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STANDARD FEDERAL BANK REDUCES MORTGAGE INTEREST RATES BY AN ADDITIONAL 1/8 PERCENT ON THE 30-YEAR FIXED-RATE AND ADJUSTABLE-RATE MORTGAGES

 TROY, Mich., July 6 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced today that it has, for the second time this week, lowered the interest rates it charges on the 30-year Fixed-Rate and Lifetime Convertible Adjustable-Rate Mortgages.
 The following rates are effective July 6, 1993:
 Lifetime Convertible Adjustable-Rate Mortgage 4.000 percent
 5/25 Mortgage 5.625 percent
 7/23 Mortgage 6.125 percent
 10-Year Fixed-Rate Mortgage 6.375 percent
 15-Year Fixed-Rate Mortgage 6.625 percent
 30-Year Fixed-Rate Mortgage 7.125 percent
 These interest rates are available with a 2-percent loan discount fee plus the bank's normal application fee, closing fee and out-of- pocket expenses, such as title insurance.
 "These latest rates are the lowest since 1969 -- 23 years ago -- and should continue to stimulate purchases of new homes. This also offers an opportunity to even a larger segment of homeowners to refinance their present mortgage," said Thomas R. Ricketts, chairman and president.
 "Standard Federal Bank is by far the leading home mortgage lender in southeastern Michigan. In 1992, Standard Federal Bank closed $3,612,168,527 in home loans and if current trends continue, Standard Federal Bank will match or exceed that figure in 1993," added Ricketts.
 Standard Federal Bank, headquartered in Troy, has current assets of $9.9 billion and operates 122 banking centers throughout Michigan, Indiana and Ohio.
 -0- 7/6/93
 /CONTACT: William R. Yaw Jr., marketing director, Standard Federal Bank, 313-637-2520/
 (SFB)


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

SB -- DE004 -- 8526 07/06/93 09:44 EDT
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Publication:PR Newswire
Date:Jul 6, 1993
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