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GREAT LAKES BANCORP ADJOURNS ANNUAL MEETING FOR VOTE COUNT

 GREAT LAKES BANCORP ADJOURNS ANNUAL MEETING FOR VOTE COUNT
 ANN ARBOR, Mich., May 20 /PRNewswire/ -- The annual meeting of Great Lakes Bancorp (NASDAQ-NMS: GLBC), Michigan's second largest savings bank, was adjourned until June 3 after the independent inspector of the election, Corporation Trust Co., said it would need at least 10 days to two weeks to complete counting the votes.
 The postponement was caused by the high number of proxies submitted and the contested nature of two of the proposals.
 The annual meeting will be reconvened at Great Lakes' headquarters, 401 E. Liberty, in Ann Arbor, at 1 p.m., chairman Roy E. Weber said.
 Great Lakes' slate of five directors was opposed by a slate of two nominees proposed by a Detroit stockbroker, Peter T. Kross. Kross also proposed the formation of a committee of outside directors to explore the sale of the bank.
 Great Lakes' management and directors opposed Kross' nominees and his proposal. In a letter to shareowners last week, Weber said Kross was pushing a "short-sighted" and "self-serving" agenda that was contrary to the interests of all shareowners.
 In his address to the shareowners, the bank's president and chief executive officer, Robert J. Delonis, noted that Great Lakes has been building a profitable community-banking franchise during the past two years that is just now emerging from a prolonged recession and a dramatically changed regulatory environment.
 Delonis noted that the bank's operating earnings and margin continue to be strong, expenses are down, and that loan-loss provisions are expected to decline dramatically in the coming quarters.
 Great Lakes Bancorp has $2.8 billion in assets and $1.8 billion in deposits, and has branches throughout Michigan, with primary concentrations in the Ann Arbor, Battle Creek and Saginaw areas. In addition, a division of Great Lakes, Dollar Federal Savings Bank, has a significant presence in Hamilton, Ohio. Great Lakes also operates Great Lakes Mortgage Co., a mortgage banking subsidiary.
 -0- 5/20/92
 /CONTACT: James S. Patterson, vice president, Corporate Communications, Great Lakes Bancorp, 313-769-8300, Ext. 4116/
 (GLBC) CO: Great Lakes Bancorp ST: Michigan IN: FIN SU:


KK -- DE030 -- 2484 05/20/92 16:40 EDT
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Publication:PR Newswire
Date:May 20, 1992
Words:357
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