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FIRST NATIONAL BANK TO REDEEM 9 1/2 PERCENT REDEEMABLE SUBORDINATED DEBENTURES, CANCEL OUTSTANDING MANDATORY STOCK PURCHASE CONTRACTS

 CLINTON TOWNSHIP, Mich., Dec. 22 /PRNewswire/ -- The board of directors of First National Bank Corp. (NASDAQ-NMS: MTCL) today announced that it is calling its 9 1/2 percent Redeemable Subordinated Debentures due June 1, 1997, and canceling its Mandatory Stock Purchase Contracts (Equity Contracts).
 The Debentures will be redeemed at 103 percent of their principal amount and the cancellation fee on the Equity Contracts will be 1 percent of the face amount of the contract. The redemption and cancellation date will be March 31, 1993, and interest will cease to accrue on that date. The redemption and cancellation are being accomplished in accordance with the terms of the Debentures and Equity Contracts.
 The company expects that most of the holders of the Equity Contracts will find it advantageous to exercise their right to purchase common stock prior to the redemption and cancellation date. The holders of the Equity Contracts may purchase a specified amount of First National Bank Corp. common stock at a price of $19.98 per share (the adjusted exercise price). The closing bid and ask prices for the company's common stock on Dec. 21, 1992, were $24.50 and $26.25 per share.
 Holders of the Debentures and Equity Contracts will be sent information and instructions at least 60 days prior to the redemption and cancellation date.
 Harold W. Allmacher, president and CEO, said that management considers the redemption and cancellation 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- 12/22/92
 /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:

SB-KE -- DE015 -- 9263 12/22/92 16:14 EST
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Publication:PR Newswire
Date:Dec 22, 1992
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