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, 1997
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, 1997, 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, 1997, 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: May 1, 1998 BY: /s/ ALLAN BOWERS
Allan D. Bowers
Senior Vice President -
Director of Total
Compensation, Planning
& Operations
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, 1997
(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.......................... 4-12
Schedule
--------
Item 27a - Schedule of Assets Held for Investment...... 1 13
Item 27d - Schedule of Reportable Transactions......... 2 14
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, 1997 and 1996, and the related
statements of changes in assets available for benefits for each
of the years in the three-year period ended December 31, 1997.
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, 1997 and 1996, and the
changes in assets available for benefits for each of the years in
the three-year period ended December 31, 1997, in conformity with
generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supplemental
schedules of Assests Held for In vestment Purposes and Reportable
Transactions are presented for purposes of additional analysis
and are not required part of the basic financial statements but
are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The
supplemental schedules have been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
KPMG Peat Marwick LLP
March 20, 1998
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Statements of Assets Available for Benefits
======== ============================== ======================================= =================== ===================
December 31, 1997 and 1996
Assets 1997 1996
- -------- ------------------------------ -------------------------------------- ------------------- -------------------
Cash $ 333,855 111,710
- -------- ------------------------------ -------------------------------------- ------------------- -------------------
Investments at fair value:
Parkstone Mid Capitalization Fund 36,900,840 34,430,348
Parkstone Balanced Allocation Fund 27,941,389 25,781,728
Parkstone U.S. Govt. Obligation Fund 20,451,176 20,491,041
Parkstone Small Capitaization Fund 19,036,588 16,220,785
Parkstone International Discovery Fund 4,938,701 4,068,821
First of America Money Market Savings 42,497 1,981
First of America Bank Corporation common stock 145,489,593 75,755,902
- -------- ------------------------------ -------------------------------------- ------------------- --------------------
Total Investment at Fair Value 254,800,784 176,750,606
- -------- ------------------------------ -------------------------------------- ------------------- --------------------
Participant Loans Receivable 18,375 59,793
- -------- ------------------------------ -------------------------------------- ------------------- --------------------
Contributions receivable:
Employee 436,688 391,129
Employer 139,120 127,050
- -------- ------------------------------ -------------------------------------- ------------------- --------------------
Total Contributions Receiveable 575,808 518,179
Assets Available for Benefits $ 255,728,822 177,440,288
======== ============================== ====================================== =================== ====================
See accompanying notes to financial statements.
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Statements of Changes in Assets Available for Benefits
Years ended December 31, 1997, 1996, and 1995
====== ===============================================================================================
1997 1996 1995
- ------ -----------------------------------------------------------------------------------------------
Contibutions:
Employee payroll withholdings $ 15,837,413 15,195,604 14,577,220
Employer match 5,038,677 4,975,455 4,870,885
- ------ ------------------------------------------------------------------------------------------------
Total contributions 20,876,090 20,171,059 19,448,105
- ------ ------------------------------------------------------------------------------------------------
Investment income:
Dividends 11,566,128 17,788,718 5,396,772
Interest 986,732 937,754 988,644
Net Appreciation in market value 64,643,774 15,687,666 25,458,758
- ------ ------------------------------------------------------------------------------------------------
Total investment income 77,196,634 34,414,138 31,844,174
- ------ ------------------------------------------------------------------------------------------------
Employee rollovers 507,793 633,710 627,159
Transfers from other plans 1,026,708 1,756,920 3,595,267
- ------ ------------------------------------------------------------------------------------------------
Total additions 99,607,225 56,975,827 55,514,705
- ------ ------------------------------------------------------------------------------------------------
Participant withdrawals (21,318,691) (16,973,584) (15,100,654)
- ------ ------------------------------------------------------------------------------------------------
Net increase 78,288,534 40,002,243 40,414,051
Assets available for benefits at
beginning of year 117,440,288 137,438,045 97,023,994
- ------ ------------------------------------------------------------------------------------------------
Assets available for benefits at
end of year $255,728,822 177,440,288 137,438,045
See accompanying notes to financial statements.
