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OLD KENT TO ACQUIRE EDGEMARK FINANCIAL CORPORATION

 GRAND RAPIDS, Mich., Nov. 2 /PRNewswire/ -- John C. Canepa, chairman, president and CEO of Old Kent Financial Corporation (NASDAQ-NMS: OKEN), Grand Rapids, and Charles A. Bruning, president and CEO of Edgemark Financial Corporation (NASDAQ: EDGE), Chicago, announced a definitive agreement under which Old Kent will acquire Edgemark Financial Corporation.
 Edgemark Financial Corporation is a bank holding company with assets of $534 million headquartered in the Merchandise Mart Plaza in Chicago. It operates four banks with six offices in the west and southwest suburbs of Chicago and one bank with two offices in downtown Chicago.
 Canepa stated that "this merger will significantly increase our market presence and complement our existing locations in the Chicago market." Old Kent Bank-Illinois currently has total assets of $1.6 billion and 18 offices in northeast Illinois.
 Bruning added that "we share a similar banking philosophy with Old Kent and our affiliation will make it possible to provide additional services to our customers, including trust services, leasing for small business, retail brokerage, and sales of mutual funds and annuities."
 Old Kent will exchange $62 million of its common stock for all of the shares of Edgemark. In a related transaction, it will repurchase an equal number of shares in the open market. The merger is subject to Edgemark Financial Corporation shareholder and regulatory approvals, and other customary conditions. The merger is expected to be completed during the second quarter of 1994.
 Old Kent Financial Corporation is a bank holding company headquartered in Grand Rapids, with 16 affiliate banks with 213 offices in Michigan and Illinois. At Sept. 30, 1993, Old Kent had total assets of $9.5 billion.
 -0- 11/2/93
 /CONTACT: B.P. Sherwood III of Old Kent Financial, 616-771-5589, or Charles A. Bruning of Edgemark Financial, 312-836-8000/
 (OKEN EDGE)


CO: Old Kent Financial Corporation; Edgemark Financial Corporation ST: Michigan, Illinois IN: FIN SU: TNM

ML-CJ -- DE008 -- 9575 11/02/93 10:26 EST
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Publication:PR Newswire
Date:Nov 2, 1993
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