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D&N FINANCIAL CORP. COMMENCES RIGHTS OFFERING

 HANCOCK, Mich., Nov. 16 /PRNewswire/ -- George J. Butvilas, president and chief executive officer of D&N Financial Corp. (NASDAQ: DNFC), on Nov. 15 announced that D&N's Registration Statement for a rights offering has been declared effective by the Securities and Exchange Commission. The offering consists of the sale of up to 1,087,500 units, each unit consisting of three shares of common stock and one warrant, at a subscription price of $22.75 per unit. Each warrant will entitle the holder to purchase one additional share of D&N common stock at a price of $8.25 at any time prior to Dec. 31, 1996.
 Stockholders of record as of Nov. 4, 1993, will receive one right for each five shares of D&N common stock owned as of that date. The rights will be transferable and will trade on the NASDAQ National Market System under the symbol DNFCR. The offering will expire on Dec. 20, 1993.
 After retaining $750,000 for general corporate purposes, D&N intends to use the net proceeds of the offering to provide additional capital for its subsidiary, D&N Bank, fsb. Net proceeds to the company if all units are sold are estimated to be approximately $22.8 million. The additional capital raised by the offering will increase the bank's regulatory capital ratios and will enable the bank to expand its full service community banking strategy.
 Copies of the prospectus are available from the company, Roney & Co. and First Albany Corporation, the dealer managers for the offering, or Regan & Associates, the information agent, at 1-800-737-3426.
 This communication shall not constitute an offer to sell nor the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 D&N Financial Corp., through its subsidiary, D&N Bank, fsb, has 37 financial services offices throughout Michigan's Upper Peninsula and mid-Michigan. D&N is the third-largest savings bank in Michigan and the largest financial institution headquartered in the Upper Peninsula. D&N Financial Corp. common stock is traded on the NASDAQ Stock Market under the symbol DNFC.
 -0- 11/16/93
 /CONTACT: Joann C. Cadwell, director of Investor Relations, 800-482-8580, or Kenneth R. Janson, chief financial officer, 906-487-6258, both of D&N Financial/
 (DNFC)


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

ML -- DE004 -- 4873 11/16/93 08:11 EST
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Publication:PR Newswire
Date:Nov 16, 1993
Words:420
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