December 31, 1997, 1996, and 1995
(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. Effective for plan years beginning
after December 31, 1996, the maximum eligible base compensation level
is $160,000. 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 $9,500 into
the plan during 1997. 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 1997, 1996 or 1995.
Participant Account
Each participant account is credited with the employee contribution
and the Company's matching contribution. Investment earnings are
allocated based on participant investment choices and current market
value. The maximum benefit to which a participant is entitled is the
vested portion of the participant's account.
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 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 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 to cash at the market value
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) Pending Merger
On November 30, 1997, First of America entered into an Agreement and
Plan of Merger with National City Corporation (NCC) providing for the
merger of First of America and NCC. The merger is expected to be
completed by March 31, 1998. As a result of this merger, the First
of America Bank Corporation Reserve Plus Savings Plan will be merged
into NCC's 401(k) Plan during the first quarter of fiscal year 1999.
(3) 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. Generally accepted accounting principles require the Plan
administrator to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities. Actual results could differ from
those estimates.
Investments
Investments are stated at fair market value as determined by quoted
market prices. Employees may invest in the following funds at their
option. The various Parkstone Mutual Funds are sponsored by First of
America Bank Corporation.
. Money Market Fund - invests in the Parkstone U.S. Government
obligations Fund, which invests in short-term fixed income
securities, such as the 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.
. Balanced Fund - invests in the Parkstone Balanced Allocation
Fund, which invests in a mix of stocks and bonds at the
discretion of the administrator based on market conditions.
. Mid Cap Fund - invests in the Parkstone Mid-Capitalization
Fund (formerly 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.
(4) Transfers from Other Plans
Amounts from plans of institutions acquired are transferred into the
Plan upon acquisition.
(5) Funding and Termination
The Company deposits all contributions biweekly. 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.
(6) 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 $1,610,255 and $1,483,205 at December 31, 1997 and 1996,
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.
(7) 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 and the
trust established under the Plan are qualified as 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
RESERVE PLUS SAVINGS PLAN
Notes to Financial Statements
(8) Allocation of Plan Assets Available for Benefits
December 31, 1997
========================================================================================================================
Balanced U.S Gov't Small Intl. First of
Mid Cap Allocation Obiligation Cap Discovery America Participant
Assets Fund Fund Fund Fund Fund Stock Fund Loans TOTAL
- ------------------------------------------------------------------------------------------------------------------------
Cash $ 333,855 333,855
- ------------------------------------------------------------------------------------------------------------------------
Ivestments at fair value:
Parkstone Mid Cap Fund 36,900,840 -- -- -- -- -- -- 36,900,840
Parkstone Balanced
Allocation Fund -- 27,941,389 -- -- -- -- -- 27,941,389
Parkstone
US Gov Obligation Fund -- -- 20,451,176 -- -- -- -- 20,451,176
Parkstone
Small Capitalization Fund -- -- -- 19,036,588 -- -- -- 19,036,588
Parkstone International
Discovery Fund -- -- -- -- 4,938,701 -- -- 4,938,701
First of America
Money Market Savings -- -- -- -- -- 42,497 -- 42,497
First of America Bank Corp.
Common Stock -- -- -- -- -- 145,489,593 -- 145,489,593
- ------------------------------------------------------------------------------------------------------------------------
Total Investments 36,900,840 27,941,389 20,451,176 19,036,588 4,938,701 145,532,090 -- 254,800,784
- ------------------------------------------------------------------------------------------------------------------------
Participant Loans Receivable -- -- -- -- -- -- 18,375 18,375
- ------------------------------------------------------------------------------------------------------------------------
Contributions Receivable:
Employee 103,008 70,751 43,694 100,915 30,154 88,166 0 436,688
Employer 0 0 0 0 0 139,120 0 139,120
- -----------------------------------------------------------------------------------------------------------------------
Total Contributions
Receivable 103,008 70,751 43,694 100,915 30,154 227,286 -- 575,808
- -----------------------------------------------------------------------------------------------------------------------
Total Assets Available
for Benefits $ 37,003,848 28,012,140 20,828,725 19,137,503 4,968,855 145,759,376 18,375 255,728,822
=======================================================================================================================
See accompanying independent auditors' report.
