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LIBERTY SAVINGS BANK TO ACQUIRE FIRST FEDERAL OF MILLEDGEVILLE

 LIBERTY SAVINGS BANK TO ACQUIRE FIRST FEDERAL OF MILLEDGEVILLE
 MACON, Ga., June 3 /PRNewswire/ -- First Liberty Financial Corp. (NASDAQ: FLFC) and its subsidiary Liberty Savings Banks, F.S.B., announced today that they had entered into a definitive agreement with First Federal Savings and Loan Association of Milledgeville whereby First Federal will be acquired by First Liberty and simultaneously merged into Liberty Savings, with Liberty Savings being the surviving institution.
 Completion of the transaction is subject to regulatory approval and is expected to occur before the end of calendar year 1992.
 Commenting on the announcement, Al Baggarly, First Federal's president, said: "We at First Federal are excited about becoming part of the Liberty organization, and we know that our customers will be well served in being able to continue to do their banking at the same places and with the same people, but with the added strength of the Liberty organization. Not only is Liberty a full-service bank which will be able to provide our customers with a number of new services, it is also the largest financial institution based in middle Georgia and has a very strong capital position."
 The announcement also said that First Federal's board of directors would continue to serve as an advisory board for Liberty in Milledgeville following the merger. J. Floyd Harrington, the chairman of First Federal's board, said: "Our board members look forward to working with Liberty in this ongoing capacity. It will give us the opportunity to work together to make the merger even more successful."
 Robert F. Hatcher, First Liberty's president and chief executive officer, said: "We began discussing the idea of a merger with First Federal several months ago and the more we talked, the more sense it made. Since Milledgeville is close to our home office in Macon, First Federal's and Liberty's established customer bases should naturally complement each other and further strengthen our already strong middle Georgia market share. This really ought to be a good partnership which fits right into the way Liberty does business -- an emphasis on local decision-making supported by a strong organizational base."
 As of April 30, Liberty Savings had assets of $699 million and total deposits of $511 million, and First Federal had assets of $45 million and total deposits of $38 million. The combined institutions will have assets of approximately $744 million and total deposits of approximately $549 million.
 First Federal of Milledgeville operates two banking offices in Milledgeville. Liberty Savings Bank operates 18 banking offices in middle, coastal and south Georgia, a loan production office in Atlanta, and owns a mortgage banking company, Liberty Mortgage Corporation, which operates throughout Georgia and through correspondent relationships in several other southeastern states.
 First Liberty common stock is quoted through the National Market System of the National Association of Securities Dealers (NASDAQ) under the symbol FLFC.
 -0- 6/3/92
 /CONTACT: David L. Hall, senior vice president and chief financial officer of First Liberty Financial, 404-936-3350/
 (FLFC) CO: First Liberty Financial Corp.; First Federal Savings and Loan
 Association of Milledgeville ST: Georgia IN: FIN SU: TNM


BN-BR -- AT014 -- 6722 06/03/92 16:21 EDT
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Publication:PR Newswire
Date:Jun 3, 1992
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