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STANDARD FEDERAL BANK AND HERITAGE BANKCORP, INC. RECEIVE OTS APPROVAL FOR MERGER

 TROY, Mich., Oct. 26 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) and Heritage Bankcorp, Inc. (NASDAQ-NMS: HEBC) announced today that the Office of Thrift Supervision has approved the proposed acquisition of Heritage by Standard. The parties had previously entered into a definitive agreement pursuant to which Standard would acquire Heritage for a purchase price of $33.25 per share in cash.
 Heritage also announced that the Annual Meeting of Stockholders will be held on Dec. 1, 1993, at 2 p.m. at the Ramada Heritage Center, 17201 Northline Road, Southgate, Mich. The company expects to send out proxy materials for the meeting on Oct. 28, 1993, or shortly thereafter. Among other matters, stockholders will be asked at the Annual Meeting to approve the Standard acquisition. Upon receipt of shareholder approval, the parties anticipate closing the transaction effective Dec. 4, 1993.
 -0- 10/26/93
 /CONTACT: Joseph Krul, senior vice president and chief financial officer of Standard Federal Bank, 313-637-2530; or E.G. Wilkinson Jr., president and CEO, or Faye M. Tabor, senior vice president and corporate secretary, of Heritage Bankcorp, 313-285-1010/
 (SFB HEBC)


CO: Standard Federal Bank; Heritage Bankcorp, Inc. ST: Michigan IN: FIN SU: TNM

SB -- DE009 -- 6780 10/26/93 09:47 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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