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NBD BANCORP COMPLETES GAINER CORPORATION ACQUISITION

 NBD BANCORP COMPLETES GAINER CORPORATION ACQUISITION
 DETROIT, Jan. 23 /PRNewswire/ -- NBD Bancorp (NYSE: NBD) announced


the completion of its acquisition of Gainer Corporation of Merrillville, Ind., effective today.
 The acquisition of Gainer adds $1.5 billion in assets and 40 banking offices to NBD's presence in Indiana. With assets of $31 billion, NBD is one of the nation's largest bank holding companies. NBD now operates 457 domestic and seven foreign offices through 25 subsidiary banks in Michigan, Illinois, Ohio, Indiana and Florida.
 An agreement in principle was announced on June 27, 1991; a definitive agreement was reached on July 25, 1991. The final exchange ratio was 9.9360, based on the average price of NBD stock during the Jan. 10 through Jan. 16, 1992, pricing period. Fractional shares were calculated based on NBD's closing stock price of $29.375 on Jan. 22, 1992. At the time of closing, there were 576,567 shares of Gainer stock outstanding.
 At the time of the agreement in principle, NBD's Board of Directors authorized the repurchase of up to 2,625,000 shares of its common stock in the open market, through private transactions, or as otherwise appropriate under applicable laws to effect the acquisition. On Dec. 16, 1991, the Board authorized the repurchase of an additional 3,195,000 for the same purpose. The total number of shares authorized for repurchase in connection with the Gainer acquisition is 5,820,000.
 All data presented were adjusted for the three-for-two stock split by NBD on Jan. 6, 1992.
 Still pending regulatory and shareholder approval is NBD's proposed acquisition of Summcorp, a $2.6 billion asset bank holding company headquartered in Fort Wayne, Ind.
 -0- 1/23/92
 /NOTE: ILLINOIS EDITORS -- NBD Bancorp is the parent company of 20 Metropolitan Chicago Banks with total assets of $5 billion. OHIO EDITORS -- NBD Bancorp is the parent company of NBD Bank with 21 branches in Columbus and Dayton, Ohio. INDIANA EDITORS -- NBD Bancorp is the parent company of Midwest Commerce Banking Company of Elkhart, Ind. FLORIDA EDITORS -- NBD Bancorp is the parent company of NBD Trust Company of Florida in North Palm Beach, Sarasota and Naples, and NBD FSB in Venice.
 CONTACT: J. Richard Johnson, 313-225-2591, or M. Renee Ahee, 313-225-2596, both of NBD Bancorp/
 (NBD) CO: NBD Bancorp; Gainer Corporation ST: Michigan, Indiana IN: FIN SU: TNM


JG -- DE019 -- 2893 01/23/92 14:35 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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