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FIRST AMERICAN FILES $100 MILLION SUBORDINATED DEBT REGISTRATION STATEMENT

 NASHVILLE, Tenn., March 19 /PRNewswire/ -- First American Corporation (NASDAQ-NMS: FATN) announced today that it has filed a shelf registration statement with the Securities and Exchange Commission (SEC) for $100 million of subordinated debt securities.
 The company anticipates that approximately one-half, or $50 million, of the debt securities covered under the shelf registration will be offered for sale to the public on, or soon after, the registration statement is declared effective by the SEC.
 Merrill Lynch & Co., The First Boston Corporation and J.C. Bradford & Co. are the underwriters in the proposed offering.
 The company anticipates that proceeds from the offering will be used for the planned acquisition of First Federal Savings and Loan of Bowling Green, Ky., and otherwise for general corporate purposes. First American announced last month that it had reached an agreement in principle to purchase First Federal from Area Bancshares Corporation.
 A registration statement relating to the subordinated debt securities has been filed with the SEC but has not yet become effective.
 These securities may not be sold, nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any 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 law of any such State.
 First American Corporation, the Nashville-based parent company of First American National Bank, First American Trust Company and First American Community Development Corporation, employs approximately 3,100 people in 134 banking offices.
 A written prospectus relating to the offering may be obtained by writing Merrill Lynch & Co. at World Financial Center, North Tower, New York, NY 10281-1325; The First Boston Corporation at 55 East 52nd Street, New York, NY 10055; or J.C. Bradford & Co. at 330 Commerce St., Nashville, TN 37201.
 -0- 3/19/93
 /CONTACT: (Financial) Carroll Kimball, 615-748-2455, or (Media) Vicki Kessler, 615-748-2912, both of First American Corporation/
 (FATN)


CO: First American Corporation ST: Tennessee IN: FIN SU: OFR

SB -- CH007 -- 8090 03/19/93 17:52 EST
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Publication:PR Newswire
Date:Mar 19, 1993
Words:359
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