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, 1995
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)
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, 1995, 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, 1995, prepared
in accordance with the financial reporting requirements
of ERISA, are filed herewith as an exhibit.
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: March 29, 1995 BY: /s/ Richard V. Washburn
Richard V. Washburn
Senior Vice President -
Human Resources
EXHIBIT INDEX
EXHIBIT NO. PAGE NO.
1. Financial statements and Notes thereto
2. Consent of KPMG Peat Marwick
EXHIBIT 1
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Financial Statements and Schedules
Three-year period ended December 31, 1995
(With Independent Auditors' Report Thereon)
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 27d - Schedule of Reportable Transactions......... 3 13
All other schedules required by the Employee Retirement Income
Security Act of 1974 are not applicable and have been omitted.
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, 1995 and 1994, and the related
statements of changes in assets available for benefits for each
of the years in the three-year period ended December 31, 1995.
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, 1995 and 1994, and the
changes in assets available for benefits for each of the years in
the three-year period ended December 31, 1995, 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 22, 1996
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Statements of Assets Available for Benefits
======== ============================== ======================================= =================== ===================
December 31, 1995 and 1994
Assets 1995 1994
- -------- ------------------------------ -------------------------------------- ------------------- -------------------
Cash $ 40,404 47,984
- -------- ------------------------------ -------------------------------------- ------------------- -------------------
Investments at fair value:
Parkstone Equity Fund (cost of $24,443,810 and
$23,674,256 at December 31, 1995 and 1994, respectively) 29,111,374 23,321,220
Parkstone Balanced Fund (cost of $20,576,758 and
$19,285,978 at December 31, 1995 and 1994, respectively) 23,375,761 19,778,941
Parkstone U.S. Government Obligation Fund
(cost of $19,985,402 and $19,761,533 at
December 31, 1995 and 1994, respectively) 19,985,402 19,761,533
Parkstone Small Capitalization Fund (cost of $7,100,398 and
$1,523,665 at December 31, 1995 and 1994, respectively) 7,359,351 1,471,691
Parkstone International Discovery Fund (cost of $1,967,822 and
$803,469 at December 31, 1995 and 1994, respectively) 2,030,406 730,481
First of America Money Market Savings (cost of $300,802 and
$304,360 at December 31, 1995 and 1994, respectively) 300,802 304,360
First of America Bank Corporation common
stock (cost of $38,102,599 and $31,098,459 at
December 31, 1995 and 1994, respectively) 54,823,335 31,502,522
- -------- ------------------------------ -------------------------------------- ------------------- --------------------
136,986,431 96,870,748
- -------- ------------------------------ -------------------------------------- ------------------- --------------------
Participant loans receivable 81,727 105,262
- -------- ------------------------------ -------------------------------------- ------------------- --------------------
Contributions receivable:
Employee 241,520 --
Employer 87,963 --
- -------- ------------------------------ -------------------------------------- ------------------- --------------------
Assets available for benefits $ 137,438,045 97,023,994
======== ============================== ====================================== =================== ====================
See accompanying notes to financial statements.
