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MAGNA GROUP ENTERS DEFINITIVE AGREEMENT FOR ACQUISITION

 ST. LOUIS, May 5 /PRNewswire/ -- Magna Group, Inc. (NASDAQ: MAGI) and Mega Bancshares, Inc. today jointly announced that they have entered into a definitive agreement for the acquisition of Mega by Magna. Mega, a bank holding company with $160 million in assets and stockholders' equity of $7.7 million at March 31, 1993, owns three banks with five locations in Chesterfield, North County, South County, St. Ann and St. Charles, Missouri.
 The agreement provides for the issuance of Magna common stock equal to 125 percent of the book value of Mega as of a date prior to the closing. The acquisition is expected to be completed prior to year-end 1993, and it is subject to, among other things, regulatory approval and the vote of the Mega stockholders.
 "This acquisition represents an opportunity to acquire locations which complement Magna's current community bank network in St. Charles, North and South St. Louis County and will expand our West County presence," said William S. Badgley, chairman of the board and chief executive officer of Magna Group, Inc.
 "Mega banks are locally owned and managed, and we pride ourselves on providing a personalized service to our customers," said Jerry S. Von Rohr, chairman of the board and chief executive officer of Mega Bancshares, Inc. "The fit with Magna is a natural."
 Magna Group, Inc. is the third largest St. Louis-based bank holding company with $3.6 billion in assets and 85 community banking locations throughout Missouri and Illinois, with 61 locations and $2.7 billion in assets within the St. Louis metropolitan area.
 -0- 05/05/93
 /CONTACT: Gary Hemmer of Magna Group, Inc., 314-963-3016, or 314-963-2500/
 (MAGI)


CO: Magna Group, Inc.; Mega Bancshares, Inc. ST: Missouri IN: FIN SU: TNM

AH -- NY057 -- 5008 05/05/93 15:51 EDT
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Publication:PR Newswire
Date:May 5, 1993
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