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We derive an analytical expression for the average output signal-to-interference-plus-noise ratio (SINR) of optimum combining (OC) for spatially correlated signals from two antennas in the presence of correlated multiple co-channel interferers (CCIs) and Rayleigh fading. First, the moment generating function (MGF) of the output SINR is derived. Then we obtain the probability density function (PDF) by taking the Fourier transform of the characteristic function (c.f.) corresponding to the MGF. Using the derived expression, the average output SINR performance of OC is evaluated as the number of the correlated multiple CCIs increases.