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PRELIMINARY VOTING RESULTS ANNOUNCED BY GREAT LAKES SHAREHOLDER

 PRELIMINARY VOTING RESULTS ANNOUNCED BY GREAT LAKES SHAREHOLDER
 GROSSE POINTE FARMS, Mich., June 2 /PRNewswire/ -- Peter T. Kross, the Great Lakes Bancorp (NASDAQ-NMS: GLBC) shareholder who nominated two candidates in opposition to the management slate of directors, today announced that the preliminary results of the independent tabulator indicate that both candidates nominated by him were elected to the Great Lakes Board of Directors. The nominees, Richard J. Nelson and Wallace D. Riley, have extensive experience in banking and law, respectively. Said Kross, "I believe both candidates are highly qualified and, if the results are confirmed, will prove to be valuable additions to the Great Lakes Board."
 Kross said that the preliminary results also show that his proposal recommending that the bank form a committee of outside directors to solicit, review, and negotiate offers to sell the bank, was narrowly defeated. "Even though over 23 percent of the common shares are owned by officers, directors and employee benefit plans, the preliminary results seem to indicate that a majority of shares voted by holders not affiliated with me or the bank voted in favor of the proposal," said Kross. "I believe this is a clear message to the board that the majority of independent shareholders agree with our position that an independent committee should be formed."
 -0- 6/2/92
 /CONTACT: Peter T. Kross, 313-343-0130/
 (GLBC) CO: Great Lakes Bancorp ST: Michigan IN: FIN SU:


SM -- DE026 -- 6381 06/02/92 16:41 EDT
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Publication:PR Newswire
Date:Jun 2, 1992
Words:242
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