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                                   EXHIBIT 20


                        Press Release dated May 17, 1995
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Financial Contact:  Carroll Kimball, Telephone 615/748-2455, Fax 615/748-2755
Media Contact:  Vicki Kessler, 615/748-2912, Fax 615/748-2535
Charter Federal Contact: C.R. McCullar, 703/645-5220, Fax 703/645-5222

FOR IMMEDIATE RELEASE

             FIRST AMERICAN CORPORATION TO ACQUIRE CHARTER FEDERAL

         NASHVILLE, TENN., MAY. 17, 1995 --  First American Corporation
(NASDAQ:FATN) and Charter Federal Savings Bank (NASDAQ:CHFD) today announced
plans for First American to acquire Charter in a stock-for-stock exchange
valued at approximately $67 million.
          Charter Federal is a $740 million savings bank headquartered in
Bristol, Va.  Charter's 26 branches are located in Knoxville, Tenn.  (8), the
Tri-Cities area (3) and southwestern Virginia (15).  On a pro-forma basis the
combined company will have the second largest market share (20 percent) in the
Knoxville MSA and the leading market share (20 percent) in the Tri-Cities MSA.
The pro-forma market share includes the effect of First American's pending
acquisition of Heritage Federal Bancshares (NASDAQ:HFBS), which is a $520
million savings bank also headquartered in the Tri-Cities area.  Both
acquisitions are scheduled to be completed in the fourth quarter of 1995,
subject to appropriate shareholder and regulatory approvals.
         According to Dennis C. Bottorff, First American chairman and CEO, "The
acquisition of Charter Federal strengthens our presence in vitally important
areas of the Tennessee trade area.  With this acquisition, our market share
moves to a strong number two position in Knoxville and number one in the
Tri-Cities area."
         First American has entered into a definitive agreement to acquire all
of the


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FIRST AMERICAN ACQUISITION OF CHARTER FEDERAL SAVINGS BANK - PAGE 2

outstanding shares of Charter Federal in a tax-free exchange.  If the average
price of First American common stock (for the 20 business days preceding and
including the third business day prior to consummation) is less than or equal
to $39.75, a fixed exchange rate of .38 shares of First American will be
exchanged for each share of Charter (resulting in approximately 1.94 million
First American shares being exchanged).  If the First American common stock
average is greater than $39.75 but less than or equal to $43.50, a fixed price
of $15.10 will be exchanged for each share of Charter.  If the average price of
the First American common stock is greater than $43.50, Charter may elect to
terminate the transaction.  Based on First American's stock price at the close
of trading on May 16, 1995, of $35.00 per share, the consideration paid to
Charter's shareholders would equal $13.30 per share.  First American intends to
repurchase, in open market transactions, up to 100 percent of its shares
necessary to effect this transaction.
         The transaction is expected to add to earnings in the first full year
after consummation.  The purchase price equals 11.2 times Charter's last twelve
month's earnings ending March 31, 1995 (excluding the $2.4 million gain on the
sale of branch assets) and 1.4 times March 31, 1995 book value.  Cost synergies
representing approximately 25 percent of Charter's non interest expenses are
anticipated in the first full year following consummation.
         "We are pleased at the prospect of becoming a part of First American
Corporation," said Robert J. Bartel, chairman of the board of directors of
Charter Federal.  "Our board of directors believes that this transaction
considerably enhances the outlook for our shareholders.  We are also enthused
about the greater resources of First American, which will enable our customers
to be better served with a wider array of financial products and services."


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FIRST AMERICAN ACQUISITION OF CHARTER FEDERAL SAVINGS BANK - PAGE 3

         Based on an evaluation of the financial implications of the combined
Charter and Heritage transactions, First American intends to account for its
previously announced Heritage acquisition as a pooling of interests and to
account for Charter as a purchase.
         As a result of the pooling accounting treatment for Heritage, First
American anticipates incurring a one-time charge, estimated at approximately
$4.5 million, net of taxes, in the fourth quarter of 1995.  Approximately $6
million of cost savings (45 percent of Heritage's non interest expense) are
anticipated during 1996 as a result of its integration into First American.
         First American plans to consolidate Charter Federal's Tennessee and
Bristol, Virginia, branches into First American National Bank, subject to
regulatory approval.  First American intends to operate the remaining Virginia
branches as First American Savings Bank, a separate subsidiary of First
American Corporation.
         Charter Federal's net income was $5.2 million for the nine months
ended March 31, 1995 (excluding a $2.4 million gain on the sale of branch
assets).  Its return on average assets was 1.02 percent, its return on average
equity was 17.06 percent, and the equity to assets ratio equaled  6.25 percent
at March 31, 1995.  Nonperforming assets to total assets equaled 1.77 percent
at March 31, 1995.
         At March 31, 1995, First American's total assets were $7.6 billion;
loans net of unearned discount, $5.0 billion; deposits, $5.9 billion; and
shareholders' equity, $629.8 million.
         First American Corporation is the Nashville-based parent company of
First American National Bank, First American National Bank of Kentucky and
First American Trust Company.  Approximately 3,300 people work for First
American in 143 banking offices.

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