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Notes to Fincial Statements
December 31, 1996
========================================================================================================================
Balanced U.S Gov't Small Intl. First of
Mid Cap Allocation Obiligation Cap Discovery America Participant
Assets Fund Fund Fund Fund Fund Stock Fund Loans TOTAL
- ------------------------------------------------------------------------------------------------------------------------
Cash $ 111,710 111,710
- ------------------------------------------------------------------------------------------------------------------------
Ivestments at fair value:
Parkstone Mid Cap Fund 34,430,348 -- -- -- -- -- -- 34,430,348
Parkstone Balanced
Allocation Fund -- 25,781,728 -- -- -- -- -- 25,781,728
Parkstone
US Gov Obligation Fund -- -- 20,491,041 -- -- -- -- 20,491,041
Parkstone
Small Capitalization Fund -- -- -- 16,220,785 -- -- -- 16,220,785
Parkstone International
Discovery Fund -- -- -- -- 4,068,821 -- -- 4,068,821
First of America
Money Market Savings -- -- -- -- -- 1,981 -- 1,981
First of America Bank Corp.
Common Stock -- -- -- -- -- 75,755,902 -- 75,755,902
- ------------------------------------------------------------------------------------------------------------------------
Total Investments 34,430,348 25,781,728 20,491,041 16,220,785 4,068,821 75,757,883 -- 176,750,606
- ------------------------------------------------------------------------------------------------------------------------
Participant Loans Receivable -- -- -- -- -- -- 59,793 59,793
- ------------------------------------------------------------------------------------------------------------------------
Contributions Receivable:
Employee 100,237 66,044 43,305 89,027 24,367 68,149 391,129
Employer 0 0 0 0 0 127,050 0 127,050
- -----------------------------------------------------------------------------------------------------------------------
Total Contributions
Receivable 100,237 66,044 43,305 89,027 24,367 195,199 -- 518,179
- -----------------------------------------------------------------------------------------------------------------------
Total Assets Available
for Benefits $ 34,530,585 25,847,772 20,646,056 16,309,812 4,093,188 75,953,082 59,793 177,440,288
=======================================================================================================================
See accompanying independent auditors' report.
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Notes to Finanical Statments
(9) Allocation of Plan Income and Changes in Assets Available for Benefits
Year ended December 31, 1997
================================ =============================================== ================================================
Balanced U.S Gov't Small Intl. First of
Mid Cap Allocation Obiligation Cap Discovery America Participant
Fund Fund Fund Fund Fund Stock Fund Loans TOTAL
================================ =============================================== ================================================
Contributions:
Employee payroll withholdings 3,818,865 2,500,538 1,612,426 3,915,249 1,163,074 2,827,261 -- 15,837,413
Employer match -- -- -- -- -- 5,038,677 -- 5,038,677
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total contributions 3,818,865 2,500,538 1,612,426 3,915,249 1,163,074 7,865,938 -- 20,876,090
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Loan payments 3,241 2,554 1,704 7,674 6,218 3,561 (24,952) --
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Investment income:
Dividends 6,604,751 1,479,699 -- 905,640 165,867 2,410,171 -- 11,566,128
Interest 1,092 321 975,799 140 72 9,308 -- 986,732
Net appreciation/depreciation (2,766,619) 1,430,524 -- (1,616,816) (114,836)67,711,521 -- 64,643,774
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total investment income 3,839,224 2,910,544 975,799 (711,036) 51,103 70,131,000 -- 77,196,634
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Transfers and Roll Overs:
Employee Roll Overs 88,263 155,180 79,719 117,636 18,843 48,152 -- 507,793
