Printer Friendly

STANDARD FEDERAL BANK AND INTERFIRST BANKCORP, INC. RECEIVE OTS APPROVAL FOR MERGER

 TROY, Mich., Oct. 26 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) and InterFirst Bankcorp, Inc. (NASDAQ: INFB) announced today that the Office of Thrift Supervision (OTS) has approved the proposed acquisition of InterFirst by Standard. The parties had previously entered into a definitive agreement pursuant to which Standard would acquire InterFirst for a projected purchase price of $13.65 per share in cash, subject to adjustment as provided in the agreement.
 InterFirst expects to hold a Special Meeting of Stockholders to vote on the proposed merger in December for which proxy materials will likely be sent out in November. Upon receipt of shareholder approval, the parties anticipate closing the transaction before the end of this year.
 -0- 10/26/93
 /CONTACT: Joseph Krul, senior vice president and chief financial officer, Shareholder Relations of Standard Federal Bank, 313-637-2530; or Stanley H. Rhodes, chairman and CEO of InterFirst, 313-665-3700/
 (SFB INFB)


CO: Standard Federal Bank; InterFirst Bankcorp, Inc. ST: Michigan IN: FIN SU: TNM

KE -- DE020 -- 6885 10/26/93 12:03 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 26, 1993
Words:170
Previous Article:EPA, NALCO FUEL TECH COMPLETE JOINT R&D WORK ON NOx REDUCTION
Next Article:NEW PRESIDENT/CEO AT ALEXANDER HAMILTON LIFE
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters