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FIRST SECURITY SAVINGS BANK TRIPLES MORTGAGE FINANCING TO $3.1 BILLION IN 1992

 BLOOMFIELD HILLS, Mich., Jan. 13 /PRNewswire/ -- First Security Savings Bank more than tripled its year-over-year mortgage financing performance in 1992, reaching $3.1 billion in residential mortgages, compared to $1.03 billion in 1991.
 Thirty-seven thousand homeowners received mortgages from the bank last year.
 "1992 was a great year principally due to the low interest rates that prevailed," Mark T. Hammond, executive vice president for the bank, said. "We foresee another good year in 1993 because we expect rates to remain low, and, with the economy improving, we anticipate growth in sales of new and existing homes."
 In its efforts to meet the needs of a growing number of customers, First Security has been aggressive in designing innovative mortgage products, including its Zero Down Payment Mortgage introduced late last year. This program enables first-time homebuyers to secure a mortgage with the help of a direct family member who guarantees the down payment with an interest-bearing certificate of deposit held by the bank.
 "In addition to creative approaches to mortgage products, we will continue our aggressive strategy of opening branch offices," Hammond noted. "We'll open six new offices in the Detroit area this year."
 First Security Savings Bank, a federally chartered lending institution, is one of the Midwest's largest originators and financers 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, Saginaw), seven in Ohio (Bucyrus, Cincinnati, Cleveland, Columbus, Findlay, Mansfield, Maumee); and one each in Virginia, Texas and Illinois.
 -0- 1/13/93
 /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:

ML -- DE014 -- 4451 01/13/93 13:35 EST
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Publication:PR Newswire
Date:Jan 13, 1993
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