Persisting in a controversial Florida expansion, Michigan's First of America Bank Corp. on Wednesday agreed to pay $23.6 million, or 250% of book value, for a limping thrift in Sarasota.

Kalamazoo-based First of America, with $22 billion of assets, said it had arranged a stockswap acquisition of Presidential Holding Co., parent of a $224 million-asset thrift with seven branches.

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