8-K

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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT


                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934



         DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 1, 1996



                           CHARTER ONE FINANCIAL, INC.
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


           Delaware                   0-16311                 34-1567092
 ---------------------------        ------------           -------------------
(State or other jurisdiction        (Commission              (IRS Employer
      of incorporation)             File Number)           Identification No.)


1215 Superior Avenue            Cleveland, Ohio                   44114
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(Address of principal executive offices)                       (Zip code)



Registrant's telephone number, including area code:  (800) 262-6301
                                                   -----------------------------

                                 Not Applicable
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          (Former name or former address, if changed since last report)






                             Exhibit Index on Page 2
                                Page 1 of 4 Pages


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Item 5.    Other Events
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         On July 1, 1996, the Registrant announced that it completed the
purchase of 21 branch offices and approximately $800 million in deposits in
Michigan from First Nationwide Bank, a Federal Savings Bank. For further
information, reference is made to the Registrant's press release dated July 1,
1996, which is attached hereto as Exhibit 99.1, and incorporated herein by
reference.

Item 7.    Financial Statements, Pro Forma Financial Information
- -------    -----------------------------------------------------
           and Exhibits
           ------------

         The following is a list of exhibits filed with this Current Report on
Form 8-K indexed to their location in the sequentially numbered copy.

         Exhibit No.          Description                 Page No.
         -----------          -----------                 --------

            99.1           Press Release,                 4 of 4
                           dated July 1, 1996





                                Page 2 of 4 Pages


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                                    SIGNATURE


                  Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.

                                            CHARTER ONE FINANCIAL, INC.


                                            By: /s/ROBERT J. VANA
                                               ----------------------------
                                                Robert J. Vana
                                                Secretary


Date:  July 3, 1996




                               Page 3 of 4 Pages

EX-99

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                                                                    EXHIBIT 99.1




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FOR IMMEDIATE RELEASE
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INVESTOR CONTACT: ELLEN BATKIE (800) 262-6301
MEDIA CONTACT:    WILLIAM DUPUY (216) 566-5311


CHARTER ONE FINANCIAL COMPLETES ACQUISITION
OF FIRST NATIONWIDE BANK'S MICHIGAN OFFICES
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CLEVELAND, Ohio, July 1, 1996 -- Charter One Financial, Inc. (Nasdaq-NNM:COFI)
announced today that its subsidiary, Charter One Bank, which operates in
Michigan under the name First Federal of Michigan, completed the acquisition of
First Nationwide Bank's 21 branch offices in the Detroit Metropolitan Area as of
the close of business on June 28, 1996.
     Prior to a final accounting, the deposits of the branches totaled
approximately $800 million and were assumed for a premium of approximately $57
million.
     Charles John Koch, chairman and chief executive officer of Charter One,
said, "Completion of this transaction expands our First Federal of Michigan
franchise to 78 branch offices and 50 ATMs, most of which are strategically
located in the densely populated Detroit Metropolitan Area. It adds more than
100,000 new deposit accounts to the 300,000 we already serve in Michigan, and it
gives us the extra depth to penetrate further into the attractive southeastern
Michigan market."
     He continued, "As we previously announced, Charter One will use the
proceeds from the deposits to immediately pay down higher cost borrowings,
underscoring our strategic plan to reduce our reliance on wholesale funds. Thus,
we anticipate that the transaction will be immediately accretive to earnings."
      Koch noted that First Nationwide's base of checking and savings products
mirrors First Federal's product set, which is expected to facilitate the
transition for First Nationwide's customers. Included among the products are
Totally Free Checking, Maximum Performance Checking, ATM and debit cards, and
Privilege Banking, a high-end set of checking and personal benefits. Existing CD
contracts will be honored to maturity and all deposits will remain insured by
the FDIC.
     First Federal of Michigan's residential and consumer lending products will
also be available throughout the expanded network of branch offices.
     Four First Nationwide branches that directly overlap with existing First
Federal of Michigan locations will be consolidated with those branches
immediately. No branches in the city of Detroit will be closed. As a result of
the acquisition, First Federal of Michigan's employment base will grow to more
than 1,000 people from 877.
     Koch concluded, "We look forward to providing the customers of First
Nationwide a continuing high level of service along with access to an expanded
set of savings and loan products that are considered among the most competitive
in the industry."
     With $13 billion in assets, Charter One is one of the largest thrifts in
the nation. The bank operates 172 branch locations: 94 in Ohio under the name
Charter One Bank and 78 in Michigan under the name First Federal of Michigan.

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