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MERGER OF AMERITRUST CORPORATION INTO SOCIETY CORPORATION CREATES $25 BILLION SUPERREGIONAL COMPANY

 MERGER OF AMERITRUST CORPORATION INTO SOCIETY CORPORATION
 CREATES $25 BILLION SUPERREGIONAL COMPANY
 CLEVELAND, March 16 /PRNewswire/ -- Ameritrust Corporation (NASDAQ: AMTR) and Society Corporation (NASDAQ: SOCI) announced that they have completed their $1.4 billion merger, forming a superregional financial services corporation with more than $25 billion in assets and offices in eight states.
 Under terms of the merger, Ameritrust common shareholders will receive .65 of a Society Corporation common share for each share of Ameritrust common stock. The outstanding preferred stock of Ameritrust will be exchanged for a comparable newly created issue of Society preferred stock. The merger will be tax-free to Ameritrust shareholders, who will be notified shortly regarding procedures for exchanging their Ameritrust shares for Society shares. The two companies reached a definitive agreement on Sept. 12, 1991.
 Immediately prior to the consummation of the merger with Society Corporation, Ameritrust Corporation redeemed all of its outstanding Rights to purchase Cumulative Redeemable Series A Preferred Stock. The Rights were issued pursuant to the Rights Agreement, dated as of Aug. 17, 1988, as amended, between Ameritrust and Ameritrust Company National Association. The redemption price of $.01 per Right is payable to holders of record as of March 16, 1992.
 With more than $25 billion in assets, Society ranks nationally as the 26th largest commercial banking organization, with more than $1.7 billion in equity capital and banking offices in Ohio, Indiana and Michigan. The trust business of the new Society ranks in the top 15 nationally in terms of revenues and managed assets and has offices in Ohio, Indiana, Michigan, Texas, Florida, New York, Colorado and Missouri.
 Robert W. Gillespie remains chairman and chief executive officer of the new organization. "The combination of Society and Ameritrust provides us with the leading market position in Ohio and strengthens our position in Michigan and Indiana as well," said Gillespie.
 "As we continue our effort to become one of the premier superregional financial services organizations in the country, we welcome Ameritrust shareholders, customers and employees into the Society family," Gillespie said. "We intend for our customers -- both individuals and businesses -- to be the largest beneficiaries of this merger as we commit ourselves to the highest quality products and services in our markets."
 In May, Society Corporation will be moving its corporate headquarters from 800 Superior Ave. to the 57-story Society Center on Public Square in downtown Cleveland.
 The two Cleveland-based lead banks will be merged this summer and the Indiana banking subsidiaries will merge a short time later. In the interim, the banks will operate as separate entities under both names. The merger schedule for the banking subsidiaries was chosen so that customers would continue to receive high levels of quality service until the systems integration is complete.
 Today's announcement sets the first combined marketing and communications activities in motion. A letter of welcome will be mailed to all Ameritrust customers. In April, Ameritrust's ATM network will be converted to the Green Machine Network, providing customers of both Ameritrust and Society with access to 700 Green Machine ATMs with no additional network fees charged.
 Society Corporation and Ameritrust Corporation Combined
 Bank Holding Company Merger Financial Highlights
 March 1992
 ($Billions) National
 Rank
 Corporate Name Society Corporation
 Total Assets $25.6 26
 Transaction Value Estimated $1.4
 billion,
 largest in
 Ohio history
 - Based on
 Society's stock
 close on March 4,
 1992 at $58
 per share. Total Core deposits
 $20.0 21
 Exchange Ratio The common
 stock exchange
 ratio is .65 Total loans $15.8 25
 of a Society
 Common Share
 for each share
 of Ameritrust
 Common Stock.
 Each share of
 Ameritrust
 Preferred Stock
 outstanding will
 be exchanged for
 a share of Total Equity $1.7 26
 comparable Society
 Preferred Stock.
 Accounting
 Treatment Pooling of interests
 Market capitalization
 Tax Treatment Tax-free as of 3/4/92 $3.4 16
 reorganization and
 tax-free exchange
 Total SOCI Shares
 Outstanding After Managed trust assets
 Closing 57.9 million $30.1 11
 Current Society
 Indicated Annual
 Dividend $1.96 per common share
 Based on Dec. 31, 1991 data.
 Society Corporation Facts
 Headquarters Cleveland, Ohio
 Total Banking Offices More than 500 branch and trust
 offices in eight states
 Senior Executives Robert W. Gillespie, chairman and
 chief executive officer
 Henry L. Meyer III, vice chairman
 and chief banking officer
 Roger Noall, vice chairman and chief
 administrative officer
 James W. Wert, vice chairman and
 chief financial officer
 Banking Subsidiaries Society National Bank (Cleveland)
 Society Bank, Indiana (South Bend)
 Society Bank, Michigan (Ann Arbor)
 Society Bank & Trust (Toledo)
 Ameritrust Company National
 Association (Cleveland)(A)
 Ameritrust National Bank,
 Central Indiana (Indianapolis)(B)
 Ameritrust Bank, Howard County
 (Indiana)(B)
 Ameritrust National Bank, Michiana
 (Elkhart, Ind.; Sturgis, Mich.)(B)
 Ameritrust Development Bank
 Trust Subsidiaries Society National Trust Company,
 Naples, Fla.
 AmeriCorp Securities Services, Inc.,
 Denver, Houston and St. Louis
 Ameritrust Southeast National
 Association, Florida
 Ameritrust Texas Corporation, Dallas
 Nonbanking Subsidiaries Society Community Development
 Corporation (SCDC)
 Society Equipment Leasing Company
 (SELCO)
 Society Investments, Inc.
 Society Life Insurance Company
 Society Mortgage Company
 Ameritrust Company of New York
 Green Machine Network Corporation
 SeaGate Capital Management Company
 (A) Ameritrust Company National Association, Cleveland will merge with Society National Bank in the summer of 1992.
 (B) Ameritrust National Bank, Central Indiana, (Indianapolis), Ameritrust Bank, Howard County (Indiana) and Ameritrust National Bank, Michiana, (Elkhart, Ind., Sturgis, Mich.) will merge with Society Bank, Indiana in the summer of 1992.
 -0- 3/16/92
 /CONTACT: John Fuller (media), 216-689-8140, or Eric Rasmussen (investor), 216-689-7161, both of Society Corporation/
 (AMTR SOCI) CO: Ameritrust Corporation; Society Corporation ST: Ohio IN: FIN SU: TNM


KK -- CL011 -- 8279 03/16/92 11:37 EST
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Date:Mar 16, 1992
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