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FIRST OF MICHIGAN CAPITAL CORPORATION REPORTS EARNINGS INCREASE FOR FIRST QUARTER

 DETROIT, Feb. 1 /PRNewswire/ -- First of Michigan Capital Corporation (MSE: FMG) today announced that consolidated net income for the quarter ended Dec. 31, 1992, was $1,361,005 or $.52 per share compared to $1,144,201 or $.44 per share for the quarter ended Dec. 31, 1991. This represents a 19-percent increase in net income. Consolidated revenues increased 6 percent to $14,997,611 for the 1992 first quarter vs. $14,104,782 for the 1991 first quarter.
 John G. Martin, president and chief executive officer, reported that the increase in both revenues and net income is due primarily to strong growth in the company's equity-related business. Martin said that commissions from market-making activities increased 60 percent and commissions from insurance products were up 40 percent.
 In addition, Martin said that, as previously reported on Jan. 11, 1993, First of Michigan Capital Corporation and Comerica Incorporated (NYSE: CMA) signed a definitive agreement where Comerica Incorporated will acquire all the outstanding common stock of First of Michigan Capital Corporation, in exchange for approximately $45 million in Comerica common stock. Martin said he will continue to lead the management team of First of Michigan, and the company will continue to operate under its own name. Comerica Incorporated is a $27 billion asset bank holding company headquartered in Detroit that operates banks in Michigan, Illinois, Texas, California and Florida. The agreement is subject to regulatory approval and approval of the shareholders of First of Michigan Capital Corporation.
 Martin also said that First of Michigan Corporation continues to be the largest of any Michigan-based broker-dealer in terms of number of employees and registered representatives, offices in Michigan and underwriting - both managed and participations. First of Michigan Corporation is also the strongest Michigan-based broker-dealer with total capital at an all-time high of more than $32.6 million.
 FIRST OF MICHIGAN CAPITAL CORPORATION
 Three Months Ended
 Dec. 31, Dec. 31,
 1992 1991
 Revenues $14,997,611 $14,104,782
 Net income $1,361,005 $1,144,201
 Net income per share $.52 $.44
 Average shares outstanding 2,622,825 2,591,640
 -0- 2/1/93
 /CONTACT: Suzanne Rabideau, 313-954-1901, for First of Michigan Capital Corporation/
 (FMG CMA)


CO: First of Michigan Capital Corporation; Comerica Incorporated ST: Michigan IN: FIN SU: ERN

SB -- DE008 -- 1227 02/01/93 09:54 EST
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Publication:PR Newswire
Date:Feb 1, 1993
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