FIRST CHICAGO <FNB> FILES PREFERRED STOCK OFFER
First Chicago Corp said it registered
for an offering of nearly 2.5 mln shares of cumulative
convertible preferred stock, Series A, with a value of 50 dlrs
a share.
    The stock will be issued in conjunction with First
Chicago's previously announced acquisition of First United
Financial Services Inc.
    First United holders will have the option to receive either
First Chicago preferred stock or cash in exchange for their
shares, provided that no more than 70 pct of First United
shares will be exchanged for preferred stock. The preferred
stock's conversion premium will be 22.86 pct.
    The dividend will be fixed shortly before closing at a rate
causing the preferred stock to initially trade at par, subject
to a minimum rate of five pct and a maximum rate of nine pct.
 Reuter
