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STANDARD FEDERAL BANK RECEIVES AWARD FOR OUTSTANDING COMMUNITY SUPPORT

 TROY, Mich., Oct. 20 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced today that it was among the winners of the President's Community Support Award granted by the Federal Home Loan Bank of Indianapolis. The award, which is presented to two Indiana and two Michigan FHLBank members annually, is in recognition of their efforts to meet the needs of the individuals and the communities that they serve.
 At a ceremony at the FHLBank's fifth annual Community Investment Conference in Indianapolis, Mary Folie, vice president of Standard Federal, accepted a plaque in honor of the award from Martin L. Heger, president and CEO of the Federal Home Loan Bank. As a part of the award, the FHLBank will donate $500 to the nonprofit organization of Standard Federal Bank's choice.
 Award winners are nominated by representatives of the communities in which they operate. The Housing & Community Development Corporation and Lighthouse of Oakland County submitted nominations for Standard Federal Bank, recognizing the financial institution's activities to improve the affordability of housing for low-income families.
 "We are very honored to be a recipient of this prestigious award," noted Thomas R. Ricketts, chairman and president of Standard Federal Bank. "The bank has been, and will continue to be, very active in developing programs that promote affordable home ownership in all of the communities that we serve."
 Standard Federal Bank has been awarded 21 Affordable Housing Program Grants by the Federal Home Loan Bank of Indianapolis totaling over $1.3 million in subsidy and supporting nearly $20 million in total development costs. Working with a wide range of nonprofit sponsors and government agencies in both Indiana and Michigan, Standard Federal has used these funds to create a total of 341 units of affordable housing to date.
 Standard Federal has also received eight Community Investment Program advances totaling over $82 million. These funds were used to finance conventional mortgage loans to low- and moderate-income families and for a variety of other community development projects.
 The Federal Home Loan Bank of Indianapolis, which provides services to federally insured depository institutions in Indiana and Michigan, is one of 12 such banks across the country. The FHLBanks are government- sponsored enterprises representing over $165 billion in total assets. They were formed by an act of Congress in 1932 to provide low-cost financing to financial institutions for the support of residential lending.
 Standard Federal Bank is Michigan's leading home mortgage lender and the Midwest's largest thrift institution. With assets of $9.8 billion and deposits of $6.7 billion, the bank operates 118 Banking Centers, seven Home Lending Centers in Michigan, Indiana and Ohio.
 -0- 10/20/93
 /CONTACT: William R. Yaw Jr., marketing director of Standard Federal Bank, 313-637-2520/
 (SFB)


CO: Standard Federal Bank ST: Michigan IN: FIN SU:

KE-ML -- DE012 -- 4477 10/20/93 10:24 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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