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STANDARD FEDERAL BANK SETS MORTGAGE LENDING RECORD FOR FIRST SIX MONTHS OF 1993

 TROY, Mich., July 7 /PRNewswire/ -- Standard Federal Bank reports that during the first six months of 1993, it closed a record 24,428 single-family home mortgage loans, a 12.6-percent increase compared to 21,704 home loans closed during the same period in 1992. Lending volume increased by 12.3 percent for a record total of $1,873,517,978, compared to $1,668,709,959 in loan closings for the first six months of 1992.
 Loan volume for the first six months of 1993 includes 5,638 loans closed during the month of June for a total of $422,398,595. This is an increase of 127 percent over last year's June volume of $185,934,594 and a record amount of loans closed for the month of June in the bank's 100-year history.
 "Our mortgage lending activity for the first six months of 1993 has outperformed last year's record-setting pace," noted Thomas R. Ricketts, chairman and president of Standard Federal Bank. "Our recent reduction of mortgage interest rates to their lowest levels since 1969, should encourage continued demand for new housing and mortgage refinances," added Ricketts.
 Standard Federal Bank (NYSE: SFB), headquartered in Troy, has current assets of $9.9 billion and operates 122 branch offices throughout Michigan, Indiana and Ohio.
 -0- 7/7/93
 /CONTACT: William R. Yaw Jr., Marketing director, Standard Federal Bank, 313-637-2520/
 (SFB)


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

KE -- DE012 -- 9048 07/07/93 11:41 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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