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SHORELINE FINANCIAL CORPORATION AND STANDARD FEDERAL BANK EXECUTE DEFINITIVE BRANCH SALE AGREEMENT

 BENTON HARBOR, Mich./TROY, Mich., Jan. 27 /PRNewswire/ -- Shoreline Financial Corporation (NASDAQ: SLFC) and Standard Federal Bank, F.S.B. (NYSE: SFB) jointly announced today that Standard Federal will sell four of its southwestern Michigan offices to Shoreline subsidiaries. Inter-City Bank will acquire offices located in Berrien Springs, Edwardsburg and Three Oaks, Mich. Citizens Trust and Savings Bank will acquire an office in Hartford, Mich. The four offices had total deposits of approximately $58 million as of Dec. 31, 1992. The transaction is expected to be completed in the third quarter of 1993 and is subject to regulatory approvals and other customary conditions.
 Dan L. Smith, Shoreline's chairman, president and CEO, commented on the acquisition saying, "Inter-City Bank and Citizens Trust and Savings Bank look forward to continuing Standard Federal's high quality of customer service, while offering customers in Berrien Springs, Edwardsburg, Hartford and Three Oaks our full range of financial products and services. Our banks will offer trust services in addition to similar types of banking products and services currently offered to Standard Federal's customers through these offices."
 Thomas R. Ricketts, Standard Federal's chairman and president, added, "This sale is part of Standard Federal's ongoing effort to maximize profitability in its branch office network by concentrating efforts in larger markets. We feel that our customers in Berrien Springs, Edwardsburg, Three Oaks and Hartford will be well served by Shoreline Financial Corporation following this sale."
 Standard Federal Bank had 123 branch offices as of Dec. 31, 1992, and had total assets of $9.5 billion and total deposits of $6.5 billion.
 Shoreline Financial Corporation owns Inter-City Bank and Citizens Trust and Savings Bank in Benton Harbor and South Haven, Mich. Shoreline's two banks have 19 offices located in southwestern Michigan. As of Dec. 31, 1992, Shoreline had total assets of $532.4 million and total deposits of $480.5 million.
 -0- 1/27/93
 /CONTACT: Wayne R. Koebel, chief financial officer, Shoreline Financial Corporation, 616-927-2251; or William R. Yaw Jr., marketing director, Standard Federal Bank, 313-637-2520/
 (SFB SLFC)


CO: Standard Federal Bank; Shoreline Financial Corporation ST: Michigan IN: FIN SU: TNM

SB -- DE012 -- 9537 01/27/93 10:34 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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