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FORTUNE BANCORP, AMSOUTH BANCORPORATION REPORT FURTHER INFORMATION IN CONNECTION WITH PREVIOUSLY ANNOUNCED MERGER AGREEMENT

 CLEARWATER, Fla., and BIRMINGHAM, Ala., Sept. 16 /PRNewswire/ -- In connection with their previously announced merger agreement, AmSouth Bancorporation (NYSE: ASO) and Fortune Bancorp, Inc., have further explained the treatment of the Fortune Convertible Preferred Stock.
 Subject to a two-thirds vote of the holders of the shares of the Preferred Stock, each such share would be entitled to receive the consideration that a holder of 1.333 shares of Fortune common stock would receive. The terms of the merger agreement are more fully described in AmSouth's and Fortune's press release issued Sept. 13.
 Fortune common and preferred shareholders may make an election (subject to limitations in the merger agreement) to receive either cash or AmSouth common stock based on a formula which takes into consideration AmSouth's stock price during a future pricing period. Under the terms of the proposed transaction, a favorable vote of the preferred shareholders is a condition to consummation of the merger.
 -0- 9/16/93
 /CONTACT: John R. Torell III of Fortune Bancorp, 212-286-9000, or Harvey E. Campbell of AmSouth Bancorporation, 205-326-5316/
 (ASO)


CO: AmSouth Bancorporation; Fortune Bancorp, Inc. ST: Alabama, Florida IN: FIN SU: TNM

BR -- AT001 -- 2586 09/16/93 09:55 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
Words:198
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