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FIRST CHICAGO TO REDEEM SERIES A CONVERTIBLE PREFERRED STOCK

 CHICAGO, July 29 /PRNewswire/ -- First Chicago Corporation (NYSE: FNB) announced today that it intends to redeem on Sept. 2, 1993, all of the issued and outstanding shares of its $3.75 Cumulative Convertible Preferred Stock, Series A. The total redemption price is $52.135 per share, which represents a price of $51.50 per share, plus $0.635 per share in accrued and unpaid dividends.
 As an alternative, holders of the preferred stock have the right until 5:00 p.m. New York City time on Thursday, Aug. 26, 1993, to convert each share of preferred stock into 1.391 shares of First Chicago Corporation common stock by delivering their Preferred Stock certificates and a transmittal form to First Chicago Trust Company of New York, the corporation's conversion and redemption agent. Preferred stockholders who do not deliver their certificates and transmittal form by this time will only have the right to receive the total redemption price of $52.135 per share of preferred stock.
 The market value of the common stock into which the preferred stock is convertible will be greater than the total redemption price of $52.135 as long as the market price of the common stock exceeds $37.48 per share.
 Holders of the preferred stock who elect to convert their shares will not receive any payment or adjustment for accrued and unpaid dividends on the preferred stock, but will receive the corporation's current common stock dividend of $0.30 per share, which is payable on Oct. 1, 1993, if they remain holders of record of the common stock on Sept. 3, 1993, the record date for the dividend.
 The addresses for First Chicago Trust Company of New York are 14 Wall Street, 8th Floor, New York, N.Y. 10005 (for hand delivery) and P.O. Box 2565 Jersey City, N.J. 07303 (for mail delivery).
 -0- 7/29/93
 /CONTACT: Lisabeth Weiner of First Chicago Corp., 312-732-4455/
 (FNB)


CO: First Chicago Corporation ST: Illinois IN: FIN SU:

TM -- NY128 -- 7465 07/29/93 17:32 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
Words:340
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