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First Federal Savings

Marine Midland to buy
First Federal Savings

Marine Midland Bank N.A. bulked up its presence in the Rochester market with today’s announcement that it plans to purchase First Federal Savings and Loan Association of Rochester for $620 million.
Marine Midland plans to consolidate branches and jobs after the two groups merge. Bank officials said all First Federal employees will be offered jobs for at least one year after the deal closes. That is expected to happen by the end of 1996.
Marine Midland, a Buffalo-based subsidiary of HSBC Holdings PLC, ranked No. 2 in the Rochester Business Journal list of top 25 commercial and savings banks, ranked by total dollar value of local deposits. It reported $1.98 billion in local deposits in 1994.
First Federal placed fifth in the ranking, with $1.12 billion in local deposits.
“The acquisition of First Federal Savings is another in a series of targeted purchases, aimed at expanding the scope of our operations to a wider retail customer base and providing a meaningful return on our investment,” said James Cleave, president and CEO of Buffalo-based Marine Midland.
Marine Midland’s buying binge began in 1994 with the purchase of Spectrum Home Mortgage. Last year, it bought United Northern Federal Savings Bank, with branches in Watertown and Lowville, N.Y. It also purchased six New York City retail branches of HongkongBank.
Earlier this year, Marine Midland acquired 11 New York City branches of East River Savings Bank, as well as two Hang Seng Bank branches in the city.
After the acquisition of First Federal, Marine Midland will have roughly $30 billion in total assets and $22 billion in deposits. Now, the bank has 8,200 employees and 330 offices statewide.
Headquartered in Rochester, First Federal employs 1,600 workers at 79 retail branches in New York and 15 mortgage origination offices in nine states. It has $7.2 billion in assets.
First Federal is owned by CT Financial Services Inc. of Toronto. The acquisition is subject to approval from the Federal Reserve Bank of New York, the state Banking Department and the U.S. Office of Thrift Supervision.

Marine Midland to buy
First Federal Savings

Marine Midland Bank N.A. bulked up its presence in the Rochester market with today’s announcement that it plans to purchase First Federal Savings and Loan Association of Rochester for $620 million.
Marine Midland plans to consolidate branches and jobs after the two groups merge.

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