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UJB FINANCIAL PREDICTS VICTORY IN PROXY CONTEST

 UJB FINANCIAL PREDICTS VICTORY IN PROXY CONTEST
 PRINCETON, N.J., April 20 /PRNewswire/ -- UJB Financial Corp.


(NYSE: UJB) today predicted victory in the proxy contest with Chilmark Capital Corp. for the election of five UJB Financial Directors. The election of directors took place at the annual meeting of UJB Financial which was held today.
 T. Joseph Semrod, chairman, president and chief executive officer of UJB Financial said, "Our preliminary tabulation of management's proxies indicates broad support for all of management's positions in addition to the election of directors. Non-binding resolutions which would have solicited offers for the sale of UJB Financial, limited executive compensation and contracts, and limited membership on the board to one member of management, all appear to have been soundly defeated. A resolution prohibiting the payment of greenmail, which was supported by both sides of the contest, was passed as was the selection of KPMG Peat Marwick as independent auditors."
 "The vote count by Corporation Trust Company, the independent inspector of election, will probably not be completed for another seven to ten days," Semrod said. "At that time, we will announce the results."
 The directors apparently reelected today included one member of UJB Financial's management, John G. Collins, vice chairman. Also reelected were Walter J. Dealtrey, chairman of the board of Service Tire Truck Center, Inc., Henry S. Patterson II, director and president of E'Town Corporation, Raymond Silverstein, consultant and former principal of Alloy, Silverstein, Shapiro, Adams, Mulford & Co., P.C., and James A Skidmore, Jr., chairman of the board and director, chief executive officer and president of Science Management Corporation.
 "The proxy contest has taken up considerable energy and resources. We are looking forward to refocusing all of our energies toward continuing to improve our financial performance, and building long-term shareholder value," Semrod concluded.
 UJB Financial has 265 banking offices in New Jersey and eastern Pennsylvania. The company has six banks and nine active non-bank subsidiaries providing financial services to individuals, businesses, not-for-profit organizations, government, and other financial institutions.
 -0- 4/20/92
 /CONTACT: Barrie H. MacKay, 609-987-3350, Faith P. Goldstein, 609-987-3341, both of UJB Financial/
 (UJB) CO: UJB Financial Corp. ST: New Jersey IN: FIN SU:


SM -- NY092 -- 0277 04/20/92 17:55 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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