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FIRST OF AMERICA MORTGAGE COMPANY ACQUIRES FIVE PIONEER MORTGAGE COMPANY OFFICES

 KALAMAZOO, Mich., Aug. 16 /PRNewswire/ -- First of America Mortgage Company has acquired Pioneer Mortgage Company, a division of Pioneer Savings Bank. The five offices of Pioneer Mortgage are located in Raleigh, Jacksonville, New Bern, Rocky Mount and Wilmington, N.C. The name of the five offices will be changed to First of America Mortgage Company effective today.
 Pioneer Mortgage Company was formed in 1988 and is a mortgage banking operation focusing on residential lending and specializes in government insured loan programs.
 "We are extremely pleased to have Pioneer Mortgage Company join our growing mortgage operations," said David L. Stimpson, president, First of America Mortgage Company, a subsidiary of First of America Bank Corporation (NYSE: FOA). "With their expanded market presence we are poised for future growth in our product mix and geographic areas."
 First of America Bank Corporation, headquartered in Kalamazoo, is one of the largest bank holding companies in the Midwest with over $20 billion in assets. First of America has 561 offices in Michigan, Indiana and Illinois that serve over 300 Midwestern communities. First of America Mortgage Company is a multi-state mortgage banking subsidiary with retail offices in Arizona, Florida, Illinois, Missouri and now North Carolina and currently services 120,000 accounts totaling approximately $6 billion in mortgage loans. 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- 8/16/93
 /CONTACT: Tony Thompson, public and media relations manager, First of America Bank Corporation, 616-376-7266/
 (FOA)


CO: First of America Mortgage Company; Pioneer Mortgage Company ST: Michigan, North Carolina IN: FIN SU: TNM

JG -- DE011 -- 2979 08/16/93 10:22 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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