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FIRST OF AMERICA CALLS FOR REDEMPTION OF SERIES E, G, AND H CONVERTIBLE PREFERRED STOCK

 FIRST OF AMERICA CALLS FOR REDEMPTION
 OF SERIES E, G, AND H CONVERTIBLE PREFERRED STOCK
 KALAMAZOO, Mich., Aug. 20 /PRNewswire/ -- The board of directors of First of America Bank Corporation (NYSE: FOA) today called for redemption all of the company's outstanding Series E 10-percent Convertible Preferred Stock, Series G 9-percent Convertible Preferred Stock and Series H 9-percent Convertible Preferred Stock.
 The redemption date for all three series is Oct. 9, 1992. Holders of Series E, G and H Preferred Stock that do not submit a notice to convert their shares into First of America Common Stock so that it is received by 5 p.m. (Eastern Daylight Saving Time) Oct. 2, 1992, will receive the designated redemption price for each series.
 Series E 10-percent Convertible Preferred Stock -- Holders of Series E that choose to convert to First of America Common Stock will receive 0.667 share of Common Stock for each Series E share. If the closing price for First of America's Common Stock on the New York Stock Exchange at the time of conversion is greater than $28.50, holders of Series E that choose to convert would receive Common Stock with a greater market value than the $19 receivable upon redemption.
 Series G 9-percent Convertible Preferred Stock -- Holders of Series G that choose to convert to First of America Common Stock will receive 1.5 shares of Common Stock for each Series G share. If the closing price of First of America's Common Stock on the New York Stock Exchange at the time of conversion is greater than $30, holders of Series G that choose to convert would receive Common Stock with a greater market value than the $45 receivable upon redemption.
 Series H 9-percent Convertible Preferred Stock -- Holders of Series H that choose to convert to First of America Common Stock will receive 6.333 shares of Common Stock for each Series H share. If the closing price of First of America's Common Stock on the New York Stock Exchange at the time of conversion is greater than $30, holders of Series H that choose to convert would receive Common Stock with a greater market value than the $190 receivable upon redemption.
 First of America will mail to all holders of Series E, G and H Convertible Preferred Stock a notice of redemption and the documents necessary to facilitate conversion of their preferred shares into First of America Common Stock, including instructions for surrendering certificates.
 First of America Bank Corporation, headquartered in Kalamazoo, is one of the largest bank holding companies in the Midwest with assets, at June 30, exceeding $19 billion. First of America has 566 offices located throughout 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- 8/20/92
 /CONTACT: Thomas W. Lambert, executive vice president, chief financial officer and treasurer, 616-376-7002, John H. Miner, assistant treasurer, 616-376-7112, or Jennifer D. Cox, financial reporting manager, 616-376-7115, all of First of America/
 (FOA) CO: First of America Bank Corporation ST: Michigan IN: FIN SU:


ML -- DE004 -- 1580 08/20/92 08:42 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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