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D&N BANK COMMITTED TO PROMPT ACTION ON TAX RELIEF; PLEDGES UP TO 30 PERCENT CUT IN ESCROW REQUIREMENTS IF PROPOSAL A PASSES

 HANCOCK, Mich., May 20 /PRNewswire/ -- D&N Bank announced today that it is committed to prompt action in passing on any property tax relief to mortgage customers if Proposal A passes on June 2. According to George J. Butvilas, president and chief executive officer, if Proposal A is passed, D&N has pledged to make an immediate cut in customers' escrow accounts while an indepth analysis of the impact of the proposal is under way.
 "Since Proposal A could affect our customers' property taxes," said Butvilas, "we want them to know well in advance of the June 2 vote that if Proposal A passes, we are prepared to pass on the tax benefits immediately. Our first step in this process will be to cut our escrow requirements by up to 30 percent as of July 1."
 Butvilas noted that the 30-percent escrow cut will provide immediate relief to customers while the bank analyzes the effect of the proposal on each escrow account. Rather than waiting until the regular year-end escrow analysis, the bank will begin that analysis immediately upon passage of the proposal. New payment books reflecting the reduced payments will be sent to D&N customers once the analysis is completed.
 D&N Bank, fsb, has 36 financial services offices throughout the Upper Peninsula and mid-Michigan. D&N is the third-largest savings bank in Michigan based on asset size and is the largest financial institution headquartered in the Upper Peninsula. The bank is a subsidiary of D&N Financial Corporation, whose stock is traded over-the-counter and is quoted on the NASDAQ Stock Market under the symbol DNFC.
 -0- 5/20/93
 /CONTACT: Joann C. Cadwell, director of Investor Relations, D&N Financial Corporation, 906-487-6225/
 (DNFC)


CO: D&N Bank; D&N Financial Corporation ST: Michigan IN: FIN SU:

ML-SB -- DE004 -- 0628 05/20/93 09:15 EDT
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Publication:PR Newswire
Date:May 20, 1993
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