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AMSOUTH SIGNS DEFINITIVE AGREEMENT TO ACQUIRE FLORIDABANK

 BIRMINGHAM, Ala., and JACKSONVILLE, Fla., June 30 /PRNewswire/ -- AmSouth Bancorporation (NYSE: ASO) has signed a definitive agreement to acquire FloridaBank, A Federal Savings Bank (NASDAQ: FLBK), headquartered in Jacksonville.
 The agreement was announced jointly today by Norman J. Harrison, chairman of FloridaBank, and by John W. Woods, AmSouth Bancorporation's chairman and chief executive officer.
 Under the terms of the agreement, AmSouth will exchange .4902 shares of AmSouth common stock for each share of common stock of FloridaBank. Based on AmSouth's recent stock price performance, the transaction is valued at approximately $27.1 million, or 1.81 times FloridaBank's adjusted equity.
 The acquisition, which is to be accounted for as a pooling of interests, is expected to be completed before mid-year 1994 pending approval by FloridaBank shareholders and regulatory authorities and the completion of other closing conditions. The transaction is expected to have no dilutive effect on the future earnings per share of AmSouth common stock.
 In making today's announcement, AmSouth CEO John W. Woods said: "The Jacksonville market is important to our Florida expansion plans and underscores our commitment to build a major banking franchise in Florida. And, most importantly, our review of FloridaBank supports our belief that this acquisition will further enhance AmSouth shareholder value."
 Woods added that he is particularly pleased to enter the Jacksonville market from a personal as well as professional standpoint. "Having once lived in Jacksonville and having visited many times since, I especially look forward to renewing friendships as well as business relationships," Woods said.
 FloridaBank CEO J. Malcom Jones Jr., said FloridaBank's affiliation with AmSouth is a positive move for the bank's customers and for Jacksonville. "Our customers will enjoy a significant increase in the number and variety of financial services available at our bank, and our entire community will benefit from AmSouth's long-standing traditions of supporting community interests," Jones said.
 He added that every effort will be made to make this transition to AmSouth as smooth as possible. "We look forward to telling customers about the many new advantages that we will be able to provide as part of AmSouth, and we will keep customers informed on developments as they occur during the months leading up to our affiliation," Jones said.
 FloridaBank reported March 31, 1993, assets of $271.5 million and deposits of $210.7 million. FloridaBank operates seven banking offices in Jacksonville.
 Other pending AmSouth acquisitions in Florida include The First National Bank of Clearwater, First Gulf Bank in St. Petersburg, Orange Bank headquartered in Orlando, and Mid-State Federal Savings Bank headquartered in Ocala. In addition, AmSouth has signed a definitive agreement to acquire The Georgia State Bank of Rome, Ga.
 AmSouth Bancorporation, headquartered in Birmingham, operates banking offices in four states and mortgage banking offices in eight southeastern states. The company's assets at March 31, 1993, totaled $10.9 billion.
 The corporation's lead bank AmSouth Bank N.A., operates 151 banking offices throughout Alabama. Other bank affiliates include AmSouth Bank of Florida with 24 banking offices in northwest Florida, AmSouth Bank of Tennessee with 20 offices, AmSouth Bank of Georgia, and AmSouth Bank of Walker County, Ala.
 AmSouth Bancorporation's bank-related affiliates include AmSouth Mortgage Company, Inc., with 30 branches, satellite offices and processing centers in eight states, AmSouth Investment Services, Inc., and AmSouth Leasing Corporation.
 REASONS FOR THE ACQUISITION OF FLORIDABANK
 1. Consistent with AmSouth's geographic expansion strategy
 2. FloridaBank is the second-largest independent banking
 institution in the Jacksonville MSA.
 3. FloridaBank has sound management and the potential for
 significant earnings growth.
 DESCRIPTION OF TRANSACTION
 Accounting treatment: Pooling of interests
 Total price: Approximately $27 million
 Total price to adjusted
 book value: 1.81x
 Method of payment: AmSouth will exchange .4902 shares
 of AmSouth common stock for each
 share of FloridaBank
 Estimated closing date: Before mid-year 1994
 Number of AmSouth shares
 to be issued: Approximately 831,000
 Number of AmSouth shares
 outstanding at March 31,
 1993 43.7 million
 Combined assets pro forma
 including all pending
 acquisitions: $12.9 billion
 FLORIDABANK PROFILE
 (March 31, 1993)
 Headquarters: Jacksonville, Fla.
 Assets: $271.5 million
 Loans: Real estate $134.7 million
 Commercial $ 14.3 million
 Consumer $ 3.0 million
 Total loans: $152.0 million
 Allowance for loan losses: $ 1.5 million
 Nonperforming assets: $ 6.2 million
 Deposits: $210.7 million
 Equity: $ 13.6 million
 Equity to assets ratio: 5.02 percent
 Profitability for 1st Quarter 1993:
 Net income: $850,000
 Return on average assets: .79 percent
 Return on average equity: 15.26 percent
 -0- 6/30/93
 /CONTACT: Harvey E. Campbell of AmSouth, 205-326-5316, or Kerry P. Charlet of FloridaBank, 904-281-7600/
 (ASO FLBK)


CO: AmSouth Bancorporation; FloridaBank, A Federal Savings Bank ST: Alabama, Florida IN: FIN SU: TNM

RA-BR -- AT014 -- 7313 06/30/93 16:14 EDT
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Date:Jun 30, 1993
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