SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1996
Commission file number 1-10534
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
(Full title of the plan)
FIRST OF AMERICA BANK CORPORATION
(Name of issuer of the securities held pursuant to the plan)
211 S. Rose Street
Kalamazoo, Michigan 49007
(address of principal executive office)<PAGE>
ITEM 1. Audited statements of financial condition as of the
end of the latest two fiscal years of the plan.
Audited statements of financial condition for the two
years ended December 31, 1996, prepared in accordance
with the financial reporting requirements of ERISA, are
filed herewith as an exhibit.
ITEM 2. Audited statements of income and changes in plan equity
for each of the latest three fiscal years of the plan.
Audited statements of income and changes in plan equity
for the three years ended December 31, 1996, prepared
in accordance with the financial reporting requirements
of ERISA, are filed herewith as an exhibit.<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Trustee of the First of America Bank Corporation
Reserve Plus Savings Plan has duly caused this annual report to
be signed on its behalf by the undersigned, hereunto duly
authorized.
FIRST OF AMERICA BANK
CORPORATION RESERVE PLUS
SAVINGS PLAN
Dated: May 6, 1997 BY: /s/ Richard V. Washburn
Richard V. Washburn
Senior Vice President -
Human Resources<PAGE>
EXHIBIT INDEX
EXHIBIT NO. PAGE NO.
1. Financial statements and Notes thereto
2. Consent of KPMG Peat Marwick<PAGE>
EXHIBIT 1
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Financial Statements and Schedules
Three-year period ended December 31, 1996
(With Independent Auditors' Report Thereon)<PAGE>
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
TABLE OF CONTENTS
- -----------------------------------------------------------------
Page(s)
Independent Auditors' Report........................... 1
Statements of Assets Available for Benefits ........... 2
Statements of Changes in Assets Available for Benefits. 3
Notes to Financial Statements.......................... 4-7
Schedule
Allocation of Plan Assets Available for Benefits....... 1 & 1A8-9
Allocation of Plan Income and Changes in Assets
Available for Benefits .............................. 2,2A,& 2B
10-12
Item 27a - Schedule of Assets Held for Investment...... 3 13
Item 27d - Schedule of Reportable Transactions......... 4 14
All other schedules required by the Employee Retirement Income
Security Act of 1974 are not applicable and have been omitted.<PAGE>
Independent Auditors' Report
To the Trustees of First of America Bank
Corporation Reserve Plus Savings Plan:
We have audited the accompanying statements of assets available
for benefits of First of America Bank Corporation Reserve Plus
Savings Plan as of December 31, 1996 and 1995, and the related
statements of changes in assets available for benefits for each
of the years in the three-year period ended December 31, 1996.
These financial statements are the responsibility of the Plan's
administrator. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by the Plan's administrator, as well
as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the assets available
for benefits of the Plan at December 31, 1996 and 1995, and the
changes in assets available for benefits for each of the years in
the three-year period ended December 31, 1996, in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedules are presented for purposes of complying with the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974, and are not a required part of the basic financial
statements. The information included in the supplemental
schedules has been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
KPMG Peat Marwick LLP
March 14, 1997<PAGE>
<TABLE>
<CAPTION>
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Statements of Assets Available for Benefits
======== ============================== ======================================= =================== ===================
December 31, 1996 and 1995
<S> <C> <C> <C> <C>
Assets 1996 1995
- -------- ------------------------------ -------------------------------------- ------------------- -------------------
Cash $ 111,710 40,404
- -------- ------------------------------ -------------------------------------- ------------------- -------------------
Investments at fair value:
Parkstone Mid Capitalization Fund 34,430,348 29,111,374
Parkstone Balanced Allocation Fund 25,781,728 23,375,761
Parkstone U.S. Govt. Obligation Fund 20,491,041 19,985,402
Parkstone Small Capitaization Fund 16,220,785 7,359,351
Parkstone International Fund 4,068,821 2,030,406
First of America Money Market Savings 1,981 300,802
First of America Bank Corporation common stock 75,755,902 54,823,335
- -------- ------------------------------ -------------------------------------- ------------------- --------------------
Total Investment at Fair Value 176,750,606 136,986,431
- -------- ------------------------------ -------------------------------------- ------------------- --------------------
Participant Loans Receivable 59,793 81,727
- -------- ------------------------------ -------------------------------------- ------------------- --------------------
Contributions receivable:
Employee 391,129 241,520
Employer 127,050 87,963
