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FIRST OF AMERICA BANK CORP. INCREASES DIVIDEND TO $0.35 A SHARE

 FIRST OF AMERICA BANK CORP. INCREASES DIVIDEND TO $0.35 A SHARE
 KALAMAZOO, Mich., Aug. 19 /PRNewswire/ -- The board of directors of First of America Bank Corporation (NYSE: FOA) today declared a quarterly dividend of $0.35 per common share, a 9.4-percent increase from the $0.32 paid in July. The last dividend increase, declared in August 1991, was from $0.30 to $0.32 per common share. The dividend is payable Oct. 30, 1992, to shareholders of record Oct. 9.
 "The board of directors' decision to increase the dividend at this time," explained Daniel R. Smith, chairman and chief executive officer, "reflects First of America's current performance and confidence that we will continue to benefit from both the recent Champion and Security Bancorp acquisitions. It also reflects the board's commitment to shareholder value."
 First of America currently has 54 million shares outstanding of common stock.
 First of America Bank Corporation, headquartered in Kalamazoo, is one of the largest bank holding companies in the Midwest with assets, at June 30, exceeding $19 billion. First of America has 566 offices located throughout Michigan, Indiana and Illinois that serve over 300 communities. The banks engage in commercial banking, retail banking and mortgage banking, and provide trust, financial data processing and other financial services. Based on net income, profitability and size of franchise, First of America is ranked among the top 35 banking companies in the United States.
 -0- 8/19/92
 /CONTACT: Martha Melone, public relations specialist, 616-376-7287, or Jennifer D. Cox, financial reporting manager, 616-376-7115, both of First of America Bank Corporation/
 (FOA) CO: First of America Bank Corporation ST: Michigan IN: FIN SU: DIV


SB -- DE015 -- 1384 08/19/92 13:44 EDT
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Publication:PR Newswire
Date:Aug 19, 1992
Words:284
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