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CHARTER ONE ANNOUNCES COMPLETION OF MERGER WITH FIRST AMERICAN BANCORP

 CHARTER ONE ANNOUNCES COMPLETION OF MERGER
 WITH FIRST AMERICAN BANCORP
 CLEVELAND, Sept. 17 /PRNewswire/ -- Charter One Financial, Inc. (NASDAQ/NMS: COFI), holding company for The First Federal Savings Bank, today announced the completion of the merger of First American BanCorp, the holding company for First American Savings Bank, into a wholly owned subsidiary of Charter One Financial, Inc., and the subsequent merger of First American Savings Bank into The First Federal Savings Bank.
 Under terms of the agreement, shareholders of record of First American BanCorp will receive .88297 shares of Charter One common stock. Based on the closing price of Charter One stock at $23.25 on Sept. 16, the transaction has a total value of approximately $45.3 million.
 As previously announced, on Sept. 14, Charter One executed a letter of intent providing for the acquisition of Women's Federal Savings Bank. This transaction is expected to be completed early in 1993. At that time, Charter One's subsidiary, The First Federal Savings Bank, will have assets of $5.1 billion and will operate 103 offices in 14 counties in Ohio.
 -0- 9/17/92
 /CONTACT: Charles John Koch, Leonard A. Krysinski or James E. Pietrangelo of Charter One Financial, Inc., 216-566-5300; or William L. Dupuy of Edward Howard & Co., 216-781-2400, for Charter One Financial, Inc./
 (COFI) CO: Charter One Financial, Inc.; First American BanCorp ST: Ohio IN: FIN SU: TNM


BM -- CL008 -- 0605 09/17/92 11:30 EDT
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Publication:PR Newswire
Date:Sep 17, 1992
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