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STANDARD FEDERAL REACHES RECORD $3 BILLION IN MORTGAGE LENDING VOLUME

STANDARD FEDERAL REACHES RECORD $3 BILLION IN MORTGAGE LENDING VOLUME
 TROY, Mich., Nov. 6 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced that as of Nov. 5, 1992, it originated over $3.0 billion in single-family home mortgage loans for a total of over 38,800 home loans. This level of mortgage loan activity, the highest ever in the bank's 99-year history, surpasses all of Standard Federal's 1990 and 1991 combined lending volume of $2.7 billion. Standard Federal is, by far, the leading home mortgage lender in Michigan.
 Approximately $1.4 billion, or 46 percent, of total loan closings were refinances of existing Standard Federal mortgages. This, of course, is due to the current low interest rate environment.
 "Our mortgage lending activity this year continues to break all previous records at the bank," noted Thomas R. Ricketts, chairman and president of Standard Federal Bank, "and although much of our lending volume has been generated by refinances, the bank also originated approximately $1.6 billion in mortgages to new borrowers so far this year."
 Headquartered in Troy, Standard Federal Bank is one of the Midwest's largest and strongest thrift institutions. The bank operates 125 branch offices and 190 automated teller machines (ATMs) located throughout southern Michigan, northern Indiana and northern Ohio and its total assets now approximate $9.7 billion.
 -0- 11/6/92
 /CONTACT: William R. Yaw Jr., marketing director, Standard Federal Bank, 1-800-643-9600/
 (SFB) CO: Standard Federal Bank ST: Michigan IN: FIN SU:


SM -- DE027 -- 8321 11/06/92 16:47 EST
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Publication:PR Newswire
Date:Nov 6, 1992
Words:253
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