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GREAT LAKES BANCORP SHAREOWNERS DEFEAT DISSIDENT PROPOSAL; VOTE RESULTS PENDING ON DIRECTORS

 GREAT LAKES BANCORP SHAREOWNERS DEFEAT DISSIDENT PROPOSAL;
 VOTE RESULTS PENDING ON DIRECTORS
 ANN ARBOR, Mich., June 2 /PRNewswire/ -- Great Lakes Bancorp (NASDAQ-NMS: GLBC) announced today that preliminary results indicate its shareowners defeated a proxy proposal that would have called for a committee of directors to explore selling the Ann Arbor-based savings bank.
 Peter T. Kross, a stockbroker with Kemper Securities in Detroit, solicited votes in opposition to Great Lakes, seeking approval of his proposal and the election of two people he nominated to Great Lakes' board.
 "A majority of our shareowners realized the threat this proposal presented to the long-term value of their investment in Great Lakes," said Robert J. Delonis, Great Lakes Bancorp's president and chief executive officer.
 "Although Mr. Kross' proposal was defeated, it's clear that shareowners need to begin seeing the results of steps we've taken during the past two years to manage a changing regulatory and competitive environment -- in the face of a severely depressed commercial real estate market. We believe Great Lakes has built a stronger franchise, which will offer greater potential and continuing value to our owners."
 The effects of cumulative voting will result in the election of one, and possibly two, of Kross' nominees to Great Lakes' board of directors. A nominee only needs approximately 14 percent of the votes cast to win election. Cumulative voting means the number of shares owned can be multiplied times the number of directors' positions up for election, and then all voted for one nominee.
 Great Lakes adjourned its annual meeting on May 20 to allow time for an independent inspector of the election, Corporation Trust Co. (CTC), to validate and count the proxy cards. The preliminary results were received Monday, and Kross approached Great Lakes today suggesting that the normal review process, which provides shareowners the assurance that the final results are accurate, be waived. Great Lakes feels it is inappropriate to bypass the review process, and also feels CTC needs additional time to resolve issues regarding some shares held in nominee form by a bank in New York.
 Great Lakes' annual meeting will be reconvened Wednesday as scheduled, but with only preliminary results available it will be necessary to adjourn it a second time pending final results.
 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- 6/2/92
 /CONTACT: James S. Patterson, vice president, Corporate Communications, Great Lakes Bancorp, 313-769-8300, Ext. 4116/
 (GLBC) CO: Great Lakes Bancorp ST: Michigan IN: FIN SU:


JG -- DE023 -- 6346 06/02/92 16:00 EDT
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Publication:PR Newswire
Date:Jun 2, 1992
Words:477
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