/TABLE
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Statements of Changes in Assets Available for Benefits
Years ended December 31, 1995, 1994, and 1993
====== ===============================================================================================
1995 1994 1993
- ------ -----------------------------------------------------------------------------------------------
Contributions:
Employee payroll withholdings $ 14,577,220 13,953,603 12,332,212
Employer match 4,870,885 4,512,262 3,864,470
- ------ ------------------------------------------------------------------------------------------------
Total contributions 19,448,105 18,465,865 16,196,682
- ------ ------------------------------------------------------------------------------------------------
Investment income:
Dividends 5,396,772 4,336,582 1,646,476
Interest 988,644 980,389 1,016,248
Net appreciation (depreciation) in market value 25,458,758 (14,642,395) 2,157,807
- ------ ------------------------------------------------------------------------------------------------
Total investment income 31,844,174 (9,325,424) 4,820,531
- ------ ------------------------------------------------------------------------------------------------
Employee rollovers 627,159 965,276 640,078
Transfers from other plans 3,595,267 13,812 321,172
- ------ ------------------------------------------------------------------------------ -----------------
Total additions 55,514,705 10,119,529 21,978,463
- ------ ------------------------------------------------------------------------------ -----------------
Expenses -- (72,881) (73,018)
Participant withdrawals (15,100,654) (8,321,850) (6,254,073)
- ------ ------------------------------------------------------------------------------ -----------------
Total deductions (15,100,654) (8,394,731) (6,327,091)
- ------ ------------------------------------------------------------------------------ -----------------
Net increase 40,414,051 1,724,798 15,651,372
Assets available for benefits at
beginning of year 97,023,994 95,299,196 79,647,824
- ------ -------------------------------------------- ----------- --------------- -----------------
Assets available for benefits at
end of year $ 137,438,045 97,023,994 95,299,196
See accompanying notes to financial statements.
/TABLE
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Notes to Financial Statements
December 31, 1995, 1994, and 1993
- -----------------------------------------------------------------
( 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, are employed on a salaried basis, and
maintain a base compensation level of less than $200,000.
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
$9,240 into the plan. 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 1995,
1994 or 1993.
Participant Account
Each participant account is credited with the employee
contribution and the Company's matching contribution. Investment
earnings are allocated based on account balances. The maximum
benefit to which a participant is entitled is the vested portion
of the participant's account.
(Continued)
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.
Investments
Investments are stated at fair market value as determined by
quoted market prices. Employees may invest in the following funds
at their option:
. Money Market Fund- invests in the Parkstone U.S. Government
Obligations Fund, which invests in short-term fixed income
securities, such as 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.
(Continued)
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Notes to Financial Statements
- ---------------------------------------------------------------
. Balanced Fund - invests in the Parkstone Balanced Fund,
which invests in a mix of stocks and bonds at the discretion
of the administrator based on market conditions.
. Equity Fund - invests in the 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 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.
(3) Transfers from Other Plans
Certain of the Company's affiliates maintained plans prior to the
creation of First of America Bank Corporation Reserve Plus
Savings Plan. At January 1, 1991, those net assets were
transferred to this plan. In addition, 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 $972,616 and $659,354 for 1995 and 1994,
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.
(Continued)
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Notes to 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
is qualified and the trust established under the Plan is
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.
FIRST OF AMERICA BANK CORPORATION Schedule 1
RESERVE PLUS SAVINGS PLAN
Allocation of Plan Assets Available for Benefits
December 31, 1995
=================================== =================================== ============================================= ===========
Money Small Interna-
Equity Balanced Market Cap tional FOA Participant 1995
Assets Fund Fund Fund Fund Fund Stock Fund Loan Total
- ----------------------------------- ----------------------------------- -------------------------------------------- -----------
Cash $ -- -- 40,404 -- -- -- -- 40,404
- ----------------------------------- ----------------------------------- -------------------------------------------- -----------
Investments at fair value:
Parkstone Equity Fund 29,111,374 -- -- -- -- -- -- 29,111,374
Parkstone Balanced Fund -- 23,375,761 -- -- -- -- -- 23,375,761
Parkstone U.S.
