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UNITED BANK & TRUST AND STANDARD FEDERAL BANK COMPLETE NEGOTIATIONS FOR BRANCH SALE AGREEMENT

 UNITED BANK & TRUST AND STANDARD FEDERAL BANK COMPLETE NEGOTIATIONS
 FOR BRANCH SALE AGREEMENT
 ADRIAN, Mich., Aug. 10 /PRNewswire/ -- David S. Hickman, chairman and chief executive officer of United Bank & Trust, Tecumseh, Mich., and Thomas R. Ricketts, chairman and chief executive officer of Standard Federal Bank (NYSE: SFB), Troy, Mich., announced today that United Bank & Trust will acquire the branch offices and related deposit accounts at the Clinton and Morenci, Mich., branches of Standard Federal. Both of these branches were recently acquired by Standard Federal when it acquired the former First Federal Savings and Loan Association of Lenawee County.
 The acquisition of these branch offices and deposit accounts by United Bank & Trust is subject to the receipt of regulatory approvals and other customary conditions. The parties anticipate receiving regulatory approvals within 90 to 120 days.
 United Bank & Trust is an independent, locally owned banking organization operating continuously in Lenawee County since 1933, with 10 offices in Adrian, Britton, Clinton, Hudson, Manitou Beach and Tecumseh.
 Commenting on the agreement, Ricketts stated, "This sale is part of Standard Federal's ongoing effort to maximize profitability in its branch office network by concentrating efforts in those markets we are most familiar with. Both the Clinton and Morenci branches were acquired as part of Standard Federal's acquisition of First Federal and are geographically distant from Standard Federal's primary market areas. We feel our customers in Clinton and Morenci will be well served by United Bank & Trust following this sale."
 Hickman said, "The acquisition of the Clinton office will strengthen our existing market presence, while the Morenci location provides a new opportunity for us in southwestern Lenawee County. We will extend our commitment to quality customer service in both communities."
 -0- 8/10/92
 /CONTACT: David S. Hickman, chairman and CEO, United Bank & Trust, 517-423-8373; or William R. Yaw Jr., senior vice president, Standard Federal Bank, 313-643-9600, or in Michigan, 1-800-482-3930, or in Indiana, 1-800-874-3716/
 (SFB) CO: Standard Federal Bank; United Bank & Trust ST: Michigan IN: FIN SU: TNM


ML -- DE007 -- 8398 08/10/92 09:33 EDT
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Publication:PR Newswire
Date:Aug 10, 1992
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