First of America Closer To Buying Illinois S&L

KALAMAZOO, Mich. - First of America Bank Corp. said it had signed a definitive agreement for its previously announced acquisition of Champion Federal Savings and Loan Association of Bloomington, Ill.

Champion Federal, a mutually owned thrift with assets of $2.3 billion and deposits of $2 billion, will convert to the stock form of ownership and be taken over for a projected $100 million to $110 million.

The purchase price will equal the amount needed to raise Champion's core capital to the regulatory minimum of 3% of assets.

No federal assistance is involved in the purchase, said Daniel R. Smith, chairman and chief executive officer of First of America.

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