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FIRST OF AMERICA SIGNS STOCK PURCHASE AGREEMENT TO SELL FIRST OF AMERICA BANK-MONROE

 FIRST OF AMERICA SIGNS STOCK PURCHASE AGREEMENT
 TO SELL FIRST OF AMERICA BANK-MONROE
 KALAMAZOO, Mich., April 24 /PRNewswire/ -- First of America Bank Corporation (NYSE: FOA) has signed a stock purchase agreement to sell its bank in the Monroe, Mich., banking market to Society Corporation (NASDAQ-NMS: SOCI) of Cleveland. Richard D. Klein, vice-chairman- corporate development, made the


announcement today.
 First of America agreed to divest First of America Bank-Monroe as a condition of the Federal Reserve Board's March 12 approval of its Security Bancorp, Inc. (NASDAQ-NMS: SECB) acquisition. Although First of America is divesting its Monroe bank, it will maintain the Security bank offices currently operating in that market.
 According to Klein, "While seeking an acquiror, First of America sought a company that could become a significant competitor following the acquisition and one that would maintain a commitment to the growth and vitality of Monroe. We feel Society meets those requirements."
 Pending regulatory approval of the sale, the 10 branches of First of America Bank-Monroe will become part of Ann Arbor-based Society Bank, Michigan.
 "We expect an orderly transition to Society to occur," Klein explained. "As for First of America Bank-Monroe customers, we can assure them that during this transition, quality service levels will be maintained and FDIC insurance on customer's accounts will continue."
 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 25 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- 4/24/92
 /CONTACT: Richard D. Klein, Vice Chairman-Corporate Development, 616-376-7001, or Martha A. Melone, Public Relations Specialist, 616-376-7287, both of First of America/
 (FOA SOCI) CO: First of America Bank Corporation; Society Corporation ST: Michigan, Ohio IN: FIN SU:


ML -- DE008 -- 2296 04/24/92 09:02 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
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