Transfers from other Plans 72,201 26,144 461,226 143,349 134,520 189,268 -- 1,026,708
Net transfer (inter-fund) (1,533,617) (138,730) 1,684,851 1,009,819 (63,003) (959,320) -- --
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total transfers and rollovers (1,373,153) 42,594 2,225,796 1,270,804 90,360 (721,900) -- 1,534,501
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total Additions 6,288,177 5,456,230 4,815,725 4,482,691 1,310,755 77,278,599 (24,952) 99,607,225
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Participant withdrawals (3,814,914)(3,291,862) (4,633,056)(1,655,000) (435,088)(7,472,305) (16,466) (21,318,691)
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Net increase (decrease) 2,473,263 2,164,368 182,669 2,827,691 875,667 69,806,294 (41,418) 78,288,534
Assets available for benefits at
beginning of year 34,530,585 25,847,772 20,646,056 16,309,812 4,093,188 75,953,082 59,793 177,440,288
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Assets available for benefits at
end of year $ 37,003,848 28,012,140 20,828,725 19,137,503 4,968,855 145,759,376 18,375 255,728,822
================================ =============================================== ================================================
See accompanying independent auditors' report.
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Notes to Financial Statements
Year ended December 31, 1996
================================ =============================================== ================================================
Balanced U.S Gov't Small Intl. First of
Mid Cap Allocation Obiligation Cap Discovery America Participant
Fund Fund Fund Fund Fund Stock Fund Loans TOTAL
================================ =============================================== ================================================
Contributions:
Employee payroll withholdings 3,924,850 2,666,487 1,807,951 3,057,320 946,844 2,792,152 -- 15,195,604
Employer match -- -- -- -- -- 4,975,455 -- 4,975,455
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total contributions 3,924,850 2,666,487 1,807,951 3,057,320 946,844 7,767,607 -- 20,171,059
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Loan payments 6,470 6,510 3,598 4,073 1,467 8,155 (30,273) --
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Investment income:
Dividends 9,741,764 3,394,505 -- 2,410,862 1,399 2,240,188 -- 17,788,718
Interest 1,625 657 929,319 463 180 5,510 -- 937,754
Net appreciation/depreciation (4,444,862) (410,778) -- 152,320 454,810 19,936,176 -- 15,687,666
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total investment income 5,298,527 2,984,384 929,319 2,563,645 456,389 22,181,874 -- 34,414,138
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Transfers and Roll Overs:
Employee Roll Overs 147,743 138,297 121,521 141,636 25,244 59,269 -- 633,710
Transfers from other Plans 372,155 443,370 217,893 425,957 215,396 82,149 -- 1,756,920
Net transfer (inter-fund) (1,051,542)(1,190,192) 1,947,579 3,386,289 616,645 (3,725,944) 17,165 --
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total transfers and rollovers (531,644) (608,525) 2,286,993 3,953,882 857,285 (3,584,526) 17,165 2,390,630
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Total Additions 8,698,203 5,048,856 5,027,861 9,578,920 2,261,985 26,373,110 (13,108) 56,975,827
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Participant withdrawals (3,349,345)(2,628,005) (4,443,292) (646,231) (213,203)(5,684,682) (8,826) (16,973,584)
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Net increase (decrease) 5,348,858 2,420,851 584,569 8,932,689 2,048,782 20,688,428 (21,934) 40,002,243
Assets available for benefits at
beginning 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
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Assets available for benefits at
end of year $ 34,530,585 25,847,772 20,646,056 16,309,812 4,093,188 75,953,082 59,793 177,440,288
================================ =============================================== ================================================
See accompanying independent auditors' report.
