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FIRST OF AMERICA BANK CORPORATION REVIEWS 1991 AND FIRST-QUARTER 1992 RESULTS AT 1992 ANNUAL MEETING

 FIRST OF AMERICA BANK CORPORATION
 REVIEWS 1991 AND FIRST-QUARTER 1992 RESULTS AT 1992 ANNUAL MEETING
 KALAMAZOO, Mich., April 15 /PRNewswire/ -- The Annual Meeting of Shareholders of First of America Bank Corporation (NYSE: FOA) was held this morning at the Fetzer Business Development Center on the campus of Western Michigan University, Kalamazoo. Daniel R. Smith, chairman and chief executive officer, presided over the meeting.
 At the meeting, shareholders elected four directors and approved ratification of KMPG Peat Marwick as the company's independent auditors for 1992.
 Smith welcomed shareholders and discussed his recent trip to Czechoslovakia under the auspices of the U.S. Treasury Department. During his trip, Smith met with a group of East Central European bankers to discuss the privatization of their banks.
 In his remarks to shareholders, Richard F. Chormann, president and chief operating officer, highlighted First of America's commitment to quality service. "Our emphasis on service," he explained, "is reinforced through quality service training programs for all employees. We have also made significant investments in sales training and incentive programs to assist our customer service representatives in cross-selling our increasing range of product options and to meet our customers' needs."
 In reviewing the results from 1991 operations, Chormann said, "Our focus for 1991 was to lay the foundation for future achievements -- that task was accomplished. We expanded our franchise through acquisitions, maintained our leadership role in asset quality and through the integration of our operating systems, established a base for additional efficiencies in succeeding years."
 Highlighting the first quarter's strong performance, Chormann stated, "Our return on average assets was 0.96 percent for the quarter and our return on total equity was 14.61 percent, strong improvements from the 0.84 percent and 11.52 percent reported for those ratios last year. Per-share results were also up. The $0.95 per share earned this quarter was 36 percent higher than last year's $0.70. These results were anticipated as 1992 core earnings -- earnings before the one-time charges associated with the Security Bancorp, Inc. merger -- were expected to be stronger than last year's."
 In concluding his remarks, Chormann indicated that the Security merger, which will add $2.8 billion in assets to First of America, should be completed by May 1. "This acquisition," said Chormann, "ensures that First of America is well positioned for future growth and profitability with an extensive franchise, an attractive array of financial products to meet customers' needs and the flexibility to respond to changing customer demands. We are ready for the challenges the future holds." The meeting concluded with questions from the audience.
 First of America Bank Corporation, headquartered in Kalamazoo, is one of the largest bank holding companies in the Midwest with assets of $16.7 billion at March 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 487 offices in Michigan, Indiana and Illinois that serve over 300 Midwestern 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 40 banking companies in the United States.
 -0- 4/15/92
 /CONTACT: Thomas W. Lambert, First of America executive vice president, chief financial officer and treasurer, 616-376-7002, or Martha A. Melone, public relations specialist, 616-376-7287/
 (FOA) CO: First of America Corporation ST: Michigan IN: FIN SU:


SB -- DE014 -- 8588 04/15/92 10:29 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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