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FIRST OF AMERICA TO BUY 14 ILLINOIS BRANCHES OF CITIZENS FEDERAL BANK

 SPRINGFIELD, Ill., April 22 /PRNewswire/ -- First of America Bank Cral Savings Bank headquartered in Miami, to purchase 14 branch offices operating as American Savings Division of Citizens Federal in Illinois.
 The offices to be purchased are located in the central and southern Illinois communities of Arthur, Albion, Champaign, Danville, Hillsboro, Jacksonville, Mount Vernon, Du Quoin, Sumner and Springfield and will enhance and expand the market areas for First of America banks in Springfield and Champaign. Total core deposits of the branches to be purchased were approximately $475 million as of March 31, 1993. The terms of the sale are cash based on an average of 4 percent of core deposits on the date of closing.
 Daniel R. Smith, chairman and chief executive officer of First of America Bank Corporation, made the announcement and expects the sale to be completed yet this year.
 "With 114 offices, First of America has more branches than any other financial institution in Illinois. The addition of the American Savings' 14 branch offices will serve to expand First of America's presence in Illinois," said Smith in making the announcement.
 "Important to the American Savings' customers will be the availability of First of America's statewide banking network," Smith added. "Their customers will have a wider array of financial services available to help them meet their financial goals."
 First of America Bank Corporation, headquartered in Kalamazoo, Mich., is one of the largest bank holding companies in the Midwest with assets of over $20 billion. First of America has 555 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 35 banking companies in the United States.
 -0- 4/22/93
 /CONTACT: Thomas W. Lambert, executive vice president, chief financial officer and treasurer, 616-376-7002, or Tony Thompson, public relations manager, 616-376-7266, both of First of America Bank Corporation/
 (FOA)


CO: First of America Bank Corporation; Citizens Federal Bank ST: Michigan, Illinois, Florida IN: FIN SU: TNM

SB-SM -- DE023 -- 9424 04/22/93 12:04 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
Words:366
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