UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
JUNE 16, 1997
(Date of Report [Date of earliest event reported]:)
FIRST OF AMERICA BANK CORPORATION
(Exact name of registrant as specified in charter)
MICHIGAN
(State or other jurisdiction of incorporation or organization)
1-10534
(Commission File No.)
38-1971791
(I.R.S. Employer Identification No.)
211 S. ROSE STREET
KALAMAZOO, MICHIGAN
(Address of principal executive offices)
49007
(Zip Code)
(616) 376-9000
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report.)<PAGE>
Item 5. Other Events
On June 16, 1997, First of America Bank Corporation
("First of America") announced that it had entered
into an agreement to sell its Florida operations.
The text of First of America's news release making the
announcment is filed herewith as an exhibit.
Item 7. Financial Statements and Exhibits
(99) News Release dated June 16, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
First of America has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
FIRST OF AMERICA BANK CORPORATION
REGISTRANT
Date: June 30, 1997 /S/ Thomas W. Lambert
Thomas W. Lambert
Executive Vice President and Chief
Financial Officer
(Principal Financial and
Accounting Officer)<PAGE>
CONTACTS AT FIRST OF AMERICA:
Jennifer D. Cox, Senior Vice President-Accounting Division, (616)
376-7115 / fax 376-7079
Tony Thompson, Public & Media Relations Manager, (616) 376-7266 /
fax 376-7273
FOR IMMEDIATE RELEASE
FIRST OF AMERICA BANK CORP. ANNOUNCES PLANS
TO SELL ITS FLORIDA FRANCHISE
KALAMAZOO, Mich., June 16, 1997 -- First of America Bank Corporation
(NYSE: FOA) and Barnett Banks, Inc., headquartered in Jacksonville,
Florida, jointly announced today that an agreement has been reached
for Barnett to purchase the Florida operations of First of America.
The purchase price will be approximately $160 million and is expected
to result in a gain on the transaction of about 14 cents per share.
The deal is expected to close during the third quarter of 1997,
subject to regulatory approvals. First of America's Florida
operation, at March 31, 1997 had $1.1 billion in assets, loans of $749
million, deposits of $931 million and 58 branches; of which 41 were
traditional branches and 17 were supermarket branches. After the
sale, First of America Bank Corporation will have approximately $20.5
billion in assets, $14.0 billion in loans and $16.2 billion in
deposits.
"While we have made progress in generating profits in Florida, we have
set our highest strategic priority on the performance of our
operations in the Midwest," stated, Richard F. Chormann, Chairman,
President and Chief Executive Officer, First of America Bank
Corporation. "The sale of our Florida operation to a good banking
organization is consistent with this priority and fits well with our
realignment of First of America along four major lines of business --
Commercial Banking, Retail Sales & Delivery, Consumer Finance &
Mortgage Services, and Trust & Financial Services -- within a single
operating structure. We believe our strategic decision will benefit
our financial performance while assuring ongoing high quality service
to our customers."
"The acquisition expands Barnett's market share and leadership
position in attractive Florida markets," said Allen L. Lastinger, Jr.,
Barnett's President and Chief Operating Officer. We intend to
continue to offer First of America's customers the high quality of
service they have come to expect as well as Barnett's expanded product
line and unparalleled level of convenience."
First of America Bank Corporation, headquartered in Kalamazoo,
Michigan engages in commercial and retail banking as well as mortgage
origination services. The company also provides trust, insurance and
other financial services, through its Trust and Financial Services
Division. First of America currently ranks 32nd among banking
companies in the United States.
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