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FIRST OF AMERICA BANK CORPORATION'S ACQUISITION OF SECURITY BANCORP, INC. APPROVED BY SHAREHOLDERS

 FIRST OF AMERICA BANK CORPORATION'S ACQUISITION
 OF SECURITY BANCORP, INC. APPROVED BY SHAREHOLDERS
 KALAMAZOO, Mich., Feb. 26 /PRNewswire/ -- Daniel R. Smith, chairman and chief executive officer of First of America Bank Corporation (NYSE: FOA), and Andrew R. Brodhun, president and chief executive officer of Security Bancorp, Inc. (NASDAQ-NMS: SECB), announced today that the shareholders of their respective companies have voted to approve First of America's acquisition of Security.
 First of America's special meeting of shareholders was held today at its headquarters in Kalamazoo. Proxies for 28,482,993 First of America common shares were submitted representing 79.2 percent of the 35,961,326 shares outstanding. Of the shares voted, 27,120,819 shares, or 95.2 percent, voted to approve the acquisition.
 At Security Bancorp's special meeting, held Wednesday at its headquarters in Southgate, Mich., shareholders also approved the merger. Proxies for 7,303,854 common shares were submitted representing 68.9 percent of the 10,589,950 Security common shares outstanding. Of the common shares voted, 6,995,664 shares, or 95.8 percent, voted to approve the acquisition. Additionally, proxies for 904,274 preferred shares were submitted representing 71.7 percent of the 1,261,914 preferred shares outstanding. Of the shares voted, 900,086 shares, or 99.5 percent, voted to approve the acquisition.
 Following the vote, Smith stated, "We are pleased our shareholders voted for approval of the merger. With its excellent performance record, Security will be an important addition to our company." Brodhun added, "We are pleased our shareholders recognized both the value of First of America's offer and the future opportunities available as part of the growing First of America franchise."
 First of America announced its intention to acquire Security on Sept. 12, 1991. The acquisition is subject to currently pending regulatory approvals and other conditions, and is expected to be completed by May 1, 1992. The acquisition is anticipated to be accounted for as a pooling of interests, with each common share of Security exchanged tax-free for 1.2857 shares of First of America common stock, and each preferred share of Security exchanged tax-free for 2.9106 shares of First of America common stock, subject to adjustment. The transaction has an indicated value of $40.50 per Security share.
 Security is a well-capitalized and profitable bank holding company with $2.8 billion in assets and 79 banking offices. Its credit card operation with $634 million in receivables is the largest in the state of Michigan.
 "The merger of our two companies," continued Smith, "will greatly benefit our customers, the communities we serve and, of course, our shareholders. Based on the accomplishments of 1991, the potential for core profitability improvements at First of America are strong for 1992 and beyond. The acquisition of Champion Federal Savings and Loan Association at year-end 1991 and the pending acquisition of Security present opportunities for continued market expansion, cost savings and earnings growth."
 First of America Bank Corporation, headquartered in Kalamazoo, is one of the largest bank holding companies in the Midwest with assets of $16.8 billion at Dec. 31. On a pro forma basis, with its pending acquisition of Security Bancorp, Inc., assets would exceed $19 billion. First of America's 26 financial institutions have more than 480 offices in Michigan, Indiana and Illinois that serve over 300 midwestern communities. The banks engage in commercial banking, retail banking and mortgage lending; and provide trust, financial data processing and other financial services to consumers and small to mid-sized businesses. Based on net income, profitability and size of franchise, First of America is ranked among the top 40 banking companies in the United States.
 -0- 2/26/92
 /CONTACT: Thomas W. Lambert, executive vice president, chief financial officer and treasurer, 616-376-7002, or Jennifer D. Cox, financial reporting manager, 616-376-7115, both of First of America Bank Corporation/
 (FOA SECB) CO: First of America Bank Corporation; Security Bancorp, Inc. ST: Michigan IN: FIN SU: TNM


JG -- DE017 -- 2941 02/26/92 16:05 EST
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Date:Feb 26, 1992
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