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FIRST SECURITY SAVINGS BANK FINANCES $1 BILLION IN MORTGAGES IN FIRST FIVE MONTHS OF 1992

 FIRST SECURITY SAVINGS BANK FINANCES $1 BILLION IN MORTGAGES
 IN FIRST FIVE MONTHS OF 1992
 BLOOMFIELD HILLS, Mich., June 26 /PRNewswire/ -- It has taken First Security Savings Bank just over five months in 1992 to finance $1 billion in residential mortgages, an achievement that took 12 months to accomplish in 1991.
 Comprising more than 12,000 mortgages, the record-shattering level puts First Security on a pace to more than double its year-over-year mortgage financing performance for the second straight year.
 The bank financed $1.03 billion in residential mortgages in 1991.
 First Security Executive Vice president Mark T. Hammond attributed the strong performance to heavy demand for residential mortgage refinancing driven by lower interest rates, and the bank's expanded customer service capability. In anticipation of a continuing wave of refinancing demand, First Security opened four new offices and brought on additional sales, service and support staff to handle an increasing number of customers.
 "Our performance this year reflects our specialized approach to serving residential mortgage customers and our commitment to being a leader in this market," Hammond said.
 Hammond cited the bank's emphasis on serving first-time home buyers, its non-traditional service policies, and its close ties to the real estate and building communities.
 "In addition to offering a wide range of mortgage loan programs and very competitive rates, we often are open on Sundays and offer several special options to help first-time buyers significantly lower their closing costs," he said.
 First Security representatives will meet a customer at most any time and place that is convenient for the customer to make loan arrangements.
 "This includes evenings and weekends, at home, work or the real estate office," Hammond explained.
 First Security offers first-time home buyers a 25-percent discount on origination fees, a no-mortgage insurance premium option, and a zero- point mortgage option, all designed to lower the amount of cash required at closing.
 The bank also is very aggressive in promoting a range of state and federal mortgage programs, including low-cost and low-rate conventional, FHA, VA and state-sponsored mortgages.
 First Security Savings Bank, a federally chartered lending institution, is one of the Midwest's largest originators and financiers of residential mortgage loans. It operates 13 offices in Michigan (Allen Park, Ann Arbor, Bloomfield Hills, Farmington Hills, Grand Blanc, Grand Rapids, Holland, Lansing, Lapeer, Livonia, Mount Clemens, Plymouth and Saginaw) and six in Ohio.
 -0- 6/26/92
 /CONTACT: Mark T. Hammond of First Security, 313-352-7700; or Fred Zosel of Frederick R. Zosel & Associates, 313-343-0203, for First Security/ CO: First Security Savings Bank ST: Michigan IN: FIN SU:


SM-ML -- DE010 -- 4141 06/26/92 10:26 EDT
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Date:Jun 26, 1992
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