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SOCIETY CORPORATION ANNOUNCES THE ACQUISITION OF FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT MYERS

 SOCIETY CORPORATION ANNOUNCES THE ACQUISITION OF
 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT MYERS
 CLEVELAND, July 20 /PRNewswire/ -- Society Corporation (NASDAQ: SOCI), an Ohio-based financial services company, today announced the signing of a definitive agreement to acquire First Federal Savings and Loan Association of Fort Myers (NASDAQ: FFMY), Fort Myers, Fla., in a cash transaction valued at $45 per common share of First Federal, or a total consideration of approximately $141 million.
 The transaction is subject to various regulatory approvals and to the favorable vote of First Federal's shareholders and is expected to be completed around year end 1992. At First Federal's current strong performance levels, it is anticipated that this acquisition will be moderately accretive in 1993.
 First Federal Savings and Loan Association of Fort Myers serves central and southwest Florida through its 24 offices and, at June 30, 1992, had total assets of $1.1 billion. For nine months of the current fiscal year earnings were $10.4 million or $3.31 per share. In the fiscal year ended Sept. 30, 1991, earnings were $6.8 million or $2.19 per share.
 Commenting on the proposed acquisition, 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, First Federal complements our well-established Florida trust operations. We are very excited about our opportunity to add a full range of commercial banking products and services to the customers of both companies through this excellent distribution system headquartered in Fort Myers."
 Thomas F. Orthman, president and chief executive officer of First Federal, said, "Southwest Florida has long been a 'home away from home' and retirement destination for thousands of Midwest residents. In addition to enhancing our ability to offer expanded banking products to retail customers, we are looking forward to providing a broader array of commercial banking products to the growing number of businesses expanding and relocating to southwest Florida."
 Orthman and his management team will continue to lead First Federal. Commenting on management, Gillespie said, "First Federal has been recognized regionally and nationally as one of the best managed financial institutions in America. We are so pleased to welcome such a proven group of managers to the Society team. Tom and his staff provide the talent and strong leadership necessary to assure the success of this transaction."
 In addition to the merger agreement, First Federal granted Society a warrant, exercisable by Society only if certain specified events were to occur, entitling Society to purchase newly issued shares of First Federal equal to 19.9 percent of the shares currently outstanding. First Federal also announced that it had amended its shareholders' rights plan in certain respects consistent with execution of the merger agreement and grant of the warrant.
 As of June 30, 1992, Society Corporation had total assets of more than $23 billion, $1.7 billion in equity capital, more than $3.4 billion of market capitalization and more than 450 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 revenues and managed assets. Through its affiliates, Society engages in commercial banking, consumer banking, mortgage banking and leasing, and investment management and trust services.
 -0- 7/20/92
 /CONTACT: John Fuller (media), 216-689-8140; or Jay Gould (analysts), 216-689-4721; both of Society Corporation; or Thomas F. Orthman of First Federal Savings and Loan, 813-336-0221/
 (SOCI FFMY) CO: Society Corporation; First Federal Savings and Loan Association
 of Fort Myers ST: Ohio, Florida IN: FIN SU: TNM


KK -- CL002 -- 0574 07/20/92 08:57 EDT
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Date:Jul 20, 1992
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