FOR IMMEDIATE RELEASE: FRIDAY, OCTOBER 18, 1996

NEW YORK -- The Federal Reserve Bank of New York Friday approved the application by Marine Midland Bank, Buffalo, N.Y., to purchase certain assets and assume certain liabilities of Morgan Guaranty Trust Company of New York, New York City, in connection with the acquisition by Marine Midland Bank of Morgan Guaranty Trust Company's institutional U.S. dollar clearing business.

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.