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FIRST COLONIAL BANKSHARES REGISTERS $17.5 MILLION OF DEPOSITARY SHARES REPRESENTING CONVERTIBLE PREFERENCE STOCK

 FIRST COLONIAL BANKSHARES REGISTERS $17.5 MILLION
 OF DEPOSITARY SHARES REPRESENTING CONVERTIBLE PREFERENCE STOCK
 CHICAGO, March 27 /PRNewswire/ -- First Colonial Bankshares Corp. (NASDAQ: FCOLA) announced today that it has filed a registration statement with the Securities and Exchange Commission covering a public offering of 700,000 depositary shares, each representing one twentieth of one share of a newly authorized series of convertible preference stock. The public offering price will be $25 per depositary share.
 The offering will be managed by The Chicago Corp., Robert W. Baird & Co. Incorporated and Stifel, Nicolaus & Co., Inc. The underwriters will have an option to purchase 105,000 additional depositary shares to cover over-allotments, if any.
 First Colonial Bankshares Corp. is a multibank holding company headquartered in Chicago with total assets of approximately $1.6 billion at Dec. 31, 1991. It owns and operates a network of 16 commercial banks which offer general retail and commercial banking services in the Chicago metropolitan area, as well as other non-bank subsidiaries including Mid-States Financial Corp., a commercial leasing firm, First Colonial Trust Co. and First Colonial Investment Services, Inc.
 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 nor may offers to buy 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, 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 laws of any such state.
 -0- 3/27/92
 /CONTACT: Thomas Maier of First Colonial Bankshares, 312-419-9891/
 (FCOLA) CO: First Colonial Bankshares Corp. ST: Illinois IN: FIN SU: OFR


SB -- NY054 -- 2476 03/27/92 15:57 EST
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Publication:PR Newswire
Date:Mar 27, 1992
Words:312
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