Government 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
Corporation common stock -- -- -- -- -- 54,823,335 -- 54,823,335
- ----------------------------------- ------------ ---------------------- -------------------------------------------- -----------
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 52,554 241,520
Employer 87,963 87,963
- ----------------------------------- ------------ ---------------------- -------------------------------------------- -----------
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
FIRST OF AMERICA BANK CORPORATION Schedule 1A
RESERVE PLUS SAVINGS PLAN
Allocation of Plan Assets Available for Benefits
December 31, 1994
============ ========================================================== ========================================== ===========
Money Small Interna-
Equity Balanced Market Cap tional FOA Participant 1994
Assets Fund Fund Fund Fund Fund Stock Fund Loans Total
- ------------ ---------------------------------------------------------- ------------------------------------------ -----------
Cash $ -- -- 47,984 -- -- -- -- 47,984
- ------------ ---------------------------------------------------------- ------------------------------------------ -----------
Investments at fair value:
Parkstone Equity Fund 23,321,220 -- -- -- -- -- -- 23,321,220
Parkstone Balanced Fund -- 19,778,941 -- -- -- -- -- 19,778,941
Parkstone U.S.
Government Obligation Fund -- -- 19,761,533 -- -- -- -- 19,761,533
Parkstone Small
Capitalization Fund -- -- -- 1,471,691 -- -- -- 1,471,691
Parkstone International
Discovery Fund -- -- -- -- 730,481 -- -- 730,481
First of America Money
Market Savings -- -- -- -- -- 304,360 -- 304,360
First of America Bank
Corporation common stock -- -- -- -- -- 31,502,522 -- 31,502,522
- ------------ ---------------------------------------------------------- ------------------------------------------ -----------
23,321,220 19,778,941 19,761,533 1,471,691 730,481 31,806,882 -- 96,870,748
- ------------ ---------------------------------------------------------- ------------------------------------------ -----------
Participant loans receivable -- -- -- -- -- -- 105,262 105,262
- ------------ ---------------------------------------------------------- ------------------------------------------ -----------
Total assets available for benefits $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
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, 1995
================================ =============================================== ================================================
Money Interna- First of
Equity Balanced Market Small Cap tional America Participant
Fund Fund Fund Fund Fund Stock Fund Loans Total
================================ =============================================== ================================================
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/depreciation 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
- -------------------------------- ----------------------------------------------- ------------------------------------------------
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 8,200,117 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)
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total deductions (2,339,610)(1,656,753) (5,119,156) (292,758) (94,482)(5,597,895) -- (15,100,654)
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Net increase (decrease) 5,860,507 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
- -------------------------------- ----------------------------------------------- ------------------------------------------------
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
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, 1994
=================== ============ ======================= ======================== ===============================================
Money Interna- First of
Equity Balanced Market Small Cap tional America Participant
Fund Fund Fund Fund Fund Stock Fund Loans Total
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
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)
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
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 additions 3,740,814 2,062,450 1,897,830 1,471,691 730,521 302,574 (86,351) 10,119,529
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
Expenses (7,854) (9,414) (13,522) -- -- (42,091) -- (72,881)
Participant withdrawals (1,932,911) (1,154,881) (2,620,516) -- (40) (2,613,502) -- (8,321,850)
- ------------------- ------------ ----------------------- ------------------------ -----------------------------------------------
Total deductions (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
- ------------------- ------------ ----------- ----------- ------------------------ -----------------------------------------------
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
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, 1993
================================== ======================================================== ============================
Money First of
Equity Balanced Market America Participant
Fund Fund Fund Stock Fund Loans Total
