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FLORIDA FIRST FEDERAL SAVINGS BANK ANNOUNCES STOCKHOLDER RIGHTS OFFERING

FLORIDA FIRST FEDERAL SAVINGS BANK ANNOUNCES STOCKHOLDER RIGHTS OFFERING
 PANAMA CITY, Fla., Aug. 14 /PRNewswire/ -- Florida First Federal Savings Bank (NASDAQ: FFPC) (the "savings bank") today announced plans to raise between approximately $2.5 million and $5.1 million through a rights offering to holders of its common stock. The savings bank is conducting the rights offering in order to raise additional capital. The savings bank will not consummate the offering unless the savings bank meets all of its applicable minimum regulatory capital requirements upon receipt of the net proceeds.
 The savings bank will distribute on a priority basis 934,375 nontransferable rights to purchase units to stockholders of record as of Aug. 21, 1992. Each unit will consist of two shares of common stock and a warrant to buy one additional share of common stock. Each stockholder of record on Aug. 21, 1992 will receive a right to purchase one unit for each two shares of common stock owned as of such date at a price of $5.50 per unit. Stockholders will have until Oct. 9, 1992 to exercise their rights, subject to extension by the savings bank. Any shares remaining unsubscribed will be offered to the general public.
 The terms of the rights offering are described in detail in a prospectus that will be mailed to stockholders of the savings bank residing in the United States. There is no action to be taken in connection with the rights offering by stockholders of the savings bank at this time.
 The Office of Thrift Supervision declared the savings bank's form OC effective on Aug. 13, 1992. This announcement shall not constitute an offer to sell of the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. Offers to sell or the solicitation of an offer to buy can only be made through the Offering Circular. A copy of the Offering Circular may be obtained from the savings bank at 201 Harrison Ave., Panama City, Fla. 32401 as soon as it is available.
 The savings bank conducts business through eight full-service offices. The savings bank's common stock trades under the symbol "FFPC" on the NASDAQ National Market System.
 -0- 8/14/92
 /CONTACT: Andrew W. Stein, president of Florida First Federal Savings Bank, 904-872-7000/
 (FFPC) CO: Florida First Federal Savings Bank ST: Florida IN: FIN SU: OFR


JB -- FL003 -- 9895 08/14/92 09:17 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
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