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INDECORP, INC. SIGNS DEFINITIVE AGREEMENT

 -- Indecorp, Inc. Signs A Definitive Agreement With The


African-American Investor Group Headed By William T. Johnson --
 CHICAGO, Sept. 2 /PRNewswire/ -- George E. Johnson, chairman of Chicago-based Indecorp, Inc., today announced that the bank has reached a definitive agreement for the sale of Indecorp to the African-American investor group headed by Detroit banker William T. Johnson and Detroit attorney Kenneth N. Hylton.
 William Johnson is chairman of Detroit-based OmniBanc Corporation, a Michigan bank holding company. Kenneth Hylton is partner of the Detroit law firm Hylton & Hylton.
 The acquisition involves two of Chicago's largest minority-owned financial institutions -- Indecorp's Independence Bank of Chicago ($137 million in assets) and Drexel National Bank ($128 million in assets). Indecorp is a strong and highly profitable bank holding company headquartered on Chicago's South Side. Terms of the agreement were not disclosed, and the sale is subject to shareholder and regulatory approval.
 "This agreement is fair and serves the best interest of our employees, customers and shareholders," stressed Indecorp president and chief executive
officer Alvin J. Boutte. "We are very enthusiastic about what Bill hopes to accomplish. He shows a genuine interest and concern for the community and already has developed a blueprint to accomplish several initiatives here. We are confident that he will bring continuity in fulfilling the goals and mission of this institution."
 William Johnson said, "We are pleased to have so quickly reached an agreement that takes into account the needs of the bank, its employees, its customers and its community. We are anxious to become a part of this community, and look forward to being proactively involved in its growth and development."
 The acquisition is a major step in achieving William Johnson's long- term goal to create the nation's first multi-state and multi-bank holding company controlled by African-Americans. "This acquisition will serve as a milestone; not only for accomplishing our goals, but for African-American banking as well," stated William Johnson.
 -0- 9/2/93
 /NOTE TO EDITORS: A press conference will be scheduled later this month to discuss specific community development activities. We will keep you informed as plans are finalized./
 /CONTACT: Alvin J. Boutte, Indecorp, Inc., 312-487-4700, William T. Johnson, OmniBanc Corporation, Detroit, 312-843-8850, or Anthony J. Burke, Financial Shares Corporation, 312-943-8116/


CO: Indecorp, Inc. ST: Illinois IN: FIN SU: TNM

LD -- NY090 -- 8642 09/02/93 18:43 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
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