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MID AM, INC. HOLDS ANNUAL SHAREHOLDERS' MEETING

 MID AM, INC. HOLDS ANNUAL SHAREHOLDERS' MEETING
 BOWLING GREEN, Ohio, April 13 /PRNewswire/ -- With a quorum of more than 90 percent, shareholders of Mid Am, Inc. (NASDAQ: MIAM) overwhelmingly approved the reelection of five directors and approved revising the corporation's by-laws. Directors approved to serve additional three-year terms were Gerald D. Aller, Charles G. Hilbert, Walter L. Lamb, Thomas S. Noneman, and Robert E. Stearns.
 Following a luncheon served to more than 800 shareholders and their guests, a video presentation reviewed the 1991 operating results and prospects for 1992.
 Asset quality showed substantial improvement. At year-end, non-performing loans to total loans were down to .88 percent from 1.59 percent at the end of 1991. Loan loss reserves increased 32 percent to $11.23 million at Dec. 31, 1991, representing 154 percent of non-performing loans.
 Though earnings records were set in three out of four quarters in 1991, net income ended the year totaling $5.4 million, well below the company's expectations. "Loan losses experienced by our lead bank in the third quarter impacted our earnings performance," stated Edward J. Reiter, chairman and chief executive officer.
 Both Reiter and David R. Francisco, president and chief operating officer, emphasized that dealing with the challenges of 1991 created opportunities for change. "We scrutinized policies and procedures, enhancing them where necessary throughout our affiliates. We also thoroughly evaluated the strengths of our management and staff, restructuring or adding expertise where necessary," stated Francisco.
 "The results of our efforts are apparent. Asset quality has improved, loan loss reserves have been increased, and fourth quarter earnings records were set," added Reiter.
 Mid Am has again announced increased earnings in the first quarter of 1992 with a net income of $3.243 million, up 24.8 percent from the $2.597 million earned during the same period of 1991. Earnings per share totaled $.54, up 22.7 percent from the $.44 earned in the first quarter of 1991.
 "Our performance in the past two quarters indicates that our difficulties are behind us and we are positioned for future growth," emphasized Reiter.
 In 1992, Mid Am will be completing the acquisition of four offices of Society Bank & Trust located in Napoleon, Montpelier, and Liberty Center, merging them into its affiliate in Bryan, Ohio, First National Bank Northwest Ohio. The company also recently announced that a preliminary agreement has been reached with Ultra Bancorp, parent company of Home Federal Savings Bank in Xenia, Ohio, adding ten additional offices in eight new but adjacent markets.
 Mid Am, Inc. is a financial services holding company with assets totaling $1.2 billion which owns Mid American National Bank & Trust Company, Bowling Green, Ohio; First National Bank Northwest Ohio, Bryan; The Farmers Banking Company, N.A., Lakeview; The Citizens Loan & Building Company, Lima; and Mid Am Information Services, Inc., the company's data processing affiliate. Mid Am, Inc. has 52 banking centers located in 12 counties in Northwest and West Central Ohio.
 In addition to the reelected directors, individuals serving in the Mid Am, Inc. board include James F. Bostdorff, David A. Bryan, Wayne E. Carlin, Charles W. Daley, David R. Francisco, Harry W. Kessler, Marilyn O. McAlear, Blair D. Miller, William S. Pepple, Edward J. Reiter, Emerson J. Ross, Jerry L. Staley, and Donald D. Thomas.
 -0- 4/13/92
 /CONTACT: Cindy Rossman of Mid Am, Inc., 419-352-5271.
 (MIAM) CO: Mid Am, Inc. ST: Ohio IN: FIN SU:


LC -- CL006 -- 7613 04/13/92 09:34 EDT
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Publication:PR Newswire
Date:Apr 13, 1992
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