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STANDARD FEDERAL BANK EXPERIENCES GREATEST LENDING MONTH IN ITS HISTORY

STANDARD FEDERAL BANK EXPERIENCES GREATEST LENDING MONTH IN ITS HISTORY
    TROY, Mich., Feb. 14 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced today that in January it experienced the largest volume of single-family mortgage loan activity in its 99-year history. During January, the bank received a total of 7,699 mortgage loan applications compared to 1,470 applications in January 1991 and 7,302 applications during the entire first quarter of 1991.
    The bank closed 2,635 mortgages during the month of January, for a total of $199,057,265 loans closed and has current commitments of $278,367,009.  Standard Federal Bank also has approximately $575 million more single-family home loan applications being processed in its offices.  The amount of loan closings, loan commitments and loans in the mortgage loan processing pipeline are all record-setting amounts for the bank.
    "This unprecedented level of activity is primarily due to the refinance business that has been generated by record low levels of long- term interest rates," noted Thomas R. Ricketts, chairman and president of Standard Federal Bank.  "While the loan volume is unprecedented, Standard Federal is working diligently to provide our customers with expeditious service.  We view this time to be an excellent opportunity for the bank to increase its mortgage business and establish new customer relationships."
    To accommodate customers who would like to refinance their current mortgage or to apply for a new mortgage loan during this high-volume period, the bank has made arrangements to schedule applications and closings for customers not only during normal business hours, but after hours as well during the week and on weekends at a number of branch offices.
    Standard Federal Bank, headquartered in Troy, is Michigan's leading home mortgage lender and largest thrift with current assets of $9.5 billion.  The bank operates 120 branch offices throughout Michigan, Indiana and Ohio.
    -0-                      2/14/92
    CONTACT:  William R. Yaw Jr. of Standard Federal Bank, 313-643-9600; Michigan, 1-800-482-3930; Indiana, 1-800-874-3716
    (SFB)
CO:    STANDARD FEDERAL BANK
IN:    FIN
ST:           MICHIGAN (MI)


-- DE007 -- 9064 02/14/92
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Publication:PR Newswire
Date:Feb 14, 1992
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