- ---------------------------------- -------------------------------------------------------- ----------------------------
Contributions:
Employee payroll withholdings $ 4,190,085 3,425,588 2,362,530 2,354,009 -- 12,332,212
Employer match -- -- -- 3,864,470 -- 3,864,470
- ---------------------------------- -------------------------------------------------------- ----------------------------
Total contributions 4,190,085 3,425,588 2,362,530 6,218,479 -- 16,196,682
- ---------------------------------- -------------------------------------------------------- ----------------------------
Loan payments 31,312 24,584 20,533 25,419 (101,848) --
- ---------------------------------- -------------------------------------------------------- ----------------------------
Investment income:
Dividends 44,343 424,502 -- 1,177,631 -- 1,646,476
Interest 3,698 341,646 664,228 6,676 -- 1,016,248
Net appreciation (depreciation)
in market value 2,347,001 1,088,159 -- (1,277,353) -- 2,157,807
- ---------------------------------- -------------------------------------------------------- ----------------------------
Total investment income 2,395,042 1,854,307 664,228 (93,046) -- 4,820,531
- ---------------------------------- -------------------------------------------------------- ------------- --------------
Employee rollovers 129,804 196,988 113,532 199,754 -- 640,078
Transfers from other Plans 173,232 10,704 53,628 83,608 -- 321,172
Net transfer (interfund) 2,144,898 410,601 (1,713,001) (842,498) -- --
- ---------------------------------- -------------------------------------------------------- ----------------------------
Total additions 9,064,373 5,922,772 1,501,450 5,591,716 (101,848) 21,978,463
- ---------------------------------- -------------------------------------------------------- ----------------------------
Expenses (2,423) (1,899) (16,703) (51,993) -- (73,018)
Participant withdrawals (1,604,843) (1,145,819) (2,552,275) (951,136) -- (6,254,073)
- ---------------------------------- -------------------------------------------------------- ------------- --------------
Total deductions (1,607,266) (1,147,718) (2,568,978) (1,003,129) -- (6,327,091)
- ---------------------------------- -------------------------------------------------------- ------------- --------------
Net increase (decrease) 7,457,107 4,775,054 (1,067,528) 4,588,587 (101,848) 15,651,372
Assets available for benefits at
beginning of year 14,064,064 14,105,732 21,613,253 29,571,314 293,461 79,647,824
- ---------------------------------- -------------------------------------------------------- ------------- --------------
Assets available for benefits at
end of year $ 21,521,171 18,880,786 20,545,725 34,159,901 191,613 95,299,196
- ---------------------------------- -------------------------------------------------------- ------------- --------------
See accompanying independent auditors' report.
/TABLE
FIRST OF AMERICA BANK CORPORATION Schedule 3
RESERVE PLUS SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Year Ended December 31,1995
============================ =================================================== ============================================
Purchases (1)
- ---------------------------- --------------------------------------------------- --------------------------------------------
(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
- ---------------------------- --------------------------------------------------- --------------------------------------------
Parkstone Balanced Fund Stock and Bond Fund $5,303,011 -- -- -- 5,303,011 -- --
Parkstone Equity Fund Equity Fund 6,398,417 -- -- -- 6,398,417 -- --
Parkstone U.S. Government
Obligation Fund Money Market Fund 7,546,958 -- -- -- 7,546,958 -- --
First of America Money
Market Savings Fund Money Market Fund 12,857,223 -- -- -- 12,857,223 -- --
First of America Bank
Corporation common stock Stock Fund 12,910,099 -- -- -- 12,910,099 -- --
Parkstone Small
Capitalization Fund Stock Fund 6,512,694 -- -- -- 6,512,694 -- --
- ----------------------------
Sales (1)
- ---------------------------- --------------------------------------------------- --------------------------------------------
Parkstone Equity Fund Equity Fund $ -- 6,306,492 -- -- 5,546,102 -- 760,390
First of America Bank Corporation
Common Stock Stock Fund -- 6,967,598 -- -- 6,190,768 -- 776,830
Parkstone U.S. Government
Obligation Fund Money Market Fund -- 7,738,373 -- -- 7,738,373 -- --
============================ =================================================== ============================================
(1) Represents aggredgate value of all transactions which took place for the year ended.
See accompanying independent auditors' report.
/TABLE
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 22, l996, relating to
the statements of assets available for benefits of First of
America Bank Corporation Reserve Plus Savings Plan as of December
31, 1995 and 1994 and the related statements of changes in assets
available for benefits for each of the years in the three-year
period ended December 31, 1995, which report appears in the
December 31, 1995 annual report on Form 11-K of First of America
Bank Corporation Reserve Plus Savings Plan.
KPMG Peat Marwick LLP
March 28, 1996