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MID AM, INC. ANNOUNCES PRELIMINARY MERGER AGREEMENT WITH ULTRA BANCORP

MID AM, INC. ANNOUNCES PRELIMINARY MERGER AGREEMENT WITH ULTRA BANCORP
 BOWLING GREEN, Ohio, Feb. 28 /PRNewswire/ -- The boards of directors of Mid Am, Inc. (NASDAQ: MIAM), Bowling Green, Ohio, and Ultra Bancorp, Xenia, Ohio, today announced they have entered into a preliminary agreement in which Ultra will be merged into a newly formed subisidary of Mid Am, Inc., a financial services holding company. Ultra is a thrift holding company, which owns Home Federal Savings Bank, a federally chartered savings bank.
 "Mid Am will be entering new but adjacent markets through the association with Home Federal," commented Edward J. Reiter, chairman and chief executive officer. "We will have 10 additional offices in eight new communities -- Xenia, Dayton, Kettering, Beavercreek, Cedarville, Monroe, Springboro, and Montgomery. Both institutions are committed to Home Federal's continued role as a community financial organization."
 James E. Laughlin, chairman of the board of Ultra Bancorp, added, "Our merge with Mid Am, Inc. will provide Home Federal with numerous economies of scale and opportunities for product diversification such as the introduction of international and trust services. We will be a stronger competitor within our market area, continuing to deliver a level and quality of financial services associated with a growing and successful partner."
 Under the terms of the preliminary agreement, Ultra shareholders will receive $18 per share of Ultra common stock, payable in Mid Am, Inc. shares. The transaction is valued at $10.86 million (on a fully diluted basis). The agreement further provides for the appointment of a representative of Ultra on the board of directors of Mid Am, Inc. Both Reiter and Laughlin emphasized that Home Federal would maintain its present board of directors, management and staff.
 Ultra had assets of $202 million at Dec. 31, 1991, and Mid Am, Inc. had total assets of $1.2 billion at the same date. Upon consummation, Mid Am, Inc. will have assets in excess of $1.4 billion, and 66 banking locations in 17 counties throughout western Ohio.
 The transaction is subject to the execution of a definitive agreement and the approval of Ultra's shareholders and the appropriate regulatory authorities. It is anticipated the transaction will be completed in the second half of 1992.
 -0- 2/28/92
 /CONTACT: David R. Francisco, president and CEO of Mid Am, Inc., 419-352-5271, or James E. Laughlin, chairman of the board of Ultra Bancorp, 513-372-6933/ CO: Mid Am, Inc.; Ultra Bancorp ST: Ohio IN: FIN SU: TNM


SM -- CL001 -- 3592 02/28/92 09:01 EST
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Publication:PR Newswire
Date:Feb 28, 1992
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