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Mid Am, Inc. Announces Sale Of Seven Branch Offices To Star Bank

BOWLING GREEN, Ohio, Nov. 22 /PRNewswire/ -- Mid Am, Inc. (Nasdaq: MIAM, MIAMP) announced today that it has reached a definitive agreement with Star Bank, N.A., Cincinnati, Ohio, to sell to Star Bank seven branch offices of AmeriFirst Bank, N.A., situated in southwestern Ohio.

Under the terms of the agreement, Star Bank will acquire the branch facilities and all deposit liabilities associated with seven AmeriFirst banking centers outside of its core banking market. The seven branches include three Cincinnati locations, 3521 Erie Avenue in the community of Hyde Park; 2298 Losantiville Road in the community of Golf Manor; and 2458 Harrison Avenue in the community of Westwood. The four other locations are 620 Columbus Avenue in Lebanon, Ohio; Route 63 and Main Street in Monroe, Ohio; 9468 Montgomery Road in Montgomery, Ohio; and 1191 East Stroop Road in Kettering, Ohio.

"The sale of the banking centers is consistent with AmeriFirst Bank's strategic effort to refocus its resources on its core Greene County market area," stated Donald P. Southwick, President and CEO of AmeriFirst Bank. Following the completion of the transaction, AmeriFirst will maintain six banking centers in Greene County and one in Warren County. "We believe that this transaction represents a very positive repositioning move for the bank," continued Mr. Southwick.

Mid Am expects that approximately $100 million of deposit liabilities will be assumed by Star Bank. AmeriFirst will retain substantially all loans associated with the branches. As a result of the transaction, the Company anticipates that, upon closing, it will recognize a gain of approximately $8.5 million, subject to the appraisals of the branch facilities and the actual level of deposit liabilities as of the closing date.

The transaction is expected to close early in the first quarter of 1997, and is subject to certain conditions and regulatory approvals.

Mid Am, Inc. is a $2.2 billion financial services holding company, headquartered in Bowling Green, Ohio. Affiliates include Mid American National Bank & Trust Company, Toledo; First National Bank Northwest Ohio, Bryan; American Community Bank, N.A., Lima; AmeriFirst Bank, N.A., Xenia; Adrian State Bank, Adrian, Michigan; Mid Am Recovery Services, Inc., Clearwater, Florida; MFI Investments Corp, Bryan, Ohio; Mid Am Credit Corp, Columbus; and Mid Am Information Services, Inc., Bowling Green, the Company's technology and operations affiliate.

SOURCE Mid Am, Inc.
 -0- 11/22/96

/CONTACT: David R. Francisco, President & COO, 419-327-6305; or Marci L. Klumb, V.P.-Associate General Counsel, 419-327-6311, both of Mid Am, Inc.; or Donald P. Southwick, President & CEO, of AmeriFirst Bank, N.A., 513-372-6933/


CO: Mid Am, Inc.; Star Bank, N.A. ST: Ohio IN: FIN SU: TNM

TC-BG -- CLF008 -- 5707 11/22/96 09:02 EST
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Publication:PR Newswire
Date:Nov 22, 1996
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