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FIRST OF AMERICA BANK CORPORATION ISSUES $150 MILLION IN SUBORDINATED NOTES

 FIRST OF AMERICA BANK CORPORATION ISSUES $150 MILLION
 IN SUBORDINATED NOTES
 KALAMAZOO, Mich., Jan. 23 /PRNewswire/ -- First of America Bank Corporation (NYSE: FOA) has completed a public offering of $150 million in 12-year subordinated notes under a shelf registration filed earlier this year with the Securities and Exchange Commission. Daniel R. Smith, chairman and chief executive officer of First of America, made the announcement today on behalf of the corporation.
 The 12-year, non-redeemable subordinated notes bear a fixed annual interest rate of 8.5 percent and qualify as Tier 2 capital under the Federal Reserve Board's Capital Guidelines. The net proceeds will be used to discharge indebtedness incurred to fund First of America's acquisition of Champion Federal Savings and Loan Association completed on Dec. 31, 1991, and for other general corporate purposes.
 The subordinated debt offering is co-managed by Merrill Lynch & Co. and Goldman Sachs & Co. with Keefe, Bruyette & Woods, Inc., Kemper Securities Group, Inc. and Lehman Brothers also acting as underwriters. Closing on the notes is scheduled for Jan. 29, 1992.
 First of America Bank Corporation, headquartered in Kalamazoo, has 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 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- 1/23/92
 /CONTACT: Thomas W. Lambert, executive vice president, treasurer and chief financial officer, 616-376-7002, or John H. Miner, assistant treasurer, 616-376-7112, both of First of America Bank Corporation/
 (FOA) CO: First of America Bank Corporation ST: Michigan IN: FIN SU: OFR


SB -- DE009 -- 2803 01/23/92 12:24 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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