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May 13, 1994|From Times Staff and Wire Reports

Chemical Bank to Buy Margaretten Financial: Under the agreement, Chemical Bank National Assn., a unit of Chemical Banking Corp., would acquire Perth Amboy, N.J.-based Margaretten Financial Corp. for $330 million, paying $25 a share for Margaretten's common stock. The acquisition would make Chemical the nation's fourth-largest mortgage loan company, and the combined companies would have $54.5 billion in outstanding mortgages, Chemical said. Chemical said it expects to complete the acquisition by mid-year. Following the news, Margaretten's shares rose $1.69 to $24.56 in New York Stock Exchange trading. Chemical Banking's stock was unchanged at $34.38.

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