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SOCIETY CORPORATION AND AMERITRUST CORPORATION SHAREHOLDERS APPROVE MERGER

 SOCIETY CORPORATION AND AMERITRUST CORPORATION
 SHAREHOLDERS APPROVE MERGER
 CLEVELAND, Jan. 29 /PRNewswire/ -- Shareholders of Society Corporation (NASDAQ: SOCI) and Ameritrust Corporation (NASDAQ: AMTR) today approved by a substantial margin the proposed merger of the two financial services companies.
 Under terms of the merger agreement, which was signed Sept. 12, 1991, each Ameritrust shareholder will receive .65 Society Common Shares in exchange for each share of Ameritrust common stock. The outstanding preferred stock of Ameritrust will be exchanged for a comparable newly created issue of Society preferred. The merger will be tax-free to Ameritrust shareholders and will be accounted for as a pooling of interests.
 The merger, which was approved by holders of more than 77 percent of the outstanding shares of Ameritrust Corporation and by holders of more than 76 percent of the outstanding shares of Society Corporation, is expected to be completed by March 31, 1992, subject to regulatory approval. Of those shares voted at the meetings, more than 97 percent of the Ameritrust shares and more than 98 percent of the Society shares approved the merger.
 Robert W. Gillespie will be chairman and chief executive officer of the merged organization.
 Craig R. Smith, chairman and chief executive officer of Ameritrust Corporation, will serve on the Society Corporation Board of Directors after the merger is completed.
 "We are delighted by the expression of support from our shareholders," said Gillespie and Smith in a joint statement. "The combined company will be a super-regional company with the strength and resources to compete effectively in the challenging financial services industry."
 Eight directors from Ameritrust, including Smith, will join the Society Corporation Board shortly after the merger and several other Ameritrust directors will join the board of Society National Bank, Society's lead bank based in Cleveland, when Society National Bank and meritrust's lead bank, Ameritrust Company, N.A., merge sometime early in the third quarter of 1992.
 After the merger is completed, Society Corporation will have more than $25 billion in total assets and rank among the nation's 25 largest bank holding companies with major regional banking affiliates in Ohio, Indiana, and Michigan, and a national trust and investment management franchise with operations in those three Great Lakes states, as well as Texas, Florida and Connecticut.
 -0- 1/29/92
 /CONTACT: John Fuller of Society, 216-689-8140 or Martin Pollock of Ameritrus, 216-737-5307/
 (SOCI; AMTR) CO: Society Corporation, Ameritrust Corporation ST: Ohio IN: FIN SU: TNM


CG -- CL009 -- 4670 01/29/92 11:03 EST
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Publication:PR Newswire
Date:Jan 29, 1992
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