SECURITIES AND EXCHANGE COMMISSION


     LITIGATION RELEASE NO. 15520 / September 30, 1997

     SECURITIES AND EXCHANGE COMMISSION V. ROBERT HUNTER, EDWARD R. DUDLIK, JR.,
     THOMAS F. GOLDMAN, W. KENNETH GREENWOOD, JOSEPH MCKEON, KATHY NAUMANN,
     BENJAMIN PAUL, THOMAS B. PILEGGI, JOHN ROSE, JOHN ROSE, JR., RAYMOND F.
     WHITE, AND H. CONSTANCE NEFF AS RELIEF DEFENDANT, CIVIL ACTION NO. 97-cv-
     4621 (E.D. Pa.) (Bartle, J.)

          The Securities and Exchange Commission announced that on     
     September 24, 1997, the United States District Court for the Eastern
     District of Pennsylvania entered a Final Consent Judgment Of Disgorgement
     Against Relief Defendant H. Constance Neff in this insider trading case. 
     According to the Commission's Complaint, filed on July 16, 1997, Neff, the
     former wife of defendant Robert Hunter, unjustly benefited from trades in
     the securities of Independence Bancorp, Inc. ("INBC"), that were executed
     for her benefit by Hunter, an INBC director, while Hunter was in possession
     of material, nonpublic information concerning a proposed merger between
     INBC and CoreStates Financial Corp. in November 1993.

          Without admitting or denying the allegations in the Complaint, Neff
     consented to entry of the judgment, which orders her to disgorge
     $16,747.84, representing $12,252.50 in imputed profits, and $4,495.34 in
     prejudgment interest.  See related Litigation Release No. 15413.