Bingham Financial Corporation and Detroit Mortgage and Realty Company Announce Termination of Negotiations to Merge Residential Mortgage Lending Operations.

BIRMINGHAM, Mich.--(BUSINESS WIRE)--Aug. 13, 1999--

Bingham Financial Services Corporation (Nasdaq SmallCap:BFSC), a specialty financial services company, ("Bingham") and Detroit Mortgage and Realty Company ("DMR") announced today that they have terminated discussions regarding the proposed acquisition of the residential mortgage lending operations of DMR by Bingham.

Ron Klein, Bingham's President and CEO, said: "Bingham regrets that it and DMR were unable to agree on mutually satisfactory terms for the proposed business combination of our residential mortgage lending operations at this time. Bingham will continue to look for attractive opportunities to expand its portfolio of financial services businesses."

All statements made in this document and in any other communication regarding Bingham that are not statements of historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and the Company intends that such forward-looking statements be subject to the safe harbors created thereby. The words "believe," "expect," "anticipate," and similar expressions are examples of words that identify forward-looking statements, which may include, without limitation, statements regarding Bingham's future financial position, business strategy and expected cost savings or synergies. Each forward-looking statement is subject to risks, uncertainties and other factors, that could cause actual results to differ materially from future results expressed or implied by such forward-looking statement. All subsequent written and oral forward-looking statements relating to Bingham and attributable to Bingham or to persons acting on behalf of any of them are expressly qualified in their entirety by the Risk Factors set forth in the Company's Annual Report on Form 10-K and of the Company's Current Report on Form 8-K filed with the SEC in December 1998 and March 1999, respectively, and which are incorporated by reference in this press release, for a list of such uncertainties and factors. Bingham undertakes no obligation to update or revise these forward-looking statements, publicly or otherwise, to reflect new information or future events.