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FIRST OF AMERICA CALLS FOR REDEMPTION OF SERIES F 9-PERCENT CONVERTIBLE PREFERRED STOCK

 KALAMAZOO, Mich., Oct. 20 /PRNewswire/ -- The board of directors of First of America Bank Corporation (NYSE: FOA) today called for redemption of all the company's outstanding Series F 9-percent Convertible Preferred Stock.
 The redemption date for the series is Dec. 31, 1993. Holders of Series F 9-percent Convertible Preferred Stock must submit a notice to convert their shares into First of America Common Stock so that it is received by noon (Eastern Time) Dec. 24, 1993. Otherwise the holders will receive the designated redemption price of $190 per share of Series F. Holders of Series F that choose to convert to First of America Common Stock will receive six shares of First of America Common Stock for each Series F share. If the closing price for First of America Common Stock on the New York Stock Exchange at the time of conversion is greater than $31.67, holders of Series F that choose to convert would receive First of America Common Stock with a greater market value than the $190 receivable upon redemption.
 First of America will mail to all holders of Series F 9-percent 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 exceeding $21 billion. First of America has 574 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- 10/20/93
 /CONTACT: Samuel G. Stone, senior vice president and treasurer, 616-376-7008, 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 Corporation ST: Michigan IN: FIN SU:

ML -- DE023 -- 4637 10/20/93 13:40 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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