KALAMAZOO, Mich. -- First of America Bank Corp. said it agreed to buy a $406 million-asset Florida thrift holding company, F&C Bancshares, in a stock swap deal valued at $75 million, or 1.7 times its book value at March 31.

The Kalamazoo, Mich.-based banking company, with $22 billion of assets, said the acquisition would nearly double its asset base in Florida while expanding its branch network in that state to 43 offices from 36. The deal will dilute First of America's earnings per share up to 2% in 1995 and will be accretive to earnings beginning in 1996. The transaction is expected to close by yearend.

F&C's principal subsidiary, First Federal Savings Bank of Charlotte City, posted a 1% return on average assets in 1993, according to Sheshunoff Information Services Inc.

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