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FIRST OF MICHIGAN NAMES IAN BUND SENIOR VICE PRESIDENT

 DETROIT, March 9 /PRNewswire/ -- John G. Martin, president and chief executive officer of First of Michigan Corporation, today announced the appointment of Ian Bund, a nationally known investment and corporate finance adviser, as senior vice president and director of corporate finance.
 First of Michigan Corporation is the largest Michigan-based investment banking and brokerage firm with 33 offices throughout the state, an office in New York and headquarters in Detroit's Renaissance Center.
 Bund joins First of Michigan with a long history of national and regional experience in corporate finance and corporate advisory work. He is well known for his contribution to the development of venture capital as a professional discipline in Michigan, and in the mid-80s, he formed two funds with committed capital of more than $100 million.
 Prior to becoming active in venture capital, Bund was associated with Morgan Stanley, a New York-based investment bank, and Price Waterhouse, an international accounting firm. In recent years, his management company, White Pines Corporation, has pursued a successful strategy of purchasing companies in partnership with their management teams.
 "FoM and Bund have had a close working relationship for the last 10 years," said Martin
 FoM's corporate finance department handles public stock offerings, private placement stock sales, mergers and acquisitions, and general financial advisory work for corporate clients.
 "Ian's experience in a wide range of financing exercises and the quality of his advisory work is well regarded," Martin said. "His addition to FoM is indicative of the firm's commitment to corporate finance."
 "It is our goal to provide emerging area companies with a full array of services and solutions," Martin added. "Ian's initial charter will be to serve our extensive client base, continue to expand our corporate finance capability and work closely with other departments within FoM."
 Bund, 49, lives in Ann Arbor. He has served on the boards of directors of many growth companies.
 IAN R.N. BUND
 Ian Bund, 49, was born in Sydney, Australia. He received a bachelor of economics degree from the University of Sydney (1964 - majors: economics, accounting) and an MBA from Harvard University (1968). His thesis, "Strategic Planning in the Investment Banking Industry," was privately published in 1969.
 Prior to coming to the U.S. in 1966, he worked in audit, tax and business advisory activities for Price Waterhouse & Co., Sydney, for four years and qualified as a chartered accountant in 1966. He was an associate of Morgan Stanley & Company (summer 1967 and 1968-69) before becoming a vice president of Research and Science Investors, Inc. (a New York-based venture capital firm) from 1969-71. He co-founded a pioneer venture capital firm in Australia, Carrick Investments in 1970. Following service as president of Sea Life, Inc. in Hawaii (1971-74), he joined Doan Associates and its wholly owned SBIC, Doan Resource Limited Partnership in 1976 and became its general partner in 1978. He formed the Michigan Investment Fund L.P. in 1983 with capital of $31.0 million and in 1985 jointly founded MBW Venture Partners Limited Partnership with capital of $73.0 million. Bund's investment experience includes biotechnology, health care and computer industry startups, and management and leveraged buyout and turnaround transactions. Bund's experience in venture capital investing and managing independent companies spans 24 years.
 In 1991, his management company, White Pines Corporation ("WPC") began pursuing a strategy of purchasing companies in partnership with their management teams. In April 1991, WPC and Ronald G. Kalish (president and CEO of UCB) led the acquisition of UCB Services, Inc., a leading national provider of mortgage credit reports to lenders and mortgage companies. Bund serves as chairman of UCB.
 Bund serves as chairman of the board of directors of BORIS Systems Inc. (supplier of computer systems and services to the real estate community). He was formerly a director of RWC, Inc. (designer and manufacturer of automation systems), Quantum Composites, Inc. (manufacturer of structural composites), LifeScan, Inc. (home monitoring of blood sugar levels for diabetics), Sequoia Turner Corporation (hematology instruments), Promega Corporation (restriction enzyme manufacturer), SensorMedics Corporation (participating in the Ventilator, Pulmonary function and Respiratory therapy (VPR) market).
 He was a governor of the National Association of Small Business Investment Companies from 1983-87. He has been a director of the Harvard Business School Club of Detroit since 1986. He founded the Michigan Venture Capital Forum in 1982. He authored "Review of Midwestern Regional Economic Development: A Remarkable Resurgence" in 1982 and is a frequent speaker on topics including regional economic development, venture capital, entrepreneurial businesses, turnarounds and leadership. He is involved in various civic organizations and was a trustee of Greenhills School in Ann Arbor, from 1986-90. He was chairman of the Advisory Committee, Research Centers, Michigan Economic Development Authority (since 1985, the Michigan Strategic Fund) during 1983-84. He was president of the Midland, Mich., Rotary Club 1984-85 and served on the board of that club for five years.
 He married Sally Linvill in 1969; they are the parents of two boys ages 19 and 16 and live in Ann Arbor.
 -0- 3/9/93
 /NOTE: Head-and-shoulder photos of Bund are available at First of Michigan headquarters for pick-up or overnight delivery. He will be available for interview Thursday afternoon, March 11, and Friday morning, March 12, at First of Michigan headquarters, Tower 100, 26th floor, Renaissance Center.
 CONTACT: Suzanne Rabideau, 313-259-2600, Ext. 427, or 313-954-1901, for First of Michigan Corporation/


CO: First of Michigan Corporation ST: Michigan IN: FIN SU: PER

DH-JG -- DE012 -- 4518 03/09/93 12:15 EST
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