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FIRST OF AMERICA ANNOUNCES COMPLETION OF PREFERRED STOCK REDEMPTION

 FIRST OF AMERICA ANNOUNCES COMPLETION OF PREFERRED STOCK REDEMPTION
 KALAMAZOO, Mich., Oct. 22 /PRNewswire/ -- First of America (NYSE: FOA) today reported that its redemption of the outstanding shares of three series of preferred stock is complete. On Aug. 20, 1992, First of America's board of directors called for the redemption of the company's Series E 10 Percent Convertible Preferred Stock, Series G 9 Percent Convertible Preferred Stock and Series H 9 Percent Convertible Preferred Stock.
 Series E 10 Percent Convertible Preferred Stock had 2,750,489 outstanding shares prior to the redemption. Of those shares, 3 percent elected to receive cash at $19.00 per share and 97 percent elected to convert to First of America Common Stock, resulting in the issuance of approximately 1,779,000 shares of First of America Common Stock.
 Series G 9 Percent Convertible Preferred Stock had 547,588 outstanding shares prior to the redemption. Of those shares, 4 percent elected to receive cash at $45.00 per share and 96 percent elected to convert to First of America Common Stock, resulting in the issuance of approximately 789,000 shares of First of America Common Stock.
 Series H 9 Percent Convertible Preferred Stock had 71,526 outstanding shares prior to the redemption. Of those shares, 11 percent elected to receive cash at $190.00 per share and 89 percent elected to convert to First of America Common Stock, resulting in the issuance of approximately 402,000 shares of First of America Common Stock.
 The redeemed preferred shares revert to authorized, unissued preferred stock. At Aug. 30, 1992, prior to the redemption, First of America had 54,026,235 primary shares of common stock outstanding and 59,476,940 fully diluted shares outstanding. After the redemption, First of America had 56,995,888 primary shares and 59,351,230 fully diluted shares.
 First of America Bank Corporation, headquartered in Kalamazoo, is one of the largest bank holding companies in the Midwest with assets exceeding $19 billion. First of America has 566 offices in Michigan, Indiana and Illinois that serve over 300 communities. The banks engage in commercial banking, retail banking and mortgage banking, and provide trust, financial data processing and other financial services. Based on net income, profitability and size of franchise, First of America is ranked among the top 35 banking companies in the United States.
 -0- 10/22/92
 /CONTACT: Martha Melone, public relations specialist, 616-376-7287, or Jennifer D. Cox, financial reporting manager, 616-376-7115, both of First of America/
 (FOA) CO: First of America Bank Corporation ST: Michigan IN: FIN SU:


SB-SM -- DE019 -- 3741 10/22/92 14:56 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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