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FIRST NATIONAL BANK CORP. TO REDEEM 9-PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE JULY 15, 2004

 CLINTON TOWNSHIP, Mich., May 11 /PRNewswire/ -- The Board of Directors of First National Bank Corp. (NASDAQ: MTCL) today announced that it is calling its 9-percent Convertible Subordinated Debentures due July 15, 2004.
 The Debentures will be redeemed at 105 percent of their principal amount and the redemption date will be July 15, 1993. Interest will cease to accrue on that date. The redemption is being accomplished in accordance with the terms of the Debentures.
 The company expects that most of the holders of the Debentures will find it advantageous to exercise their conversion right and convert the Debentures to common stock prior to the redemption date. The holders of the Debentures may convert their Debentures into common stock of First National Bank Corp. prior to the close of business on July 12, 1993, at the current conversion price of $18.51 per share. The closing bid and ask prices for the company's common stock on May 10, 1993 were $26.75 and $28.75 per share.
 Holders of the Debentures will be sent information and instructions at least 30 days prior to the redemption date.
 Harold W. Allmacher, president and CEO, said that management considers the redemption a prudent business decision that will benefit the company and its shareholders.
 First National Bank Corp. is the parent company of First National Bank in Macomb County and Bankers Fund Life Insurance Co.
 -0- 5/11/93
 /CONTACT: Richard J. Miller of First National Bank Corp., 313-465-2400, Ext. 240/
 (MTCL)


CO: First National Bank Corp. ST: Michigan IN: FIN SU:

KE -- DE024 -- 7164 05/11/93 15:05 EDT
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Publication:PR Newswire
Date:May 11, 1993
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