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
OCTOBER 1, 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 2. Acquisition or Disposition of Assets
On October 1, 1997, First of America Bank Corporation
("First of America") announced that it had completed
the sale of its Florida operation to Barnett Banks,
Inc., headquartered in Jacksonbille, Florida. 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 October 1, 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: October 3, 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, Senior Vice President - Public & Media
Relations, (616) 376-7266 / fax 376-7273
FOR IMMEDIATE RELEASE
FIRST OF AMERICA BANK CORP. COMPLETES
THE SALE OF ITS FLORIDA FRANCHISE
KALAMAZOO, Mich., October 1, 1997 -- First of America Bank
Corporation (NYSE: FOA) today completed the sale of its Florida
operation to Barnett Banks, Inc., headquartered in Jacksonville,
Florida.
"We believe very strongly that our strategic decision to sell our
Florida operation will benefit our profitability and help
optimize our shareholders total return. This move allows us to
focus on our core lines of business in the Midwest -- Commercial
Banking, Retail Sales & Delivery, Consumer Finance & Mortgage
Services, and Trust & Financial Services -- as we believe our
Midwest markets provide the best opportunity for success"
stated, Richard F. Chormann, chairman, president and chief
executive officer, First of America Bank Corporation.
The sale resulted in a gain of about $0.14 cents per share, which
will be reflected in First of America's fourth quarter results.
First of America's Florida operation, at September 30, 1997, had
approximately $1.1 billion in assets, loans of $780 million and
deposits of $870 million. On a year-to-date basis, net income
for the operation is expected to be around $4 million. Non-
interest revenue, on a pre-tax basis, for the same period should
be about $6 million and non-interest expenses about $30 million
(pre-tax). Included in the sale are 58 branches; 35 are
traditional branches and 23 are supermarket branches. After the
sale, First of America Bank Corporation will have approximately
$20 billion in assets, $14 billion in loans and $16 billion in
deposits.
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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