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GREAT LAKES SHAREHOLDERS' COMMITTEE SUES TO FORCE BANK TO HOLD ANNUAL MEETING AS SCHEDULED; COURT ORDERS BANK TO PROVIDE SHAREHOLDER LIST

GREAT LAKES SHAREHOLDERS' COMMITTEE SUES TO FORCE BANK TO HOLD ANNUAL

MEETING AS SCHEDULED; COURT ORDERS BANK TO PROVIDE SHAREHOLDER LIST
 DETROIT, March 27 /PRNewswire/ -- The Great Lakes Shareholders' Committee announced that it has filed today a counterclaim against Great Lakes Bancorp (NASDAQ: GLBC), its officers and its directors in Federal District Court in Detroit after learning that the bank has changed the record and annual meeting dates to March 31 and May 20, 1992 respectively. The counterclaim, brought in response to the bank's lawsuit against various shareholders, seeks to compel the bank to restore the original record and meeting dates of March 6, 1992 and April 22, 1992, respectively, which the bank had originally established. The counterclaim also alleges that the bank's directors and management violated both corporate bylaws and Federal securities laws, in order to thwart the committee's planned solicitation of proxies.
 The committee also announced that in a hearing in related litigation held yesterday, U.S. District Court Judge John Feikens ordered that the bank immediately produce a list of beneficial owners of the bank's stock for the committee's use in soliciting proxies and further ordered that the committee be provided with an updated list in the future. The court withheld judgment with regard to the request for additional financial information.
 The committee learned that the bank's New York City proxy solicitors mailed letters last week to banks and brokers notifying them that the record date for the 1992 annual meeting would be changed to March 31, 1992 and that the meeting was postponed to a date yet to be determined. The committee demanded in a letter to the board that the original dates be restored immediately. The committee believes yesterday's announcement by the bank of the new dates was an apparent rejection of the committee's request.
 The counterclaim also seeks to require the bank to restore the board to its former size of 15 seats. The bank recently cut the board to 14 seats and indicated it was considering further cuts. The suit alleges that the bank reduced the size of the board so that only 4 candidates would stand for election at the 1992 annual meeting, rather than the 6 that otherwise would have stood. The bank's reduction of the board's size and new record and meeting dates will disenfranchise certain shareholders.
 Marc Eller, a committee member, commented, "I believe the bank's postponement of the annual meeting is another attempt to discourage the committee's lawful effort to run a competing slate of director-nominees at this year's annual meeting. Under the board's plan, shareholders would elect only 4 directors this year instead of 6 and management would be able to return the board to its original size and appoint replacement directors after the annual meeting."
 Eller continued, "I am outraged that Delonis and Weber would continue to spend the bank's money and expand so much time and effort to control the election process. In my opinion, management is acting as if we were trying to take control of the bank, when all we are doing is seeking representation on the board and trying to let shareholders decide if they wish to consider a sale or merger of the bank."
 "Our only purpose in filing this counterclaim," Eller concluded, "is to force the bank into a fair election process without any unexpected changes of the rules or voting process."
 Committee members are not presently soliciting proxies but intend to distribute a formal written proxy statement to Great Lakes shareholders at the earliest practicable date.
 Members of the committee include: Daniel Gilbert, president of Rock Financial Corporation, owner of 64,762 shares of Great Lakes' common stock; Marc Eller, secretary/treasurer of B.E.G. Enterprises, Inc., owner of 43,040 shares of common stock; Ronald Berman, president of B.E.G. Enterprises, Inc., president of Century 21 Northwestern and a practicing attorney, owner of 39,412 shares of common stock; John Berman, president of Lasky Furniture, owner of 14,237 shares of common stock; Rock Financial Corporation, a Michigan corporation in the business of mortgage banking, owner of 79,428 shares of common stock; Regency Advantage Limited Partnership, a Michigan limited partnership in the business of commercial real estate, owner of 1,905 shares of common stock; and Texas Recovery I Limited Partnership, a Michigan limited partnership, in the business of investment, owner of 10,612 shares of common stock. W.Y. Campbell, an investment banking firm, will also participate in the solicitation. B.E.G. Enterprises, Inc. is not considered to be a committee member.
 The principal business addresses of the above entities are as follows: Rock Financial Corporation, 30850 Telegraph Road, Suite 100, Birmingham, Mich. 48010; B.E.G. Enterprises, Inc., 28800 Orchard Lake Road, Suite 140, Farmington Hills, Mich. 48322; Century 21 Northwestern, 6024 West Maple, Suite 104, Farmington Hills, Mich. 48322; Ronald J. Berman, Attorney, 6950 Brookshire, West Bloomfield, Mich. 48322; Lasky Furniture, 13300 Joseph Campeau, Detroit, Mich. 48212; Texas Recovery I Limited Partnership, 28800 Orchard Lake Road, Suite 140, Farmington Hills, Mich. 48322; Regency Advantage Limited Partnership, 28800 Orchard Lake Road, Suite 140, Farmington Hills, Mich. 48322.
 -0- 3/27/92
 /CONTACT: Stanley J. Kay or Daniel H. Burch of MacKenzie Partners, 212-929-5940, for the Great Lakes Shareholders' Committee/
 (GLBC) CO: Great Lakes Shareholders' Committee; Great Lakes Bancorp ST: Michigan IN: FIN SU:


KD-OS -- NY053 -- 2509 03/27/92 16:37 EST
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Date:Mar 27, 1992
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