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GREAT LAKES BANCORP EXPECTS TO REINSTATE CASH DIVIDEND ON ITS PREFERRED STOCK

 ANN ARBOR, Mich., Nov. 24 /PRNewswire/ -- Great Lakes Bancorp (NASDAQ-NMS: GLBC) announced that it has applied for and received approval to pay a cash dividend on its Series A Preferred Stock for the fourth-quarter dividend, payable in January.
 Great Lakes had been paying its preferred-stock dividends in common stock since April 1991. Following federal changes in capital requirements and an agreement with the bank's regulator, The Office of Thrift Supervision (OTS), Great Lakes began retaining the cash that would have been paid as dividends to help strengthen its capital base.
 "With tangible capital now approaching 5 percent and risk-based capital exceeding 10 percent, we felt the bank had made significant progress in meeting its goals," said Robert J. Delonis, Great Lakes president and chief executive officer, "and the OTS agreed.
 "This is indeed good news for all our shareowners, who embraced the company's change in strategy toward community banking several years ago.
 "If earnings remain on track for the rest of the quarter, we expect the board of directors to declare a cash dividend on the preferred stock at the next board meeting, in December." The dividend would be payable Jan. 15 to recordholders as of Jan. 1, 1994.
 With $2.6 billion in assets and $1.6 billion in deposits, Great Lakes Bancorp is Michigan's second-largest savings bank. Great Lakes has branches concentrated in three primary markets n Michigan's Lower Peninsula: the regions surrounding Ann Arbor, Battle Creek and Saginaw. 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- 11/24/93
 /CONTACT: James S. Patterson, vice president, Corporate Communications, of Great Lakes Bancorp, 313-769-8300, Ext. 4116/


CO: Great Lakes Bancorp ST: Michigan IN: FIN SU: DIV

SB -- DE009 -- 7572 11/24/93 10:20 EST
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Publication:PR Newswire
Date:Nov 24, 1993
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