Printer Friendly

ADRIAN STATE BANK AND STANDARD FEDERAL BANK COMPLETE NEGOTIATIONS FOR BRANCH SALE AGREEMENT

 ADRIAN STATE BANK AND STANDARD FEDERAL BANK
 COMPLETE NEGOTIATIONS FOR BRANCH SALE AGREEMENT
 ADRIAN, Mich., May 19 /PRNewswire/ -- James E. Toncre, president and chief executive officer of Adrian State Bank, Adrian, and Thomas R. Ricketts, chairman and chief executive officer of Standard Federal Bank (NYSE: SFB), Troy, Mich., announced today that Adrian State Bank will acquire the branch office and related deposit accounts at the Tecumseh, Mich., office of First Federal Savings and Loan Association of Lenawee County (NASDAQ: LFSA) at the time of completion of the previously announced merger of First Federal into Standard Federal.
 The acquisition of this branch office and deposit accounts by Adrian State Bank is subject to the completion of the merger of First Federal and Standard Federal, the receipt of regulatory approvals and other customary conditions. The parties anticipate receiving regulatory approvals within 30 to 60 days. Adrian State Bank is a wholly owned subsidiary of ASB Bankcorp, Inc., a $97 million, independent, locally owned banking organization operating continuously since 1893 with five offices currently in Lenawee County, Mich.
 Commenting on the agreement, Ricketts stated, "The sale of this office allows us to fulfill a commitment we made in connection with a prior transaction with Adrian State Bank in a manner which is mutually beneficial to both Standard and Adrian. We feel that customers in Tecumseh will be well-served by Adrian State Bank following this sale."
 Toncre said, "The acquisition of this office allows us to expand our existing operations in Tecumseh to better serve customers in that area. We are looking forward to welcoming the depositors of this branch by providing the same high-quality service and financial products that they have received from First Federal."
 William H. Glencorse, chairman and chief executive officer of First Federal, added, "First Federal will cooperate in the sale that Standard Federal has negotiated. This will facilitate the direct transfer of this office to Adrian State Bank at the time of our merger with Standard Federal. A single, direct transfer will be more convenient for our customers and employees at the Tecumseh branch."
 -0- 5/19/92
 /CONTACT: James E. Toncre of Adrian State Bank, 517-265-8125; William R. Yaw Jr. of Standard Federal Bank, 313-643-9600, 800-482-3930 (in Michigan), or 800-874-3716 (in Indiana); or William H. Glencorse of First Federal Savings and Loan Association of Lenawee County, 517-265-6126/
 (SFB LFSA) CO: Standard Federal Bank; Adrian State Bank;
 First Federal Savings and Loan Association of Lenawee County ST: Michigan IN: FIN SU: TNM


ML -- DE033 -- 2025 05/19/92 16:39 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 19, 1992
Words:422
Previous Article:LONGS DRUG STORES REPORTS RESULTS
Next Article:HOWTEK AND AUTOLOGIC ANNOUNCE OEM AGREEMENT FOR THE SCANMASTER D4000 DRUM SCANNER
Topics:


Related Articles
STANDARD FEDERAL BANK AND FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF LENAWEE EXECUTE DEFINITIVE MERGER AGREEMENT
UNITED BANK & TRUST AND STANDARD FEDERAL BANK COMPLETE NEGOTIATIONS FOR BRANCH SALE AGREEMENT
MELLON TO EXPAND ITS MARYLAND PRESENCE THROUGH PURCHASE OF BRANCHES
SHORELINE FINANCIAL CORPORATION AND STANDARD FEDERAL BANK EXECUTE DEFINITIVE BRANCH SALE AGREEMENT
FIRST HAWAIIAN REACHES AGREEMENT TO SELL FOUR BRANCHES TO BANK USA
CHASE FEDERAL BANK, MIAMI, AND ESSEX SAVINGS BANK ANNOUNCE SALE OF THREE BANKING OFFICES TO CHASE
REPUBLIC BANK TO ACQUIRE BRANCH OFFICES OF STANDARD FEDERAL BANK
FIRST BANK SYSTEM TO SELL 63 METROPOLITAN FINANCIAL BRANCHES
Sky Bank Announces Agreement with Standard Federal Bank to Acquire Branch Offices in Northwest Ohio.
North Country Bank and Trust to Acquire Six Northern Michigan Branches From Subsidiaries of ABN AMRO North America.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters