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BANCINSURANCE CORPORATION ANNOUNCES COMMON STOCK OFFERING

 COLUMBUS, Ohio, March 17 /PRNewswire/ -- Bancinsurance Corporation (NASDAQ: BCIS) announced that it has filed with the Securities and Exchange Commission a registration statement for a public offering of 2,000,000 shares of common stock. Certain shareholders have granted the underwriters a 30-day option to purchase up to 300,000 additional shares of common stock for the purpose of covering over-allotments. The proposed offering will be managed by Fahnestock & Co. Inc. and Conning & Company.
 The company intends to use the proceeds from the proposed offering to increase the statutory capital and surplus of its insurance subsidiary, Ohio Indemnity Company, to repay debt on its revolving credit facility, and for general corporate purposes.
 Bancinsurance Corporation, headquartered in Columbus, Ohio, is an insurance holding company engaged, through Ohio Indemnity Company, in underwriting specialized insurance products and related services.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, and offers to buy may not be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, the securities and there shall be no sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the prospectus may be obtained from Fahnestock & Co. Inc., 110 Wall Street, New York, N.Y. 10005, Attention: Syndicate Department (telephone: 212-668-8163), or Conning & Company, 185 Asylum Street, Hartford, Conn. 06103, Attention: Syndicate Department (telephone: 203-520-1540).
 -0- 3/17/93
 /CONTACT: Si Sokol, president, Bancinsurance Corporation, 614-228-2800/
 (BCIS)


CO: Bancinsurance Corporation ST: Ohio IN: INS SU: OFR

BM -- CL005 -- 6969 03/17/93 10:49 EST
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Publication:PR Newswire
Date:Mar 17, 1993
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