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GREAT LAKES BANCORP FILES SUIT AGAINST DISSIDENT SHAREHOLDER GROUP

 GREAT LAKES BANCORP FILES SUIT AGAINST DISSIDENT SHAREHOLDER GROUP
 ANN ARBOR, Mich., March 18 /PRNewswire/ -- The following was released today be Great Lakes Bancorp:
 Great Lakes Bancorp (NASDAQ-NMS: GLBC) announced it filed suit yesterday (Tuesday, March 17) in Federal District Court in Detroit against Ronald Berman, Marc Eller, Daniel Gilbert, John Berman and several other persons and entities, including controlled corporations and limited partnerships.
 The lawsuit alleges that a small group of Great Lakes shareowners, the "BEG Group," has violated the federal securities laws in connection with their actions relating to the bank's upcoming annual meeting.
 Great Lakes seeks immediate and permanent injunctive relief to prevent the BEG Group defendants from continuing their alleged unlawful conduct, and to order the defendants to make full and complete disclosure of their goals and identity.
 "We believe the dissidents' true goals are very narrow and short- term. In our view the issues at stake are too important to our shareowners to have them make decisions with incomplete information," said Robert J. Delonis, Great Lakes Bancorp's president and chief operating officer.
 With $2.9 billion in assets and $1.9 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- 3/18/92
 /CONTACT: Bruce A. Hubbard of Great Lakes Bancorp, 313-769-8300, Ext. 4215/
 (GLBC) CO: Great Lakes Bancorp, Inc. ST: Michigan IN: FIN SU:


SM -- DE026 -- 9422 03/18/92 17:21 EST
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Publication:PR Newswire
Date:Mar 18, 1992
Words:280
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