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FIRST AMERICAN CLOSES STOCK OFFERING -- NETS $41 MILLION

FIRST AMERICAN CLOSES STOCK OFFERING -- NETS $41 MILLION
 NASHVILLE, Tenn., Sept. 30 /PRNewswire/ -- First American Corporation (NASDAQ-NMS: FATN) announced today that 2,012,500 shares of the company's common stock were sold at a price of $21.25 per share, resulting in net proceeds of approximately $41 million.
 The stock offering was originally announced on July 17, 1992, for 1.5 million shares of common stock. The size of the offering was increased to 1.75 million shares on September 23 as a result of increased investor demand. In addition, the underwriters were granted the option to purchase another 262,500 shares reserved for over- allotments. The option was exercised by the underwriters, bringing the total shares sold to 2,012,500.
 "We are pleased with the success of the stock offering and with the confidence that the investment community has shown in First American," said Dennis C. Bottorff, president and CEO. "Increasing our capital base is consistent with our objective of soundness, and it positions us to take advantage of future growth opportunities."
 First American plans to use the proceeds for general corporate purposes.
 Managing underwriters for the offering were Merrill Lynch & Co. and J.C. Bradford & Co.
 First American Corporation is a bank holding company headquartered in Nashville, Tenn. Its principal subsidiary is First American National Bank, the second-largest bank in Tennessee. First American's stock is traded in the over-the-counter securities market and is quoted on the NASDAQ National Market List under the symbol FATN.
 -0- 09/30/92
 CONTACT: (Financial) Carroll Kimball, 615-748-2455, or (Media) Vicki Kessler or Janeen Gregory, 615-748-2912, all of First American Corporation
 (FATN) CO: FIRST AMERICAN CORPORATION IN: FIN ST: TN -- CH003 -- X469 09/30/92
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Sep 30, 1992
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