SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 15576 / December 1, 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      November
     20, 1997, the United States District Court for the Eastern District of
     Pennsylvania entered final consent judgments  of permanent injunction and
     other relief against defendants Kathy Naumann and W. Kenneth Greenwood in
     this insider trading case.  According to the Commission's Complaint, filed
     on July 16, 1997, Naumann learned that CoreStates Financial Corp. had made
     an acquisition proposal to acquire Independence Bancorp, Inc. ("INBC"),
     from her uncle, defendant Robert Hunter, an INBC director.  Naumann
     purchased INBC stock just prior to the merger announcement in November 1993
     while in possession of this material, nonpublic information and made $2,250
     in profits.  Naumann also purchased stock for her business associate and
     tipped her mother and cousin, both of whom purchased INBC stock as well.

          Greenwood, who was a director of the Cheltenham Bank, a wholly owned
     subsidiary of INBC, purchased INBC stock after learning about the
     acquisition proposal and made $150,412 in profits.  Also, in January 1993
     Greenwood sold approximately 95 per cent of his holdings in INBC stock
     after learning that INBC had suffered a quarterly loss in earnings and
     prior to the public release of that information.  In so doing, Greenwood
     avoided losses of $33,750.

          Without admitting or denying the allegations in the Complaint, Naumann
     and Greenwood consented to the entry of final judgments of permanent
     injunction against future violations of the antifraud provisions of the
     federal securities laws.  Naumann agreed to disgorge her profits and the
     profits of her tippees, which totaled $5,050, pay prejudgment interest of
     $1,904.19, and a penalty of $5,050.  Greenwood agreed to disgorge his
     profits and the amount of his losses avoided, or $184,162.50, pay
     prejudgment interest of $70,608.99, and a penalty of $184,162.50.













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     PERMANENT INJUNCTIONS ENTERED AGAINST KATHY NAUMANN AND W. KENNETH
     GREENWOOD

          The Securities and Exchange Commission announced that on      November
          20, 1997, the United States District Court for the Eastern District of
          Pennsylvania entered final consent judgments of injunction and other
          relief against defendants Kathy Naumann and W. Kenneth Greenwood for
          trading in the securities of Independence Bancorp, Inc. ("INBC"),
          while in possession of material, nonpublic information concerning a
          proposal to acquire INBC in November 1993.  According to the
          Commission's Complaint, filed on July 16, 1997, Naumann was tipped
          about the acquisition by her uncle who was an INBC director, defendant
          Robert Hunter.  Naumann purchased INBC stock and made $2,250 in
          profits.  She also purchased stock for her business partner, and
          tipped her mother and cousin, who also purchased.  Greenwood, a
          director of the Cheltenham Bank, a wholly owned subsidiary of INBC,
          purchased INBC stock after learning about the proposed acquisition and
          made $150,412 in profits.  Greenwood also avoided losses of $33,750 in
          January 1993 when he sold his stock prior to the public announcement
          of an INBC negative earnings release.

          Without admitting or denying the allegations in the Complaint, Naumann
          and Greenwood consented to the entry of permanent injunctions against
          future violations of the federal securities laws.  Naumann agreed to
          disgorge her profits and the profits of her tippees, which totaled
          $5,050, pay prejudgment interest of $1,904.19, and a penalty of
          $5,050.  Greenwood agreed to disgorge his profits and the amount of
          his losses avoided, or $184,162.50, pay prejudgment interest of
          $70,608.99, and a penalty of $184,162.50.  [SEC 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, 97 Civ. 4621
          (E.D. Pa.) (Bartle, J.)] (Litigation Release No. 15413)

     Person to Contact:

     Daniel J. Goldstein
     Assistant Regional Director
     212-748-8066












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