own shares of the Bank's common stock which are listed on NASDAQ (symbol: TCNJ).
 Wilzig stated, "The elimination of the holding company will result in substantial savings of time and expense, without changing the activities of the Bank. The merger will have no effect whatsoever on the business and financial services that the Bank provides to its customers. These actions are consistent with President Clinton's recent initiatives to eliminate duplicate and overlapping regulation. The Bank will continue to be regulated by the FDIC and the New Jersey Department of Banking."
 The Trust Company is New Jersey's third largest state chartered bank, with assets of $2.5 billion and 43 branch locations throughout northern and central New Jersey.
 Capital Strength
 Sept. 30, 1993
 The Trust Company Required
 Tier I 18.98% 4.00%
 Tier I and II 20.26% 8.00%
 The Trust Company's Tier I and Total capital ratios are the highest of any major bank in New Jersey, as reported in Thomson Bank Watch, Inc. on Dec. 3, 1993.
 -0- 12/29/93
 /CONTACT: S.B. Wilzig of Trust Company of New Jersey, 201-420-2800/
 (TCNJ)


CO: Trust Company of New Jersey ST: New Jersey IN: FIN SU:

LG-PS -- NY031 -- 7837 12/29/93 15:15 EST
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Publication:PR Newswire
Date:Dec 29, 1993
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