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UNITED BANK OF PHILADELPHIA AND PNC BANK MAKE HISTORY IN ACQUISITION OF HOME UNITY BRANCHES

 PHILADELPHIA, Aug. 27 /PRNewswire/ -- In a historic first, a minority-owned commercial bank, United Bank of Philadelphia, and a major commercial bank, PNC Bank, have entered into a cooperative venture that will allow United Bank to purchase branches of a failed thrift institution, Home Unity Federal Savings and Loan Association, Lafayette Hill, Pa., through the Resolution Trust Corporation (RTC).
 United Bank will operate two new Philadelphia branch locations effective Monday, Aug. 30, and assume approximately $65 million in deposits. The branches are located at Two Penn Center, 16th Street and JFK Boulevard, Center City, Philadelphia, and 4806 Frankford Ave., Frankford (between Foulkrod and Wakeling streets). United Bank also acquired approximately $35 million in deposits of the Bensalem Home Unity branch at Bradlee's Plaza, 2307 Street and Knight roads, which have been sold to PNC Bank. The Bensalem Home Unity branch will open Monday morning as a branch of PNC Bank.
 Dr. Emma C. Chappell, chairman, president and CEO of United Bank of Philadelphia, commented on the significance of this historic event, "Several weeks ago, after we acquired Chase Federal Savings and Loan from the Resolution Trust Corporation, I challenged my fellow bankers in this city to join forces with me to aid United Bank's efforts to help revitalize the neighborhoods of Philadelphia ... to reinvest in our community. Today, I am thrilled that Dick Smoot and PNC Bank have accepted that challenge by assisting our efforts in reaching out to the underserved areas in our great city."
 Richard L. Smoot, president and chief executive officer of PNC Bank, Philadelphia, added, "I'm delighted to join Dr. Chappell today in announcing this historic cooperative venture. United Bank represents the fulfillment of a dream from Dr. Chappell and for Philadelphia's minority community. As an investor, PNC Bank was present at United Bank's creation. Since then, we have become enthusiastic fans and supporters. PNC Bank is proud that the cooperative venture announced today will provide increased lending power to United Bank and herald a bright future for the communities we are both dedicated to serving."
 Chappell and Smoot extend an invitation to the press to attend the events of the day on Monday, Aug. 30.
 10 a.m. -- Press conference, United Bank and PNC Bank, at PNC Bank, Broad and Chestnut streets, 2nd floor Atrium, Philadelphia.
 Noon -- United Bank Ribbon cutting, Two Penn Center, 16th Street and JFK Boulevard, Philadelphia.
 3:30 p.m. -- United Bank Ribbon Cutting, 4806 Frankford Ave., Philadelphia.
 Local and state dignitaries will be present at all locations.
 /delval/
 -0- 8/27/93
 /CONTACT: Sam Cerminaro, 215-337-7320, or evening, 215-975-0834, of Wolfinger Cerminaro Communications for United Bank of Philadelphia/


CO: United Bank of Philadelphia; PNC Bank ST: Pennsylvania IN: FIN SU: TNM

JM-MJ -- PH032 -- 6806 08/27/93 18:23 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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