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AMSOUTH COMPLETES DUE DILIGENCE AND PROCEEDS WITH PLANS TO ACQUIRE FORTUNE

 BIRMINGHAM, Ala., and CLEARWATER, Fla., Nov. 12 /PRNewswire/ -- AmSouth Bancorporation (NYSE: ASO) and Fortune Bancorp, Inc. (NASDAQ: FORB), parent company of Fortune Bank, announced today that AmSouth has completed its due diligence review of Fortune.
 Based on the results of the due diligence, AmSouth will proceed with its plans to acquire Fortune. The acquisition remains subject to approvals by regulatory authorities and Fortune's shareholders, and the fulfillment of other closing conditions. AmSouth and Fortune anticipate that the acquisition will be completed by mid-1994.
 -0- 11/12/93
 /CONTACT: Analysts: Sally Hawley of AmSouth, 205-581-7434, or Marty Gladysz of Fortune Bancorp, 813-538-1301; Media: Jim Underwood of AmSouth, 205-326-5184, or Nancy Kaylor of Fortune Bancorp, 813-538-1114/
 (ASO FORB)


CO: AmSouth Bancorporation; Fortune Bancorp, Inc. ST: Alabama, Florida IN: FIN SU: TNM

RA-BN -- AT002 -- 3517 11/12/93 08:07 EST
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Publication:PR Newswire
Date:Nov 12, 1993
Words:138
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