- -------- ------------------------------ -------------------------------------- ------------------- --------------------
Total Contributions Receiveable 518,179 329,483
Assets Available for Benefits $ 177,440,288 137,438,045
======== ============================== ====================================== =================== ====================
See accompanying notes to financial statements.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Statements of Changes in Assets Available for Benefits
Years ended December 31, 1996, 1995, and 1994
====== ===============================================================================================
1996 1995 1994
- ------ -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Contibutions:
Employee payroll withholdings $ 15,195,604 14,577,220 13,953,603
Employer match 4,975,455 4,870,885 4,512,262
- ------ ------------------------------------------------------------------------------------------------
Total contributions 20,171,059 19,448,105 18,465,865
- ------ ------------------------------------------------------------------------------------------------
Investment income:
Dividends 17,788,718 5,396,772 4,336,582
Interest 937,754 988,644 980,389
Net appreciation (depreciation) in market value 15,687,666 25,458,758 (14,642,395)
- ------ ------------------------------------------------------------------------------------------------
Total investment income 34,414,138 31,844,174 (9,325,424)
- ------ ------------------------------------------------------------------------------------------------
Employee rollovers 633,710 627,159 965,276
Transfers from other plans 1,756,920 3,595,267 13,812
- ------ ------------------------------------------------------------------------------------------------
Total additions 56,975,827 55,514,705 10,119,529
- ------ ------------------------------------------------------------------------------------------------
Participant withdrawals (16,973,584) (15,100,654) (8,394,731)
- ------ ------------------------------------------------------------------------------------------------
Net increase 40,002,243 40,414,051 1,724,798
Assets available for benefits at
beginning of year 137,438,045 97,023,994 95,299,196
- ------ ------------------------------------------------------------------------------------------------
Assets available for benefits at
end of year $177,440,288 137,438,045 97,023,994
See accompanying notes to financial statements.
/TABLE
<PAGE>
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Notes to Financial Statements
December 31, 1996, 1995 and 1994
--------------------------------------------------------------------
(1) Organization
The following description of the First of America Bank Corporation
Reserve Plus Savings Plan (the Plan) provides only general
information. Reference should be made to the plan agreement for a
more complete description.
General
The Plan is a defined contribution plan established effective July
1, 1988 and was restated effective January 1, 1993, for employees
of First of America Bank Corporation (hereinafter referred to as
"the Company") under Section 401(k) of the Internal Revenue Code.
Eligible employees are those who have at least one year of service,
and are employed on a salaried basis. Effective for plan years
beginning after December 31, 1993, the maximum eligible base
compensation level is $150,000. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
Contributions
A participant may elect to contribute no less than one percent and
not more than 15 percent of base compensation, not to exceed $9,500
into the plan during 1996. The Company may contribute discretionary
matching contributions of one-half of the participant's contribution
if the employee contributes 5% or more, not to exceed 5% of the
employee's compensation, and one-third of the participant's
contribution if the employee contributes less than 5%. All Company
matching contributions are invested in the Stock Fund, which owns
common stock of the Company, exclusively. The Company may also
make additional discretionary contributions, which will be allocated
to various investments at the Company's discretion. No discretionary
contributions were made during 1996, 1995 or 1994.
Participant Account
Each participant account is credited with the employee contribution
and the Company's matching contribution. Investment earnings are
allocated based on participant investment choices and current
market value. The maximum benefit to which a participant is
entitled is the vested portion of the participant's account.
(Continued)<PAGE>
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Notes to Financial Statements
--------------------------------------------------------------------
Vesting
Participants immediately vest in their voluntary contributions plus
earnings thereon. Vesting in the remainder of their accounts is
based on years of credited service. A participant is 100 percent
vested after four years of credited service.
Distributions
Upon termination of service, a participant with a vested account
balance of $3,500 (exclusive of Company common stock) or less will
receive a single lump-sum distribution equal to the vested value of
the account. A participant with a vested balance of more than
$3,500 (exclusive of Company common stock) may elect a lump-sum
distribution or deferral until age 55 (early retirement).
