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FIRST OF AMERICA'S COMMUNITY DEVELOPMENT CORPORATION INVESTS $1 MILLION IN NATIONAL EQUITY FUND EARMARKED FOR DETROIT

FIRST OF AMERICA'S COMMUNITY DEVELOPMENT CORPORATION INVESTS $1 MILLION
 IN NATIONAL EQUITY FUND EARMARKED FOR DETROIT
 DETROIT, Jan. 28 /PRNewswire/ -- First of America Bank Corporation (NYSE: FOA) today announced it will invest $1 million in the National Equity Fund (NEF) of the Local Initiatives Support Corporation (LISC) through its Community Development Corporation (CDC). The funding is earmarked for new low-income housing construction in the Detroit metropolitan area.
 With the $1 million investment, First of America becomes the first Michigan financial institution to make a commitment toward an NEF investment specifically targeted for Detroit. The First of America CDC investment is a direct response to the need for additional NEF funding following LISC plans to develop five housing projects in Detroit.
 According to Richard R. Spears, president and chief executive officer, First of America Bank-Southeast Michigan, "This investment follows a $500,000 similar investment we made in NEF in 1991. Our financial support of NEF and its projects is evidence of our ongoing commitment to community development in the Detroit area.
 "This type of support," Spears continued, "is crucial to help the city of Detroit meet its need for affordable rental housing. It's our hope that other Michigan financial institutions and corporations will also see this as an opportunity to make similar investments in the National Equity Fund."
 The NEF will provide equity to the Church of the Messiah Housing Corporation for construction of 21 new rental units in six different buildings on Detroit's east side.
 The $1 million investment in NEF is the largest single commitment made to a community by First of America's Community Development Corporation since its formation in 1991. Capitalized at $4 million, the CDC is a subsidiary of First of America Bank Corporation. The CDC supports First of America's 26 affiliate banks by providing a source of equity investment to not-for-profit organizations for low-income housing and neighborhood redevelopment projects.
 First of America Bank Corporation, with headquarters in Kalamazoo, Mich., is one of the largest bank holding companies in the Midwest with assets of approximately $16.7 billion as of Dec. 31, 1991. Its 26 banks have more than 480 offices in Michigan, Indiana and Illinois serving over 300 midwestern communities. The banks engage in commercial banking, retail and mortgage banking and also provide trust, financial data processing and various other financial services. Based on net income, profitability and size of franchise, First of America is one of the top 40 banking companies in the United States.
 -0- 1/28/92
 /CONTACT: Rick Spears of First of America Bank-Southeast Michigan, 313-596-8013; or M.P. Sarkissian of Anthony M. Franco, Inc., 313-567-5030, for First of America/
 (FOA) CO: First of America Bank Corporation;
 First of America Bank-Southeast Michigan ST: Michigan IN: FIN SU:


JG-ML -- DE015 -- 4223 01/28/92 11:57 EST
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Date:Jan 28, 1992
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