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MID AM, INC. OFFERS 1,400,000 SHARES OF $1.8125 CUMULATIVE CONVERTIBLE PREFERRED STOCK, SERIES A

 MID AM, INC. OFFERS 1,400,000 SHARES
 OF $1.8125 CUMULATIVE CONVERTIBLE PREFERRED STOCK, SERIES A
 BOWLING GREEN, Ohio, June 5 /PRNewswire/ -- Mid Am, Inc. (NASDAQ: MIAM) announced today a public offering of 1,400,000 shares of $1.8125 cumulative convertible preferred stock, Series A, at a price of $25.00 per share. The shares being offered today represent an increase of 400,000 shares from the proposed offering initially announced on March 19, 1992. The shares are being offered through a group of underwriters managed by McDonald & Company Securities, Inc.
 Net proceeds of the offering are estimated to be approximately $33,000,000, or $38,040,000 in the event that the underwriters' over- allotment option is exercised in full.
 The Series A preferred stock is entitled to receive cumulative cash dividends at the rate of $1.8125 per share per annum. Dividends on the Series A preferred stock are payable quarterly on March 1, June 1, Sept. 1 and Dec. 1 of each year, commencing Sept. 1, 1992. The Series A preferred stock is redeemable at the option of the company, in whole or in part, at any time on or after June 12, 1997 at a price of $25.00 per share, plus accrued and unpaid dividends to the redemption date. Shares of Series A preferred stock are convertible by the holder thereof, unless previously redeemed, into shares of common stock at the rate of 1.11 shares of common stock for each share of preferred stock so converted.
 The company owns three commercial banks and one thrift, with a total of 52 banking offices located in 12 counties in northwest and west central Ohio along the Interstate 75 corridor. Based on total assets at Dec. 31, 1991, the company was the 12th largest bank holding company in the State of Ohio and the largest locally headquartered bank holding company in northwest and west central Ohio. Operating through its subsidiaries, the company offers a wide variety of lending, depository, fiduciary and related financial services to individual and business customers.
 -0- 6/5/92
 /CONTACT: Edward J. Reiter, chairman and CEO; Dennis L. Nemec, executive vice president and CFO; or W. Granger Souder, senior vice president/general counsel, all of Mid Am, Inc., 419-352-5271/
 (MIAM) CO: Mid Am, Inc. ST: Ohio IN: FIN SU: OFR


KK -- CL005 -- 7357 06/05/92 09:36 EDT
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Publication:PR Newswire
Date:Jun 5, 1992
Words:398
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