Chemical Bank Slows Closure of Branches

Reuters

Chemical Banking Corp. said it is slowing the consolidation of its bank branches in the New York City area as part of its merger with Manufacturers Hanover Corp.

Chemical said it would close 10 branches between Oct. 12 and the end of 1992, instead of 30 units. It will shut a total of 80 branches by the end of 1993.

It said it was delaying the merging of check processing systems because of a flood that affected its operations center in downtown Manhattan. The bank said the changes would have "no impact whatsoever" on its goal of cutting $280 million in 1992 and $525 million in 1993 in expenses.

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