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CENTRAL TRUST PARENT SETS HIRING FREEZE

Midlantic Corp., parent of Central Trust Co., has slapped a hiring freeze on its banks in an effort to trim expenses by $25 million a year.

The New Jersey-based banking company said Thursday any vacancies that do not directly affect customer service will require special approval before being filled.

The bank also eliminated cash bonus payments for 1990, and will not make a profit-sharing distribution under its profit-sharing plan.

The bank has told its managers that they must reduce expenses while continuing to provide "quality customer service," it said.

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