Except for common stock of the Company, distributions will be made
in cash. Common stock of the Company will be distributed in shares
unless there are 100 or fewer shares. If 100 or fewer shares are
involved, such shares will be converted and the distribution made
in cash.
Plan Administration and Trustee
The Company serves as the plan administrator and absorbs all or
most of the administrative costs. First of America - Michigan,
N.A., a wholly-owned subsidiary of the company, serves as trustee
for the Plan.
(2) Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements are prepared on the accrual
basis of accounting in accordance with generally accepted
accounting principles. Generally accepted accounting principles
require the Plan administrator to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
of contingent assets and liabilities. Actual results could differ
from those estimates.
(Continued)
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Notes to Financial Statements
--------------------------------------------------------------------
Investments
Investments are stated at fair market value as determined by quoted
market prices. Employees may invest in the following funds at
their option. The various Parkstone Mutual Funds are sponsored by
First of America Bank Corporation.
. Money Market Fund - invests in the Parkstone U.S. Government
obligations Fund, which invests in short-term fixed income
securities, such as the Treasury bills or notes issued or
backed by the U.S. Government or its agencies. From time to
time, the Money market investment option may also include
relatively low risk assets transferred from a prior plan of an
affiliate, such as guaranteed investment contracts.
. Balanced Fund - invests in the Parkstone Balanced Allocation
Fund, which invests in a mix of stocks and bonds at the
discretion of the administrator based on market conditions.
. Mid Cap Fund - invests in the Parkstone Mid-Capitalization
Fund (formerly Parkstone Equity Fund), which invests at least
80 percent of the value of its total assets in common stock
and securities convertible into common stock of "blue-chip" -
type companies with sound management and the ability to
finance expected growth. In addition, this fund may also<PAGE>
invest up to 20 percent of the value of its total assets in
preferred stocks, corporate bonds, notes, warrants, and other
short-term obligations with maturities of 18 months or less.
. Small Capitalization Fund - invests in the Parkstone Small
Capitalization Fund, which invests primarily in common stocks
of small- to medium-sized companies to provide growth of
capital.
. International Fund - invests in the Parkstone International
Discovery Fund, which invests primarily in common stock of
small- to medium-sized foreign companies.
. Stock Fund - invests entirely in shares of First of America
Bank Corporation common stock. Stock purchases and sales are
made daily in the open market.
(Continued)
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Notes to Financial Statements
--------------------------------------------------------------------
(3) Transfers from Other Plans
Amounts from plans of institutions subsequently acquired are
transferred into the Plan upon acquisition.
(4) Funding and Termination
The Company deposits all contributions bi-weekly. Although the
Company has not expressed any intent to terminate the plan
agreement, it may do so at any time, subject to the provisions of
ERISA. In the event of termination, the participants will become
100 percent vested in their accounts.
(5) Reconciliation to Form 5500
The financial information provided on Line 31g of the Plan's Form
5500 includes an accrual for benefits payable to participants.
This accrual was $1,483,205 and $972,616 for 1996 and 1995,
respectively. In accordance with generally accepted accounting
principles, this liability is not presented separately from assets
available for plan benefits in the accompanying financial
statements.
