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
JANUARY 30, 1997
(Date of Report [Date of earliest event reported]:)
FIRST OF AMERICA BANK CORPORATION
(Exact name of registrant as specified in charter)
As Servicer and Co-Originator of the
First of America Credit Card Master Trust
MICHIGAN
(State or other jurisdiction of incorporation or organization)
1-10534
(Commission File No.)
38-1971791
(I.R.S. Employer Identification No.)
211 SOUTH 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
(1) On January 28, 1997, First of America Bank Corporation ("First
of America") issued a news release announcing the placement of
$150 million of fixed rate capital securities through First of
America Capital Trust I, a newly formed Delaware business trust,
controlled by First of America Bank Corporation. The text of
the news release follows.
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 PLACEMENT
OF $150 MILLION OF FIXED RATE
CAPITAL SECURITIES
KALAMAZOO, Mich., January 28, 1997 -- First of America Bank
Corporation (NYSE: FOA) today announced the placement of $150
million of fixed rate capital securities through First of America
Capital Trust I, a newly formed Delaware business trust,
controlled by First of America Bank Corporation.
The 8.12% Capital Securities of First of America Capital Trust I
were priced at par. Cash distributions will be payable semi-
annually on January 31 and July 31, beginning July 31, 1997. The
proceeds from the issuance will be used for general corporate
purposes.
The 8.12% Capital Securities were offered in a private placement
transaction and are expected to be rated "a2" by Moody's and BBB
by Standard & Poor's. The securities have not been registered
under the Securities Act of 1933 and may not be offered or sold
in the United States without such registration or an applicable
exemption from the registration requirements.
Richard F. Chormann, chairman, president and chief executive
officer of First of America Bank Corporation, said, "We believe
the issuance of these capital securities will further enhance our
strong capital position, while reducing our cost of capital."
First of America Bank Corporation, headquartered in Kalamazoo,
Michigan is a $22 billion bank holding company which has $15
billion in loans and $18 billion in deposits and serves over 3
million households in Michigan, Illinois, Indiana and Florida.
The company engages in commercial banking, retail banking as well
as mortgage origination services in North Carolina and Arizona.
The corporation also provides trust, insurance and other
financial services, managing over $20 billion in trust and mutual
fund assets. Based on total assets, First of America is ranked
32nd among banking companies in the United States.
# # #<PAGE>
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: January 30, 1997 /S/ Thomas W. Lambert
Thomas W. Lambert
Executive Vice President and Chief
Financial Officer
(Principal Financial and
Accounting Officer)<PAGE>
