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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
CURRENT REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: February 19, 1997
Commission File No. 0-10585
Mid Am, Inc.
(Exact Name of Registrant as Specified in its Charter)
Ohio 34-1580978
State of Other Jurisdiction of (IRS Employer
Incorporation or Organization) Identification Number)
222 South Main Street, Bowling Green, Ohio 43402
(Address of Principal Executive Office) (Zip Code)
(419) 327-6300
(Registrant's Telephone Number)
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ITEM 5: OTHER EVENTS
On February 14, 1997, Mid Am, Inc. (the "Registrant") announced
that it has concluded its sale of seven AmeriFirst Bank, N.A.
branch offices situated in southwestern Ohio. Approximately $94
million of deposit liabilities were assumed by Star Bank;
AmeriFirst has retained substantially all loans associated with
the branches. As a result of the transaction, Mid Am, Inc.
recorded a pretax gain of approximately $9 million, subject to
the actual level of deposit liabilities as of the close of
business February 14, 1997.
Attached hereto as Exhibit 1 is a copy of the Registrant's press
release dated February 14, 1997, which reported the sale of the
seven branch offices.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
MID AM, INC
Registrant
/s/ W. Granger Souder
W. Granger Souder
Executive Vice President / General Counsel
Date: February 19, 1997
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MID AM, INC.
EXHIBIT INDEX
Exhibit No. Description Page Number
(1) Mid Am, Inc. Announces Sale
of Seven Branch Offices 5
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EXHIBIT NO. 1
FOR IMMEDIATE RELEASE
Contact: W. Granger Souder
General Counsel
Mid Am, Inc.
(419) 327-6304
Marci L. Klumb
SVP/Associate General Counsel
Mid Am, Inc.
(419) 327-6311
James E. Laughlin
President & CEO
AmeriFirst Bank, N.A.
(513) 372-6933
MID AM, INC. ANNOUNCES SALE OF SEVEN BRANCH OFFICES TO STAR BANK
Febraury 14, 1997 (Bowling Green, Ohio; NASDAQ: MIAM and MIAMP)
Mid Am, Inc. announced today that it has concluded its sale to
Star Bank of seven AmeriFirst Bank, N.A. branch offices situated
in southwestern Ohio. Star Bank acquired the branch facilities
and all deposit liabilities associated with six AmeriFirst
banking centers and the deposit liabilities associated with a
seventh banking center, all outside of AmeriFirst's core banking
market. The seven branches include three Cincinnati locations;
3521 Erie Avenue in the community of Hyde Park; 2298 Losantiville
Road in Golf Manor; and 2458 Harrison Avenue in Westwood. The
four other locations are 620 Columbus Avenue in Lebanon; Route 63
and Main Street in Monroe; 9468 Montgomery Road in Montgomery;
and 1191 East Stroop Road in Kettering.
"The sale of the banking centers is consistent with AmeriFirst
Bank's strategic effort to refocus its resources on its core
Greene County market area," stated James E. Laughlin, President
and CEO of AmeriFirst Bank. Following the completion of the
transaction, AmeriFirst will maintain six banking centers in
Greene County and one in Warren County. "We believe that this
transaction represents a very positive repositioning move for the
bank," continued Mr. Laughlin.
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Approximately $94 million of deposit liabilities were assumed by
Star Bank; AmeriFirst has retained substantially all loans
associated with the branches. As a result of the transaction,
the Company recognized a gain of approximately $9 million,
subject to the actual level of deposit liabilities as of the
close of business February 14, 1997.
Mid Am, Inc. is a $2.2 billion financial services holding
company, headquartered in Bowling Green, Ohio. Affiliates
include Mid American National Bank and Trust Company, Toledo;
First National Bank Northwest Ohio, Bryan; American Community
Bank, N.A., Lima; AmeriFirst Bank, N.A., Xenia; Adrian State
Bank, Adrian, Michigan; Mid Am Recovery Services, Inc.,
Clearwater, Florida; MFI Investments Corp, Bryan; Mid Am Credit
Corp, Columbus; Mid Am Financial Services, Inc., Carmel, Indiana;
Simplicity Mortgage Consultants, Marion, Indiana; and Mid Am
Information Services, Inc., Bowling Green, the Company's
technology and operations affiliate.
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