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SOCIETY CORPORATION ANNOUNCES COMPLETION OF ITS ACQUISITION OF FIRST FEDERAL SAVINGS & LOAN ASSOCIATION OF FORT MYERS

 CLEVELAND, Jan. 22 /PRNewswire/ -- Society Corporation (NYSE: SCY), an Ohio-based financial services company, today announced the completion of its acquisition of First Federal Savings & Loan Association of Fort Myers, a $1.1 billion thrift in southwest and central Florida. As a subsidiary of Society Corporation, the company will operate under a federal stock savings bank charter as Society First Federal Savings Bank.
 Under the terms of the agreement, First Federal shareholders will receive $45 per common share in a cash transaction, or a total consideration of approximately $141 million. On July 20, 1992, the two companies announced they had signed a definitive merger agreement.
 First Federal announced separately that immediately prior to the consummation of the merger with Society Corporation, it had redeemed all of its outstanding Rights to purchase one-tenth of one Series A $6.00 Preferred Share Par Value $0.01. The Rights were issued pursuant to the Rights Agreement, dated as of October 19, 1988, as amended, between First Federal and The Bank of New York. The redemption price of $0.01 per Right is payable to holders of record as of January 22, 1993.
 Robert W. Gillespie, chairman and chief executive officer of Society Corporation, said, "This acquisition brings to Society a financially strong and well-positioned company operating an excellent retail banking system in one of the fastest growing areas in the nation. In addition, our new Florida retail system complements our well-established Florida trust operations. We look forward to the opportunities to offer our new Florida customers a full range of commercial banking products and services."
 Thomas F. Orthman, who will continue as president and chief executive officer of Society First Federal, said, "Our affiliation with Society Corporation enhances our ability to offer expanded banking products and services to retail customers, as well as a to provide a broader array of commercial banking products to the growing number of businesses expanding and relocating to southwest Florida."
 Gillespie said, "We are pleased to welcome an excellent group of employees to the Society team. We look forward to forging new relationships with our new employees and customers throughout southwest and central Florida."
 First Federal signs will be changed to Society First Federal signs at branch offices during the weekend of January 29.
 Now with more than $26 billion in assets, Society ranks nationally as the 28th largest bank holding company, with more than $1.9 in equity capital, $3.7 in market capitalization and more than 460 banking offices in Ohio, Indiana, Michigan and Florida. The trust business of Society ranks in the top 15 nationally in terms of revenues and has offices in Ohio, Indiana, Michigan, Texas, Florida, New York, Colorado and Missouri.
 -0- 1/22/93
 /CONTACT: John Fuller (media), 216-689-8140, or Jay Gould (analysts), 216-689-4721; both of Society Corporation/
 (SCY)


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

BM -- CL008 -- 7971 01/22/93 14:20 EST
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Publication:PR Newswire
Date:Jan 22, 1993
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