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PRESS RELEASE
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(Home Financial Corporation - 1720 Harrison Street - Hollywood, Florida 33020
954-925-3330 - Fax: 954-920-3270
For release after the close of Business 07/29/96
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DATE: July 29, 1996
CONTACT: Harry MacDougall, Executive VP and COO
Nancy Coats, VP
PHONE: 954-925-3330
FAX: 954-920-3270
HOME FINANCIAL CORPORATION (NASDAQ:HOFL) ANNOUNCES AN INCREASE TO THE EXCHANGE
RATIO TO BE USED IN CONNECTION WITH ITS ACQUISITION BY FIRST UNION CORPORATION
DUE TO THE SALE OF CERTAIN ASSETS OF ITS SUBSIDIARY, AMERICAN HOME SERVICE
CORPORATION.
Hollywood, FL-(BUSINESS WIRE)--Home Financial Corporation (HFC) announced that
it has sold certain assets of its subsidiary, American Home Service Corporation
(AHSC) for a cash purchase price of $20.3 million, subject to possible
adjustments. The sale of the AHSC assets was required by the Merger Agreement
pursuant to which HFC agreed to be acquired by First Union Corporation.
Management estimates that, subject to the aforementioned possible adjustments,
as a result of the sale HFC's shareholders would receive approximately $.17 per
share in additional value in connection with the acquisition, in the form of
an increase in the exchange ratio pursuant to which shares of HFC's common
stock will be converted into shares of First Union common stock upon
consummation of the acquisition. HFC previously announced that the exchange
ratio would be .2233, subject to certain adjustments, including an adjustment
based on the sale of the AHSC assets. Pursuant to the foregoing, as a result
of the sale, the exchange ratio will increase from the .2233 ratio previously
announced. The actual increase in the exchange ratio will be determined based
on the average of the closing sale price of First Union common stock for the
ten trading days prior to the closing date, and cannot be determined until
such time.