FIRST FEDERAL FORT MYERS <FFMY> TO MAKE PURCHASE
First Federal Savings and Loan
Association of Fort Myers said its board has executed a letter
of intent to acquire First Presidential Savings and Loan
Association of Sarasota, Fla., for 8,500,000 dlrs in cash.
    The company said a definitive agreement is expected to be
executed by May 15 and the transaction is expected to be
completed by year-end.
    The purchase price is subject to an increase on a dollar
for dollar basis to the extent that the net worth of First
Presidentail exceeds 4,100,000 dlrs at the time of closing, the
company said.
