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Marine Midland, Statewide OK Tie

NEW YORK, N Y. - Marine Midland Banks, Inc., and Statewide Bancorp announced an agreement providing for an equity capital investment by Marine of up to $25 million in Statewide, with warrants to purchase 887,966 shares of Statewide common stock at an initial price of $36 per share. Statewide is a Toms River - based bank holding company with $1 billion in assets. As part of the agreement. Marine has purchased $15 million of newly issued statewide nori -voting preferred stock. After a one-year period. Statewide can draw upon any or all of the remaining $10 million investment commitment within an additional two years. EXERCISE OF the warrants by Marine would require a change in applicable law that currently prohibits interstate bank-

ing, and would result in Marine holding 24.9 per cent of Statewide's outstanding common shares. • Statewide Bancorp, whose principal subsidiary is The First National Bank of Toms River, has 40 banking offices in five central and southern New Jersey counties. Its business is predominantly with consumers and small and middle-market businesses. The Statewide perpetual preferred stock will carry a dividend rate rising from 8 to 10 per cent over four years, then converting to an adjustable rate tied to market rates. •THIS AFFILIATION will allow Statewide to benefit from Marine's financial and strategic resources, enabling us to broaden the range of financial services we provide our customers," said Joseph W. Robertson, Statewide's president and chief executive officer.

"That, in turn, should allow us to continue our record of profitability and growth by expansion in our existing market area and through future acquisitions — and also ensure the independence necessary to maintain the community orientation that has been one of our greatest competitive strengths Richard D. Sutton, Statewide chairman, added: "Our customers, shareholders, and employes stand to benefit by this enrichment of our long-standing correspondent relationship with Marine." THE AFFILIATION is the third in Marine's, enriched correspondent tENCOR) program, through which Marine provides strategic and financial support to like-minded commercial banks in key U.S. markets. In addition to positioning participants for interstate

banking, the ENCOR program provides a framework for Marine and the participating banks to work together on product development, marketing opportunities, and operational efficiencies. Marine, currently has ENCOR relationships with Philadelphia-based IVB Financial Corporation, with assets of $1.9 billion, and Cleveland-based Centran Corp., with asset^Pf $2.9 billion. In September, Centran announced plans to merge with Society Corporation of Cleveland, pending regulatory approval. "From Marine's standpoint, Statewide's market position, customer base, and enviable location in one of a neighboring state's most attractive markets, make it a logical and important addition to our ENCOR program," said Marine Midland Chairman John R. Petty.

EMERGENCY CHIEF — Michael Dudnick, D.O., has been named medical director of department of emergency medicine at Shore Memorial Hospital, Somers Point. Dudnick, a graduate of Penn State University, received his D.O, from the Philadelphia College of Osteopathic Medicine. He makes his home in Ocean City with his wife, Nellie, and their three children.

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