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F&M AND PULASKI SIGN MERGER AGREEMENT

 KAUKAUNA, Wis., Nov. 18 /PRNewswire/ -- F&M Bancorporation (NASDAQ/NMS: FMBK) and Pulaski Bancshares, Inc. announced the execution of a definitive agreement to merge in a stock-for-stock transaction. In September 1993, the parties announced an agreement in principle for the transaction. The transaction is structured to qualify as a "pooling-of- interest" transaction for accounting and financial purposes. Subject to Pulaski's meeting a 1993 earnings test, the value of the transaction to Pulaski shareholders is expected to be approximately $16.8 million.
 The transaction will require the approval of the merger agreement by shareholders, regulatory approvals, and the satisfaction of customary closing conditions. The transaction is expected to close in the first quarter of 1994.
 F&M is a multi-bank holding company, owning 12 banks with 25 full service offices throughout Wisconsin. Each F&M Bank has a locally driven, community banking philosophy, and is dedicated to providing financial solutions that fit individual customer needs.
 Pulaski Bancshares is a one bank holding company, owning all the shares of Pulaski State Bank. Pulaski State Bank has two offices in Brown County, Wis. As of Sept. 30, 1993, Pulaski had total assets of $79.1 million and total shareholders' equity of $9 million.
 Gail E. Janssen, chairman, president, and chief executive officer of F&M said, "We are enthusiastic about Pulaski joining F&M. F&M looks forward to expanding to northern Brown County, serving the customers of Pulaski and other area residents through two additional F&M offices in Brown County."
 John W. Johnson, president and chief executive officer of Pulaski State Bank said, "We believe the affiliation of Pulaski Bancshares with F&M will create good value for Pulaski shareholders and will allow Pulaski State Bank to better serve its customers, because of the additional resources which can be provided by F&M."
 Separately, F&M also announced that it had received Federal Reserve Board approval for its previously announced acquisition of First National Financial Corporation. That acquisition, which remains subject to certain additional conditions, is expected to be consummated in early 1994. Assuming the acquisitions of Pulaski and First National, F&M would have total assets of approximately $700 million and 38 offices in Wisconsin.
 -0- 11/18/93
 /CONTACT: Linda K. Seefeldt, vice-president, marketing, of F&M Bancorporation, 414-766-1717, or John Johnson, president, of Pulaski State Bank, 414-822-3225/
 (FMBK)


CO: F&M Bancorporation; Pulaski Bancshares, Inc. ST: Wisconsin IN: FIN SU: TNM

BM-KL -- CL021 -- 6186 11/18/93 15:58 EST
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Publication:PR Newswire
Date:Nov 18, 1993
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