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RECORD SEPTEMBER CLOSINGS HELP STANDARD FEDERAL BANK REACH $3 BILLION IN SINGLE-FAMILY HOME MORTGAGES

 TROY, Mich., Oct. 7 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced today that as of Oct. 6, 1993, it had originated over $3 billion in single-family home mortgage loans during 1993. This level of mortgage loan activity is the highest ever for a nine-month period and comes on the heels of a record-setting September 1993, during which the bank closed 5,168 single-family home mortgage loans totaling $398,950,035.
 "It is anticipated that this rate of mortgage lending will continue through the end of the year and that Standard Federal will set a new annual record, closing over $4 billion in single-family home loans during 1993," noted Thomas R. Ricketts, chairman and president of Standard Federal Bank.
 Standard Federal is Michigan's leading home mortgage lender and the Midwest's largest thrift institution. With assets of $9.8 billion and deposits of $6.7 billion, the bank operates 118 Banking Centers, seven Home Lending Centers and 202 automated teller machines in Michigan, Indiana and Ohio.
 -0- 10/7/93
 /CONTACT: William R. Yaw Jr., marketing director of Standard Federal Bank, 313-637-2520/
 (SFB)


CO: Standard Federal Bank ST: Michigan IN: FIN SU:

JG -- DE016 -- 9775 10/07/93 12:45 EDT
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Publication:PR Newswire
Date:Oct 7, 1993
Words:199
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