(6) Tax-Exempt Status
The Internal Revenue Service has determined and informed the
trustee of the Plan by a letter dated May 18, 1995, that the Plan
and the trust established under the Plan are qualified as tax-
exempt, under Section 401(k) of the Internal Revenue Code. The
plan administrator and its qualified tax counsel do not anticipate
that changes in the Plan after the date of the amendments covered
by the Internal Revenue Service determination letter will affect
the qualified and tax-exempt status of the Plan and trust,
respectively.<PAGE>
<TABLE>
<CAPTION>
FIRST OF AMERICA BANK CORPORATION Schedule 1
RESERVE PLUS SAVINGS PLAN
Allocation of Plan Assets Available for Benefits
December 31, 1996
=================================== =================================== ============================================ ===========
Balanced Money Small Interna- First of
Mid Cap Allocation Market Cap tional America Participant
Assets Fund Fund Fund Fund Fund Stock Fund Loans TOTAL
- ----------------------------------- ----------------------------------- -------------------------------------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash $ -- -- 111,710 -- -- -- -- 111,710
- ----------------------------------- ----------------------------------- -------------------------------------------- -----------
Investments at fair value:
Parkstone Mid Cap Fund 34,430,348 -- -- -- -- -- -- 34,430,348
Parkstone Balanced
Allocation Fund -- 25,781,728 -- -- -- -- -- 25,781,728
Parkstone
US Gov Obligation Fund -- -- 20,491,041 -- -- -- -- 20,491,041
Parkstone
Small Capitalization Fund -- -- -- 16,220,785 -- -- -- 16,220,785
Parkstone International
Discovery Fund -- -- -- -- 4,068,821 -- -- 4,068,821
First of America
Money Market Savings -- -- -- -- -- 1,981 -- 1,981
First of America Bank Corp.
Common Stock -- -- -- -- -- 75,755,902 -- 75,755,902
- ----------------------------------- ------------ ---------------------- -------------------------------------------- -----------
Total Investments 34,340,348 25,781,728 20,491,041 16,220,785 4,068,821 75,757,883 -- 176,750,606
- ----------------------------------- ------------ ---------------------- -------------------------------------------- -----------
Participant Loans Receivable -- -- -- -- -- -- 59,793 59,793
- ----------------------------------- ------------ ---------------------- -------------------------------------------- -----------
Contributions Receivable:
Employee 100,237 66,044 43,305 89,027 24,367 68,149 0 391,129
Employer 0 0 0 0 0 127,050 0 127,050
- ----------------------------------- ------------ ---------------------- -------------------------------------------- -----------
Total Contributions Receivable 100,237 66,044 43,305 89,027 24,367 195,199 -- 518,179
- ----------------------------------- ------------ ---------------------- -------------------------------------------- -----------
Total Assets Available for Benefits $ 34,530,58525,847,772 20,646,056 16,309,812 4,093,188 75,953,082 59,793 177,440,288
=================================== ============ ====================== ============================================ ===========
See accompanying independent auditors' report.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
FIRST OF AMERICA BANK CORPORATION Schedule 1A
RESERVE PLUS SAVINGS PLAN
Allocation of Plan Assets Available for Benefits
December 31, 1995
=================================== =================================== ============================================ ===========
Balanced Money Small Interna- First of
Mid Cap Allocation Market Cap tional America Participant
Assets Fund Fund Fund Fund Fund Stock Fund Loans TOTAL
- ----------------------------------- ----------------------------------- -------------------------------------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash $ -- -- 40,404 -- -- -- -- 40,404
- ----------------------------------- ----------------------------------- -------------------------------------------- -----------
Investments at fair value:
Parkstone Mid Cap Fund 29,111,374 -- -- -- -- -- -- 29,111,374
Parkstone Balanced
Allocation Fund -- 23,375,761 -- -- -- -- -- 23,375,761
Parkstone
US Gov Obligation Fund -- -- 19,985,402 -- -- -- -- 19,985,402
Parkstone
Small Capitalization Fund -- -- -- 7,359,351 -- -- -- 7,359,351
Parkstone International
Discovery Fund -- -- -- -- 2,030,406 -- -- 2,030,406
First of America
Money Market Savings -- -- -- -- -- 300,802 -- 300,802
First of America Bank Corp.
