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FIRSTFED MICHIGAN SUBSIDIARY TO REDEEM CONVERTIBLE ISSUE

 DETROIT, Feb. 3 /PRNewswire/ -- FirstFed Michigan Corporation (NASDAQ-NMS: FFOM), the holding company of First Federal of Michigan, today reported that its thrift subsidiary has elected to redeem on March 31, 1993, all $23,709,000 in outstanding 9 percent convertible subordinated debentures, due July 23, 2001, at a price of 100 percent of the principal amount, plus accrued interest.
 FirstFed said holders have the right at any time prior to the close of business on March 29, 1993, to convert all or a portion of the debentures into FirstFed Michigan Corporation common stock at the conversion price of $19.83 per share.
 The corporation's First Federal of Michigan subsidiary is a Detroit- based savings and loan association with 71 offices in the Lower Peninsula of Michigan. First Federal's Bay Savings Bank, FSB subsidiary, based in Newport News, Va., operates eight offices in Virginia, and its Omni Savings Bank, FSB subsidiary has three offices in Columbia, S.C.
 -0- 2/3/93
 /CONTACT: Ellen L. Batkie, manager, investor relations, FirstFed Michigan Corporation, 313-965-1400/
 (FFOM)


CO: FirstFed Michigan Corporation; First Federal of Michigan ST: Michigan IN: FIN SU:

JG-KR -- DE029 -- 2569 02/03/93 16:22 EST
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Publication:PR Newswire
Date:Feb 3, 1993
Words:195
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