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OFFICE OF THRIFT SUPERVISION RATES STANDARD FEDERAL BANK 'OUTSTANDING' IN COMMUNITY REINVESTMENT

OFFICE OF THRIFT SUPERVISION RATES STANDARD FEDERAL BANK 'OUTSTANDING'
 IN COMMUNITY REINVESTMENT
 TROY, Mich., Feb. 27 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) today announced that the Office of Thrift Supervision (OTS) has awarded it an "Outstanding" rating, the highest rating that can be granted to a financial institution, for its performance in the area of community lending and reinvestment.
 The "Outstanding" rating was received as the result of an OTS review of Standard Federal's compliance with the Community Reinvestment Act of 1977. This law was designed to encourage the nation's financial institutions to help meet the credit needs of all the communities they serve, including low-to-moderate-income neighborhoods.
 "We are very pleased to be recognized in this manner," stated Chairman and President Thomas R. Ricketts. "The bank has always taken a leadership role in the area of community reinvestment because doing so helps to preserve and enrich the communities we serve. We believe that community reinvestment is not only a good corporate policy, it is also good business."
 Ricketts continued, "Standard Federal is a very consumer-oriented bank. Achieving an outstanding CRA rating is just an indication of how hard all of the bank's employees work in caring for the needs of our customers."
 Standard Federal Bank, headquartered in Troy, is Michigan's leading home mortgage lender and the largest thrift with current assets of $9.5 billion. The bank operates 120 branch offices throughout Michigan, Indiana and Ohio.
 -0- 2/27/92
 /CONTACT: William R. Yaw Jr. of Standard Federal Bank, 313-643-9600, 800-482-3930 (in Michigan) or 800-874-3716 (in Indiana)/
 (SFB) CO: Standard Federal Bank ST: Michigan IN: FIN SU:


SB -- DE010 -- 3138 02/27/92 09:44 EST
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Publication:PR Newswire
Date:Feb 27, 1992
Words:276
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