Common Stock -- -- -- -- -- 54,823,335 -- 54,823,335
- ----------------------------------- ------------ ---------------------- -------------------------------------------- -----------
Total Investments 29,111,374 23,375,761 19,985,402 7,359,351 2,030,406 55,124,137 -- 136,986,431
- ----------------------------------- ------------ ---------------------- -------------------------------------------- -----------
Participant Loans Receivable -- -- -- -- -- -- 81,727 81,727
- ----------------------------------- ------------ ---------------------- -------------------------------------------- -----------
Contributions Receivable:
Employee 70,353 51,160 35,681 17,772 14,000 52,554 0 241,520
Employer 0 0 0 0 0 87,963 0 87,963
- ----------------------------------- ------------ ---------------------- -------------------------------------------- -----------
Total Contributions Receivable 70,353 51,160 35,681 17,772 14,000 140,517 -- 329,483
- ----------------------------------- ------------ ---------------------- -------------------------------------------- -----------
Total Assets Available for Benefits $ 29,181,72723,426,921 20,061,487 7,377,123 2,044,406 55,264,654 81,727 137,438,045
=================================== ============ ====================== ============================================ ===========
See accompanying independent auditors' report.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
FIRST OF AMERICA BANK CORPORATION Schedule 2
RESERVE PLUS SAVINGS PLAN
Allocation of Plan Income and Changes in Assets Available for Benefits
Year ended December 31, 1996
================================ =============================================== ================================================
Balanced Money Interna- First of
Mid Cap Allocation Market Small Cap tional America Participant
Fund Fund Fund Fund Fund Stock Fund Loans Total
================================ =============================================== ================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions:
Employee payroll withholdings 3,924,850 2,666,487 1,807,951 3,057,320 946,844 2,792,152 -- 15,195,604
Employer match -- -- -- -- -- 4,975,455 -- 4,975,455
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total contributions 3,924,850 2,666,487 1,807,951 3,057,320 946,844 7,767,607 -- 20,171,059
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Loan payments 6,470 6,510 3,598 4,073 1,467 8,155 (30,273) --
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Investment income:
Dividends 9,741,764 3,394,505 -- 2,410,862 1,399 2,240,188 -- 17,788,718
Interest 1,625 657 929,319 463 180 5,510 -- 937,754
Net appreciation/depreciation (4,444,862) (410,778) -- 152,320 454,810 19,936,176 -- 15,687,666
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total investment income 5,298,527 2,984,384 929,319 2,563,645 456,389 22,181,874 -- 34,414,138
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Transfers and Roll Overs:
Employee Roll Overs 147,743 138,297 121,521 141,636 25,244 59,269 -- 633,710
Transfers from other Plans 372,155 443,370 217,893 425,957 215,396 82,149 -- 1,756,920
Net transfer (inter-fund) (1,051,542)(1,190,192) 1,947,579 3,386,289 616,645 (3,725,944) 17,165 --
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total transfers and rollovers (531,644) (608,525) 2,286,993 3,953,882 857,285 (3,584,526) 17,165 2,390,630
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total Additions 8,698,203 5,048,856 5,027,861 9,578,920 2,261,985 26,373,110 (13,108) 56,975,827
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Participant withdrawals (3,349,345)(2,628,005) (4,443,292) (646,231) (213,203)(5,684,682) (8,826) (16,973,584)
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Net increase (decrease) 5,348,858 2,420,851 584,569 8,932,689 2,048,782 20,688,428 (21,934) 40,002,243
Assets available for benefits at
beginning of year 29,181,727 23,426,921 20,061,487 7,377,123 2,044,406 55,264,654 81,727 137,438,045 <PAGE>
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Assets available for benefits at
end of year $ 34,530,585 25,847,772 20,646,056 16,309,812 4,093,188 75,953,082 59,793 177,440,288
================================ =============================================== ================================================
See accompanying independent auditors' report.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
FIRST OF AMERICA BANK CORPORATION Schedule 2A
RESERVE PLUS SAVINGS PLAN
Allocation of Plan Income and Changes in Assets Available for Benefits
Year ended December 31, 1995
================================ =============================================== ================================================
Balanced Money Interna- First of
Mid Cap Allocation Market Small Cap tional America Participant
Fund Fund Fund Fund Fund Stock Fund Loans Total
================================ =============================================== ================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions:
Employee payroll withholdings 4,010,123 2,958,163 2,197,949 1,757,862 817,510 2,835,613 -- 14,577,220
Employer match -- -- -- -- -- 4,870,885 -- 4,870,885
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total contributions 4,010,123 2,958,163 2,197,949 1,757,862 817,510 7,706,498 -- 19,448,105
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Loan payments 17,901 7,536 19,513 5,170 2,295 12,754 (65,168) --
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Investment income:
