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GREAT LAKES BANCORP CHAIRMAN ASSAILS DISSIDENT KROSS GROUP

 GREAT LAKES BANCORP CHAIRMAN ASSAILS DISSIDENT KROSS GROUP
 ANN ARBOR, Mich., May 14 /PRNewswire/ -- Roy E. Weber, chairman of Great Lakes Bancorp (NASDAQ-NMS: GLBC), today sharply criticized Peter T. Kross, a Detroit stockbroker who launched a last-minute proxy contest to gain two seats on the Bank's board of directors and to support a shareowner proposal that he has submitted.
 In a letter to Great Lakes' shareowners, Weber accused Kross of pushing a "short-sighted" and "self-serving" agenda that is "contrary to the best interests of all shareowners."
 Noting that Kross has announced that he will seek reimbursement from the Bank for his expenses in connection with his solicitation, Weber contended that "it is grossly inappropriate for him to propose that the Bank pay for his actions." Kross has stated he intends to submit the matter to the Bank's board of directors, who may in turn submit the matter to a shareowner vote.
 Weber reminded shareowners that the staff of the Department of the Treasury's Office of Thrift Supervision (OTS) had directed the Detroit stockbroker to cease and desist a previous solicitation that violated federal securities law, according to the OTS staff, based on its review of available information.
 Weber also criticized one of Kross' nominees, Richard J. Nelson, currently a director of D&N Financial Corporation (NASDAQ-NMS: DNFC) and its subsidiary D&N Bank, another Michigan savings bank. He stated that D&N's chairman had asked Nelson to resign immediately because of his conflict of interest in running for the Great Lakes board. Nelson has refused to resign. He indicated, however, that he would resign were he elected to Great Lakes' board.
 Nelson first gained a seat on the D&N board in 1990 through a proxy contest similar to the present contest against Great Lakes, campaigning for a committee to solicit, review and negotiate offers to acquire D&N. "Now he asks to become a director of Great Lakes," Weber said.
 "The board believes that shareowner value will be maximized by remaining independent at this time and continuing to implement the Bank's strategic plans," he said.
 "We believe that as the economy recovers from the recent recession and our key Ann Arbor market grows, the Bank's franchise value will also increase. We think Great Lakes has a bright future, and we believe that current market prices do not reflect its long-term value."
 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- 5/14/92
 /CONTACT: James S. Patterson, vice president, Corporate Communications, Great Lakes Bancorp, 313-769-8300, Ext. 4116/
 (GLBC DNFC) CO: Great Lakes Bancorp ST: Michigan IN: FIN SU:


SM -- DE039 -- 0438 05/14/92 16:38 EDT
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Publication:PR Newswire
Date:May 14, 1992
Words:498
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