FIRST NATIONAL HOLDERS APPROVE HOLDING COMPANY
First National Bank in
Mount Clemens, Mich., said it is seeking final regulatory
approval to form First National Bank Corp, a bank holding
company, following shareholder approval Tuesday.
    It said formation of First National Bank Corp will result
in a one-for-one stock exchange for shareholders of First
National Bank in Mount Clemens.
    First National Bank Corp is the parent company of First
National Bank in Mount Clemens and Bankers Life Insurance Co, a
newly created insurance subsidiary.
    At the shareholders' meeting, the bank also reported 1986
First National Bank earnings of 2,008,000 dlrs, or 2.22 dlrs a
share, up 11 pct from 1985's earnings of 1,811,000 dlrs, or
2.00 dlrs a share.
    Bank assets climbed to 276 mln dlrs from 240 mln dlrs in
1985, it said.
 Reuter