Dividends 1,010,687 1,607,979 -- 843,518 5,640 1,928,948 -- 5,396,772
Interest 2,812 1,146 976,106 731 271 7,578 -- 988,644
Net appreciation 5,696,643 2,801,035 -- 471,307 134,717 16,355,056 -- 25,458,758
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total investment income 6,710,142 4,410,160 976,106 1,315,556 140,628 18,291,582 -- 31,844,174
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Transfers and Roll Overs:
Employee rollovers 190,422 56,933 42,220 155,604 76,238 105,742 -- 627,159
Transfers from other Plans 116,840 123,902 1,165,787 141,267 53,884 1,951,954 41,633 3,595,267
Net transfer (interfund) (2,845,310)(2,251,961) 969,551 2,822,731 317,852 987,137 -- --
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total transfers and rollovers (2,538,048)(2,071,126) 2,177,558 3,119,602 447,974 3,044,833 41,633 4,222,426
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total Additions 8,200,118 5,304,733 5,371,126 6,198,190 1,408,407 29,055,667 (23,535) 55,514,705
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Participant withdrawals (2,339,610)(1,656,753) (5,119,156) (292,758) (94,482)(5,597,895) -- (15,100,654)
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Net increase (decrease) 5,860,508 3,647,980 251,970 5,905,432 1,313,925 23,457,772 (23,535) 40,414,051
Assets available for benefits at
beginning of year 23,321,220 19,778,941 19,809,517 1,471,691 730,481 31,806,882 105,262 97,023,994 <PAGE>
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Assets available for benefits at
end of year $ 29,181,727 23,426,921 20,061,487 7,377,123 2,044,406 55,264,654 81,727 137,438,045
================================ =============================================== ================================================
See accompanying independent auditors' report.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
FIRST OF AMERICA BANK CORPORATION Schedule 2B
RESERVE PLUS SAVINGS PLAN
Allocation of Plan Income and Changes in Assets Available for Benefits
Year ended December 31, 1994
=================== ============ ======================= ======================== ===============================================
Balanced Money Interna- First of
Mid Cap Allocation Market Small Cap tional America Participant
Fund Fund Fund Fund Fund Stock Fund Loans Total
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions:
Employee payroll withholdings $ 5,147,655 3,712,016 2,228,988 130,352 85,883 2,648,709 -- 13,953,603
Employer match -- -- -- -- -- 4,512,262 -- 4,512,262
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
Total contributions 5,147,655 3,712,016 2,228,988 130,352 85,883 7,160,971 -- 18,465,865
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
Loan payments 16,876 11,831 10,096 184 294 60,882 (100,163) --
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
Investment income:
Dividends 2,114,604 599,736 -- 118,572 33,763 1,469,907 -- 4,336,582
Interest 2,490 220,748 752,170 -- -- 4,981 -- 980,389
Net appreciation/depreciation (3,176,458) (1,440,276) -- (45,532) (71,401) (9,908,728) -- (14,642,395)
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
Total investment income (1,059,364) (619,792) 752,170 73,040 (37,638) (8,433,840) -- (9,325,424)
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
Transfers and Roll Overs:
Employee rollovers 328,413 316,316 116,720 53,175 36,562 114,090 -- 965,276
Transfers from other Plans -- -- -- -- -- -- 13,812 13,812
Net transfer (interfund) (692,766) (1,357,921) (1,210,144) 1,214,940 645,420 1,400,471 -- --
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
Total Transfers and Roll Overs (364,353) (1,041,605) (1,093,424) 1,268,115 681,982 1,514,561 13,812 979,088
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
Total additions 3,740,814 2,062,450 1,897,830 1,471,691 730,521 302,574 (86,351) 10,119,529
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
Participant withdrawals (1,940,765) (1,164,295) (2,634,038) -- (40) (2,655,593) -- (8,394,731)
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
Net increase (decrease) 1,800,049 898,155 (736,208) 1,471,691 730,481 (2,353,019) (86,351) 1,724,798
Assets available for benefits at
beginning of year 21,521,171 18,880,786 20,545,725 -- -- 34,159,901 191,613 95,299,196
- ------------------- ------------ ----------- ----------- ------------------------ -----------------------------------------------<PAGE>
Assets available for benefits at
end of year $ 23,321,220 19,778,941 19,809,517 1,471,691 730,481 31,806,882 105,262 97,023,994
=================== ============ =========== =========== ======================== ===============================================
See accompanying independent auditors' report.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
FIRST OF AMERICA BANK CORPORATION Schedule 3
RESERVE PLUS SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
Shares / Rate of Current
Description Units Interest Cost Value
- ------------------------ ---------- -------- ---------- -----------
<S> <C> <C> <C> <C>
Parkstone
Mid Capitalization Fund* 2,229,945 - $ 35,569,630 34,430,348
Parkstone Balanced
Allocation Fund* 2,090,976 - 24,094,004 25,781,728
Parkstone
US Gov Obligation Fund* 20,602,751 5.14% 20,602,751 20,602,751
Parkstone
Small Capitalization Fund* 557,415 - 16,100,594 16,220,785
Parkstone International
Discovery Fund* 274,735 - 3,607,049 4,068,821
First of America
Money Market Savings* 1,981 2.30 % 1,981 1,981
First of America Bank Corp.