FIRST OF AMERICA BANK CORPORATION
RESERVE PLUS SAVINGS PLAN
Notes to Finanical Statements
Year ended December 31, 1995
================================ =============================================== ================================================
Balanced U.S Gov't Small Intl. First of
Mid Cap Allocation Obiligation Cap Discovery 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 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
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Transfers and Roll Overs:
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 8,200,118 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)
- -------------------------------- ----------------------------------------------- ------------------------------------------------
Net increase (decrease) 5,860,508 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.
FIRST OF AMERICA BANK CORPORATION Schedule 1
RESERVE PLUS SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1997
Shares / Rate of Current
Description Units Interest Cost Value
- ------------------------ ---------- -------- ---------- -----------
Parkstone
Mid Capitalization Fund* 2,618,937 - $ 40,659,005 36,900,840
Parkstone Balanced
Allocation Fund* 2,144,389 - 25,268,085 27,941,389
Parkstone
US Gov Obligation Fund* 20,454,783 5.40% 20,454,783 20,451,176
Parkstone
Small Capitalization Fund* 730,491 - 20,233,876 19,036,588
Parkstone International
Discovery Fund* 338,964 - 4,751,369 4,938,701
First of America
Money Market Savings* 42,497 2.05 % 42,497 42,497
First of America Bank Corp.
Common Stock* 1,886,413 - 50,924,937 145,489,593
Participant Loans - 6 to 11% 18,375 18,375
---------- ----------
TOTAL ASSETS HELD FOR INVESTMENT $ 162,352,927 254,819,159
=========== ===========
* Indicates party-in-interest
See accompanying independent auditors' report.
FIRST OF AMERICA BANK CORPORATION Schedule 2
RESERVE PLUS SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Year Ended December 31, 1996
============================ =================================================== ============================================
(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
- ---------------------------- --------------------------------------------------- --------------------------------------------
Purchases (1)
- ---------------------------- --------------------------------------------------- --------------------------------------------
Parkstone Mid
Capitialization Fund* Equity Fund 13,168,050 -- -- -- 13,168,050 -- --
Parkstone US Govt
Obligation Fund* Money Market Fund 11,739,024 -- -- -- 11,739,024 -- --
Parkstone Small
Capitalization Fund* Equity Fund 10,518,881 -- -- -- 10,518,881 -- --
First of America Money
Market Savings Fund* Money Market Fund 15,648,206 -- -- -- 15,648,206 -- --
First of America Bank Stock Fund 15,705,853 -- -- -- 15,705,853 -- --
Corp Common Stock*
- ----------------------------
Sales (1)
- ---------------------------- --------------------------------------------------- --------------------------------------------
Parkstone US Govt
Obligation Fund* Money Market Fund -- 33,192,857 -- -- 33,192,857 -- --
First of America Bank
Corp Common Stock* Stock Fund -- 13,675,017 -- -- 8,321,936 -- 5,353,081
First of America Money
Market Savings Fund* Money Market Fund $ -- 15,607,689 -- -- 15,607,689 -- --
Parkstone Mid
Capitalization Fund* Equity Fund -- 7,930,959 -- -- 8,075,657 -- (144,698)
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(1) Represents aggregate value of all transactions which took place for the year ended.
* Indicates party-in-interest.
See accompanying independent auditors' report.
EXHIBIT 2
The Board of Directors
First of America Bank Corporation
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to incorporation by reference in the registration
statements on Form S-3 (Registration Statement Number 2-98422), S-3
(Registration Statement Number 33-42226), and Form S-8 (Registration
Statement Number 33-22044) of First of America Bank Corporation of
our report dated March 20, 1998, relating to the statements of
assets available for benefits of First of America Bank Corporation
Reserve Plus Savings Plan as of December 31, 1997 and 1996, and the
related statements of changes in assets available for benefits for
each of the years in the three year period ended December 17, 1997,
which report appears in the December 31, 1997 annual report on Form
11-K of First of America Bank Corporation Reserve Plus Savings Plan.
Chicago, Illinois
April 29, 1998