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FDIC APPROVES MID-STATE MERGER INTO AMSOUTH BANK OF FLORIDA

 BIRMINGHAM, Ala., and OCALA, Fla., Nov. 1 /PRNewswire/ -- AmSouth Bancorporation (NYSE: ASO) and Mid-State Federal Savings Bank announced that they received on Oct. 29 approval from the Federal Deposit Insurance Corporation (FDIC) for the merger of Mid-State Federal into AmSouth Bank of Florida.
 The FDIC approval was the final approval necessary for the completion of the acquisition.
 The average closing price for AmSouth Bancorporation stock as of the pricing determination date in the contract between AmSouth and Mid-State Federal was $29.50. The average closing price represents the average of the AmSouth stock closing prices during the 10 trading days ending on the date FDIC approval was received.
 As provided for in Section 9.3(d) of the definitive agreement between AmSouth and Mid-State Federal, AmSouth has committed to increase the cash consideration of the purchase price so that holders of Mid- State Federal stock would receive the equivalent of approximately $40.34 in AmSouth common stock and cash for each Mid-State Federal share held.
 The parties anticipate closing the transaction by mid-December.
 In making today's announcement, AmSouth Chairman and Chief Executive Officer John W. Woods said: "We look forward to working with Mid- State's management team and board of directors as we continue to build a dynamic banking franchise in central Florida. We anticipate a smooth transition to AmSouth for Mid-State shareholders, customers and employees."
 Charles E. Harris, chairman and chief executive officer of Mid- State, said: "We are delighted to become part of AmSouth Bank of Florida. Our merger will result in a significantly increased portfolio of quality consumer and business banking services for our customers and also will enable us to have a stronger, positive impact on continued economic growth in the communities we serve."
 -0- 11/1/93
 /CONTACT: Analysts: Sally B. Hawley, 205-320-7151, or Media: Jim Underwood, 205-326-5184, both of AmSouth; or David W. Parker of Mid-State Federal, 904-854-4100/
 (ASO)


CO: AmSouth Bancorporation; Mid-State Federal Savings Bank ST: Alabama, Florida IN: FIN SU: TNM

BN -- AT001 -- 8955 11/01/93 08:13 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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