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STANDARD FEDERAL BANK REDUCES MORTGAGE INTEREST RATES TO LOWEST LEVEL IN 23 YEARS

 TROY, Mich., July 12 /PRNewswire/ -- Standard Federal Bank announced today that it has lowered the interest rates it charges for single-family mortgage loans to the lowest level they have been in 23 years.
 The following rates are effective Monday, July 12, 1993:
 Lifetime Convertible Adjustable-Rate Mortgage 4.00 percent
 5/25 Mortgage 5.50 percent
 7/23 Mortgage 6.00 percent
 10-Year Fixed-Rate Mortgage 6.25 percent
 15-Year Fixed-Rate Mortgage 6.50 percent
 30-Year Fixed-Rate Mortgage 7.00 percent
 To obtain these interest rates, the borrower will pay a 2-percent loan discount fee plus the normal application fee and out-of-pocket expenses.
 "These interest rates are the lowest they've been since the late 1960s," noted Thomas R. Ricketts, chairman and president of Standard Federal. "This is an excellent time to purchase a new home or refinance an existing home mortgage loan."
 Standard Federal Bank, (NYSE: SFB), headquartered in Troy, is the leading home mortgage lender in southeastern Michigan. The bank has current assets of $9.9 billion and operates 122 banking centers throughout Michigan, Indiana and Ohio.
 -0- 7/12/93
 /CONTACT: William R. Yaw Jr., marketing director, Standard Federal Bank, 313-637-2520/
 (SFB)


CO: Standard Federal Bank ST: Michigan, Indiana, Ohio IN: FIN SU:

DD -- DE019 -- 0375 07/12/93 11:25 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
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