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BMR FINANCIAL AND SOUTHTRUST SIGN LETTER OF INTENT

 ATLANTA, April 28 /PRNewswire/ -- BMR Financial Group, Inc. (NASDAQ: BMRG) and SouthTrust Corporation (NASDAQ: SOTR) of Birmingham, Ala., announced the execution today of a non-binding letter of intent which calls for the acquisition of BMR by SouthTrust.
 Under the terms of the letter of intent, each of the outstanding shares of BMR common stock would be purchased by SouthTrust for $6.25 in cash, subject to possible adjustment under certain circumstances.
 BMR is the parent company of two Florida banks: AmeriBank in Clearwater and Community First Bank of Central Florida in Winter Garden. At March 31, BMR had total assets of $97.4 million, total shareholders' equity of $14.5 million, and 2,538,644 shares of common stock outstanding.
 Peter S. Maher, chairman of BMR, said: "We are pleased to have reached this agreement in principle with a company of the stature of SouthTrust. We are confident that this transaction, when completed, will serve not only the best interests of our shareholders, but also the employees of our two remaining banks in Florida and the communities they serve."
 Consummation of the transaction is subject to further due diligence by SouthTrust, negotiation, authorization and execution of a definitive merger agreement, and approval by BMR's shareholders and by various regulatory authorities. The letter of intent provides that it will be terminated if the parties do not execute a definitive agreement by May 31.
 SouthTrust Corporation, a $13.4 billion regional multibank holding company, operates 40 banks with more than 375 offices in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee.
 -0- 4/28/93
 /CONTACT: Michael J. Williams, chief financial officer of BMR Financial Group, 404-938-8050, or Jeannie Colquett, vice president of SouthTrust Corporation, 205-254-5523/
 (BMRG SOTR)


CO: BMR Financial Group, Inc.; SouthTrust Corporation ST: Georgia, Alabama IN: FIN SU: TNM

RA-BN -- AT020 -- 2230 04/28/93 16:07 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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