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GREAT LAKES ADJOURNS ANNUAL MEETING, SETS DATE FOR FINAL VOTING RESULTS

GREAT LAKES ADJOURNS ANNUAL MEETING, SETS DATE FOR FINAL VOTING RESULTS
 ANN ARBOR, Mich., June 3 /PRNewswire/ -- Great Lakes Bancorp (NASDAQ-NMS: GLBC) reconvened its annual meeting today to formally announce the preliminary voting results released yesterday.
 The meeting was then adjourned to allow time to review the results provided by the independent inspector of the election, Corporation Trust Co., (CTC). The meeting will be reconvened Wednesday, June 10, to announce final results. The meeting will be held at 1 p.m., at Great Lakes' headquarters, 401 E. Liberty in Ann Arbor.
 As previously reported, shareowners defeated a dissident's proxy proposal that would have called for a committee of directors to explore selling Great Lakes. The margin of defeat may grow following the review period because the preliminary results did not include 12 percent of the outstanding shares owned by employees through the Employee Stock Ownership Plan.
 One of the dissident nominees will be elected to Great Lakes' board of directors. Due to the effects of cumulative voting, the nominee needed only approximately 14 percent of the votes cast to win election. The election of the second dissident nominee will depend on the outcome of the review period.
 With $2.8 billion in assets and $1.8 billion in deposits, Great Lakes Bancorp is Michigan's second-largest savings bank. Great Lakes has branches throughout Michigan, with primary concentrations in the Ann Arbor, Battle Creek, and Saginaw areas. In addition, a division of Great Lakes, Dollar Federal Savings Bank, has a significant presence in Hamilton, Ohio. Great Lakes also operates Great Lakes Mortgage Co., a mortgage banking subsidiary.
 -0- 6/3/92
 /CONTACT: James S. Patterson of Great Lakes Bancorp, 313-769-8300, Ext. 4116/
 (GLBC) CO: Great Lakes Bancorp ST: Michigan IN: FIN SU:


ML -- DE019 -- 6637 06/03/92 14:08 EDT
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Publication:PR Newswire
Date:Jun 3, 1992
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