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FIRST OF AMERICA RECEIVES RATINGS ON $250 MILLION SHELF REGISTRATION

 FIRST OF AMERICA RECEIVES RATINGS ON $250 MILLION SHELF REGISTRATION
 KALAMAZOO, Mich., Dec. 23 /PRNewswire/ -- First of America Bank Corporation (NYSE: FOA) announced today it had received ratings on its $250 million shelf registration. Citing First of America's above- average asset quality, stable low-cost deposit base and strong earnings, Moody's, Standard & Poor's and Thomson BankWatch issued the following ratings:
 Senior Debt Subordinated Debt Preferred Stock
 Moody's A3 Baa1 a3
 Standard & Poor's A- BBB+ BBB
 Thomson BankWatch A+ A+ Not Rated
 Daniel R. Smith, chairman and chief executive officer of First of America, stated, "In 1992, the company plans to issue $150 million in subordinated notes. This is the first time First of America will issue debt in the public market. Obtaining the credit ratings facilitates this process."
 Three First of America affiliates, First of America Bank - Michigan (Kalamazoo), First of America Bank - Southeast Michigan (Detroit) and First of America Bank - Mid Michigan (Bay City) also received ratings on their certificates of deposits and letters of credit. Moody's rated the banks A1 (long term) and P1 (short term) while Thomson BankWatch rated the banks TBW-1 and Standard & Poor's gave them an A (long term) and A-1 (short term) rating.
 First of America Bank Corporation, headquartered in Kalamazoo, is one of the largest bank holding companies in the Midwest with assets of $14.4 billion at Sept. 30. On a pro forma basis, including its pending acquisitions of Champion Federal Savings and Loan Association, headquartered in Bloomington, Ill., and Security Bancorp, Inc., headquartered in Southgate, Mich., assets would exceed $19 billion. For the past three years, U.S. Banker magazine has ranked First of America's overall performance among the top 10 as compared with the 100 largest U.S. bank holding companies and second for its risk performance. The 25 banks of First of America currently serve 300 communities in Michigan, Indiana and Illinois through 460 offices. They 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.
 -0- 12/23/91
 /CONTACT: Thomas W. Lambert, 616-376-7002, John Miner, 616-376-7112, or Martha Melone, 616-376-7287, all of First of America Bank Corporation/
 (FOA) CO: First of America Bank Corporation ST: Michigan IN: FIN SU: RTG


JG-KK -- DE014 -- 4898 12/23/91 14:47 EST
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Publication:PR Newswire
Date:Dec 23, 1991
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