Common Stock* 1,259,970 - 43,531,176 75,755,902
Participant Loans - 6 to 11% 59,793 59,793
---------- ----------
TOTAL ASSETS HELD FOR INVESTMENT $ 143,566,978 176,922,109
=========== ===========
* Indicates party-in-interest
See accompanying independent auditors' report.<PAGE>
/TABLE
<PAGE>
<TABLE>
<CAPTION>
FIRST OF AMERICA BANK CORPORATION Schedule 4
RESERVE PLUS SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Year Ended December 31, 1996
============================ =================================================== ============================================
(h) Current
(f) Expense value of asset (i)
(a) Identity of (b) Description (c) Purchase(d) Selling(e) Lease incurred with (g) Cost on transaction Gain or
party of asset price price rental transaction of asset date loss
- ---------------------------- --------------------------------------------------- --------------------------------------------
Purchases (1)
- ---------------------------- --------------------------------------------------- --------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Parkstone Balanced
Allocation Fund* Stock and Bond Fund $7,919,496 -- -- -- 7,919,496 -- --
Parkstone Mid
Capitialization Fund* Equity Fund 16,293,025 -- -- -- 16,293,025 -- --
Parkstone US Govt
Obligation Fund* Money Market Fund 9,121,180 -- -- -- 9,121,180 -- --
Parkstone Small
Capitalization Fund* Stock Fund 12,358,321 -- -- -- 12,358,321 -- --
First of America Money
Market Savings Fund* Money Market Fund 11,824,778 -- -- -- 11,824,778 -- --
First of America Bank Stock Fund 12,179,668 -- -- -- 12,179,668 -- --
Corp Common Stock*
- ----------------------------
Sales (1)
- ---------------------------- --------------------------------------------------- --------------------------------------------
Parkstone US Govt
Obligation Fund* Money Market Fund -- 8,615,541 -- -- 8,615,541 -- --
First of America Bank
Corp Common Stock* Stock Fund -- 10,454,179 -- -- 10,202,910 -- 251,269
First of America Money
Market Savings Fund* Money Market Fund $ -- 12,123,599 -- -- 12,123,599 -- --
============================ =================================================== ============================================
(1) Represents aggregate value of all transactions which took place for the year ended.
* Indicates party-in-interest.
See accompanying independent auditors' report.
/TABLE
<PAGE>
Exhibit 2
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, IL 60601
The Board of Directors
First of America Bank Corporation
We consent to incorporation by reference in the registration
statements on Form S-3 (Registration Statement Number 2-98422),
Form S-3 (Registration Statement Number 33-42226), and Form S-8
(Registration Statement Number 33-22044) of the First of America
Bank Corporation of our report dated March 14, l997, relating to
the statements of assets available for benefits of First of
America Bank Corporation Reserve Plus Savings Plan as of December
31, 1996 and 1995 and the related statements of changes in assets
available for benefits for each of the years in the three-year
period ended December 31, 1996, which report appears in the
December 31, 1996 annual report on Form 11-K of First of America
Bank Corporation Reserve Plus Savings Plan.
KPMG Peat Marwick LLP
May 6, 1997
<PAGE>
