SECURITIES AND EXCHANGE COMMISSION
                                  Washington, D.C.

          LITIGATION RELEASE NO.    15860  /  August 27, 1998

          SECURITIES AND EXCHANGE COMMISSION v. MYLES R. WREN, Civil Action
          No. 3:CV-98-1406 (M.D. Pa.) (filed August 27, 1998)

          On August 27, 1998, the Commission filed a settled complaint in
          the United States District Court for the Middle District of
          Pennsylvania against Myles R. Wren, an attorney with the
          Scranton, Pennsylvania law firm of Nogi, Appleton, Weinberger &
          Wren, alleging insider trading in the securities of First Eastern
          Corporation ("First Eastern") and Independence Bancorp, Inc.
          ("Independence") prior to the announcement on July 27, 1993 by
          PNC Bank Corp. ("PNC") that PNC would purchase First Eastern, and
          the announcement on November 19, 1993 by Corestates Financial
          Corp. ("Corestates") that Corestates would acquire Independence.

          The Commission's complaint alleges that, prior to purchasing
          First Eastern stock in July 1993, Wren learned certain
          confidential information during the course of his work as a
          bankruptcy attorney for First Eastern regarding First Eastern's
          negotiations with PNC that allowed him to conclude that an
          acquisition was imminent.  The Commission's complaint further
          alleges that, prior to purchasing Independence stock in November
          1993, Wren misappropriated confidential information from his law
          partner, a director of Independence, which allowed Wren to
          conclude that Independence would be acquired.  The Commission's
          complaint alleges that Wren breached his duties to his clients
          and his law firm when he traded stock while in possession of this
          material non-public information.

          The Commission's complaint seeks an injunction against Wren for
          violations of Section 10(b) of the Securities Exchange Act of
          1934 ("Exchange Act") and Rule 10b-5 thereunder, as well as
          disgorgement of Wren's profits earned, including prejudgment
          interest, and civil penalties pursuant to the Insider Trading and
          Sanctions Act of 1984.  Simultaneous with the filing of the
          complaint, without admitting or denying the allegations of the
          complaint, Wren consented to the entry of a Final Judgment
          permanently enjoining him from violating Section 10(b) of the
          Exchange Act, and Rule 10b-5 thereunder, ordering him to pay
          $42,362 in disgorgement, $22,894 in prejudgment interest and a
          $42,362 penalty for a total amount of $107,618.

          The Commission's investigation is continuing.