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NBD SHAREHOLDERS APPROVE MERGER WITH INB

 NBD SHAREHOLDERS APPROVE MERGER WITH INB
 DETROIT, Sept. 17 /PRNewswire/ -- At a special meeting held today in


Detroit, NBD Bancorp (NYSE: NBD) shareholders overwhelmingly approved the acquisition of INB Financial Corporation (NASDAQ-NMS: INBF). The proposed affiliation was announced in March 1992.
 NBD shareholders approved the issuance of approximately 29,684,155 shares or 25.2 percent of the number of shares currently issued and outstanding in order to effect the transaction.
 The merger agreement calls for common shareholders of INB Financial to receive 1.60 shares of NBD common stock for each INB share. The transaction is valued at approximately $876 million.
 Approval has also been received from federal bank regulators and banking regulators of the states of Michigan and Indiana. INB Financial shareholders will meet on Sept. 18, 1992, to vote on the merger.
 -0- 9/17/92
 /NOTE: ILLINOIS EDITORS - NBD Bancorp is the parent company of 18 Metropolitan Chicago Banks with total assets of over $5 billion. OHIO EDITORS - NBD Bancorp is the parent company of NBD Bank with 21 branches in Columbus and Dayton, Ohio. INDIANA EDITORS - NBD Bancorp is the parent company of Midwest Commerce Banking Company of Elkhart, Ind., NBD Gainer Bank of Merrillville, Ind., and Summcorp of Fort Wayne, Ind. NBD has 109 offices in Indiana and $4.8 billion in assets. NBD also has a pending merger agreement with INB Financial Corporation, a $6.6 billion bank holding company based in Indianapolis, Ind. FLORIDA EDITORS - NBD Bancorp is the parent company of NBD Trust Company of Florida with offices in North Palm Beach, Sarasota, Boca Raton and Naples, and NBD Bank FSB with offices in Venice, Sarasota, North Palm Beach and Boca Raton.
 CONTACT: J. Richard Johnson, 313-225-2591, or M. Renee Ahee, 313-225-2596, both of NBD Bancorp/
 (NBD INBF) CO: NBD Bancorp; INB Financial Corporation ST: Michigan, Indiana IN: FIN SU: TNM


SM -- DE024 -- 0752 09/17/92 14:43 EDT
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Publication:PR Newswire
Date:Sep 17, 1992
Words:319
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