NATIONAL BANK OF ROYAL OAK LOWERS PRIME LENDING RATE
NATIONAL BANK OF ROYAL OAK LOWERS PRIME LENDING RATE ROYAL OAK, Mich., Dec. 18 /PRNewswire/ -- Today (Dec. 18) Edward B.
LeFevre, president of National Bank of Royal Oak, announced that the bank's board of directors has lowered its prime lending rate to 7.00 percent. Previously, the prime lending rate for the bank was 7.50 percent.
This is the fourth time the bank was quick to lower its prime lending rate. "Our cost of funds, based largely on the costs of short- term Treasury Bill rates, have continued to decrease," said LeFevre. "The continuing decrease in interest rates for deposits makes it possible for us to lower prime." National Bank of Royal Oak is owned by the Royal Bank Group, Inc., a one-bank holding company in suburban Detroit. National Bank of Royal Oak operates its main office, three branch offices and a Trust Department, all within Royal Oak. Assets of the bank as of Dec. 17, 1991, were $165,826,000. -0- 12/18/91 /CONTACT: William Carley of National Bank of Royal Oak, 313-399-5200/ CO: National Bank of Royal Oak ST: Michigan IN: FIN SU:
SM -- DE034 -- 3570 12/18/91 16:32 EST
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|Date:||Dec 18, 1991|
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