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WATERHOUSE INVESTOR SERVICES PRELIMINARY APPROVAL

 NEW YORK, Aug. 20 /PRNewswire/ -- Waterhouse Investor Service, Inc. (NYSE: WHO) today announced that it was informed today that it received preliminary approval from the comptroller of the currency to establish the Waterhouse National Bank. The bank will be a wholly owned subsidiary of Waterhouse Investor Services, Inc.
 Mr. Waterhouse, who will serve as chairman of the bank, stated that the establishment of the Waterhouse National Bank will provide Waterhouse Investor Services, Inc. with the ability to offer expanded financial services and products to the customer base of Waterhouse Securities, Inc. The bank will offer cash management accounts, credit cards and other selected retail loan products. In addition, the customers of Waterhouse Securities, Inc. will receive the benefit of a combined brokerage and bank statement. The bank will not engage in commercial lending.
 The preliminary approval is specifically conditioned on the receipt of FDIC and Federal Reserve Board approvals as well as a number of other standard conditions that must be met before the bank can receive its charter and open for business. It is expected that the Waterhouse National Bank will be operational in early 1994 provided the necessary approvals are received.
 -0- 8/20/93
 /CONTACT: Lawrence M. Waterhouse Jr., chairman of the board of Waterhouse Investor Services, Inc., 212-806-3500/
 (WHO)


CO: Waterhouse Investor Services, Inc. ST: New York IN: FIN SU:

SM-OS -- NY037 -- 4716 08/20/93 14:24 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
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