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FIRST SECURITY SAVINGS BANK SURPASSES $1 BILLION IN MORTGAGES IN 1991

FIRST SECURITY SAVINGS BANK SURPASSES $1 BILLION IN MORTGAGES IN 1991
 BLOOMFIELD HILLS, Mich., Feb. 10 /PRNewswire/ -- First Security Savings Bank financed a total of $1.03 billion in residential mortgages in 1991, more than doubling its loan volume of the previous year.
 The privately held bank earned $3 million, before dividends, compared with $1.3 million in 1990.
 First Security Executive Vice President Mark T. Hammond attributed the performance to lower interest rates, a relatively strong housing market in Michigan compared to the rest of the nation, and particularly to the bank's "talented and professional mortgage staff."
 "We're very pleased to exceed $1 billion in mortgage loans through just 12 loan centers in Michigan and four in Ohio," Hammond said. "To our knowledge, only one other bank or savings institution in Michigan achieved a higher volume."
 About 95 percent of First Security's loan volume occurred in Michigan.
 Hammond also cited his 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 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 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 12 offices in Michigan (Allen Park, Ann Arbor, Bloomfield Hills, Farmington Hills, Grand Blanc, Grand Rapids, Holland, Lansing, Lapeer, Livonia, Mount Clemens and Saginaw) and four in Ohio.
 -0- 2/10/92
 /CONTACT: Mark T. Hammond of First Security Savings Bank, 313-352-7700; or Fred Zosel, 313-343-0203, for First Security Savings Bank/ CO: First Security Savings Bank ST: Michigan IN: FIN SU:


SM -- DE015 -- 8276 02/10/92 12:26 EST
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Publication:PR Newswire
Date:Feb 10, 1992
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