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FRANKLIN BANK TO LEAD IN PROVIDING UNIQUE FINANCING TO HELP REBUILD DETROIT NEIGHBORHOODS

 SOUTHFIELD, Mich., June 14 /PRNewswire/ -- Management of Franklin Bank, N.A. (NASDAQ-NMS: FSVB) is pleased to announce the approval of a $500,000 line of credit to Detroit Neighborhood Housing Services, Inc. (DNHS) in what is believed to be the first of its kind relationship in the Detroit area.
 DNHS will use the credit line to originate individual home- improvement loans in targeted Detroit neighborhoods. Franklin will ultimately purchase qualifying home-improvement loans from DNHS. To assist DNHS, the line of credit will bear a below-market interest rate. Franklin and DNHS will work together to service the loans.
 "This is a first of its kind relationship in the Detroit area, and we are delighted to enter this progressive 'partnership' with DNHS," said Franklin Chairman David F. Simon. "DNHS is a true leader in housing rehabilitation in Detroit and we share their vision that Detroit's neighborhoods can be rebuilt through cooperative efforts of this nature. Franklin looks forward to working with DNHS on this project."
 The line of credit is expected to be in place by June 30, 1993, with home-improvement loan funding by DNHS to follow immediately thereafter.
 DNHS is a nonprofit community development corporation dedicated to rebuilding targeted Detroit neighborhoods. DNHS works to obtain funding primarily for (1) loans extended to homeowners unable to qualify for conventional home-repair loans, (2) acquisition and rehabilitation of abandoned properties, and (3) conventional and below-market permanent mortgage financing.
 As a continuing part of Franklin's efforts to meet the housing needs of the communities it serves, Chairman Simon serves on the DNHS Steering Committee and Ruth Curtis, Community Reinvestment Officer at the bank, is a member of DNHS' Program Services Committee.
 Franklin Bank, at $381.8 million in total assets, has offices in Southfield, Grosse Pointe Woods, and Birmingham, Mich.
 -0- 6/14/93
 /CONTACT: Rebecca J. Christian or Lisa Hudy of Franklin Bank, 313-358-6495, or outside Michigan, 800-356-8910/
 (FSVB)


CO: Franklin Bank, N.A. ST: Michigan IN: FIN SU: PDT

DH -- DE006 -- 1460 06/14/93 09:13 EST
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Publication:PR Newswire
Date:Jun 14, 1993
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