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SHAREHOLDERS OF FIRST FEDERAL SAVINGS AND LOAN OF FORT MYERS APPROVE ACQUISITION BY SOCIETY CORPORATION

 CLEVELAND, Nov. 24 ~PRNewswire~ -- Society Corporation (NYSE: SCY) has been informed that shareholders of First Federal Savings and Loan Association of Fort Myers today approved the proposed acquisition of First Federal by Society.
 Under terms of the agreement, which was signed on July 17, 1992, First Federal and a subsidiary of Society will merge and First Federal shareholders will receive $45 in cash for each share of First Federal common stock.
 Completion of the merger is subject to certain regulatory approvals. Society expects to complete the merger early in the first quarter 1993 and upon completion First Federal will operate with a federal stock savings bank charter under the name Society First Federal Savings Bank.
 Robert W. Gillespie, chairman and chief executive officer of Society Corporation, said, "We are delighted by the expression of support from the First Federal shareholders and we look forward to forging a strong partnership with employees and customers of First Federal."
 First Federal serves central and southwest Florida through its 24 offices. At September 30, 1992, First Federal had total assets of $1.1 billion.
 As of September 30, 1992, Society Corporation (NYSE: SCY) has $24.4 billion in assets, $1.8 billion in equity capital, over $3.3 billion of market capitalization and more than 465 banking and trust offices in Ohio, Michigan, Indiana, Texas, Florida, New York, Colorado, and Missouri. The trust business of Society ranks in the top 15 nationally in terms of revenue and managed assets. Through its affiliates, Society engages in commercial banking, consumer banking, mortgage banking and leasing, and investment management and trust services.
 -0- 11~24~92
 ~CONTACT: John Fuller of Society Corporation, 216-689-8140~
 (SCY)


CO: Society Corporation; First Federal Savings and Loan Association
 of Fort Myers ST: Ohio, Florida IN: FIN SU: TNM


BM -- CL023 -- 1212 11~24~92 15:59 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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