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Charter One Withdraws Offer for Standard Federal

CLEVELAND, Nov. 26 /PRNewswire/ -- Charter One Financial, Inc. (Nasdaq: COFI) today announced that it has withdrawn its proposal to merge with Standard Federal Bancorporation, Inc. (NYSE: SFB). Upon a close review of the terms and conditions of the Agreement and Plan of Merger between Standard Federal Bancorporation, Inc. and ABN AMRO, Charter One determined it was economically unfeasible to pursue further merger discussions with Standard Federal.

With approximately $14 billion in total assets, Charter One Bank is one of the largest thrifts in the country. The bank has 172 branch locations: 94 branches in Ohio operating under the name Charter One Bank and 78 branches in Michigan operating under the name First Federal of Michigan.

SOURCE Charter One Financial, Incorporation
 -0- 11/26/96


/CONTACT: Investors, Richard W. Neu, Treasurer, 216-566-5337, or Robert J. Vana, Corporate Secretary 216-566-5348, both of Charter One/

(COFI SFB)

CO: Charter One Financial, Incorporation ST: Ohio, Michigan IN: FIN SU:

TW -- DETU014 -- 4330 11/26/96 11:09 EST http://www.prnewswire.com
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Publication:PR Newswire
Date:Nov 26, 1996
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