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BOATMEN'S BANCSHARES AGREES TO ACQUIRE LARGEST SAVINGS BANK IN ARKANSAS

 BOATMEN'S BANCSHARES AGREES TO ACQUIRE
 LARGEST SAVINGS BANK IN ARKANSAS
 ST. LOUIS, Jan. 23 /PRNewswire/ -- Boatmen's Bancshares, Inc. (NASDAQ-NMS: BOAT) said today it reached an agreement to acquire Superior Federal Bank, the largest thrift institution in Arkansas with assets of approximately $700 million. Superior Federal, based in Fort Smith, operates 29 branches in 19 communities and had net income of $4.8 million for its fiscal year ended Sept. 30, 1991.
 The agreement, which reflects a voluntary supervisory conversion, requires Boatmen's to provide to Superior Federal approximately $28 million in equity capital in exchange for 100 percent stock ownership. The transaction is expected to be completed during the second quarter of this year. "In line with our disciplined acquisition strategy, we expect this transaction will make an immediate contribution to earnings," commented Andrew B. Craig, III, chairman, president and chief executive officer of Boatmen's.
 "This acquisition is a natural fit, moving Boatmen's into a contiguous state with which we are quite familiar. Moreover, entry into Arkansas will strengthen our leadership position in the central United States," Craig explained.
 "Superior Federal primarily serves northwestern Arkansas, a prosperous area that includes the corporate headquarters of companies such as Wal-Mart and Tyson Foods," the executive continued. "It has a strong customer base, with more personal checking accounts than any financial institution in the state."
 Bruce McNeill, president and chief executive officer of Superior Federal, observed, "We have always prided ourselves on the fact that we provide top-quality service. As one of the best capitalized bank holding companies in the country, Boatmen's will provide further resources, products and services so that we can do an even better job." He added, "Also importantly, we will have the opportunity to expand to other parts of the state."
 Craig noted that the current management and board of directors of Superior Federal will remain in place and that Boatmen's will continue to operate it as a savings bank subsidiary. "This too reflects a key element of our acquisition strategy, which is to identify and target companies with strong management, and then retain that management," he said.
 Boatmen's, with assets of $17.6 billion at year-end 1991, is among the 40 largest U.S. bank holding companies and is the largest banking organization in Missouri. Boatmen's operates more than 220 locations in Missouri, Illinois, Tennessee and Oklahoma. In addition, the corporation announced last October an agreement to expand into Iowa through the acquisition of First Interstate of Iowa, which is scheduled to be completed in the second quarter of 1992.
 Boatmen's also ranks among the nation's largest providers of trust services, with $31 billion in assets under management.
 -0- 1/23/92
 /CONTACT: Philip N. McCarty of Boatmen's Bancshares, 314-466-7720/
 (BOAT) CO: Boatmen's Bancshares Inc.; Superior Federal ST: Missouri, Arkansas IN: FIN SU: TNM


TS -- NY032 -- 2697 01/23/92 10:23 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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