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STANDARD FEDERAL BANK INTRODUCES 10-YEAR FIXED-RATE MORTGAGE WITH LOWER INTEREST RATE

 TROY, Mich., March 25 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced today that it is offering a new mortgage lending program for home buyers -- the 10-year fixed-rate mortgage with an interest rate of just 6 1/2 percent.
 The bank's 10-year mortgage loan benefits home buyers by locking in a historically low interest rate; at the same time building equity more rapidly. By paying a somewhat higher monthly payment, a customer can realize a savings of thousands of dollars in interest payments over the life of the loan.
 "As a result of lower interest rates, stable housing prices and a growing trend toward reducing debt, we believe the 10-year loan will become a very attractive option in today's lending environment," noted Thomas R. Ricketts, chairman and president of Standard Federal Bank. "This new, shorter-term mortgage product will also have great appeal to established homeowners looking to refinance smaller balances on their present mortgages."
 Standard Federal continues to offer its lowest rates since the late 1960s. The following rates are effective as of Wednesday, March 24, 1993:
 Lifetime Convertible Adjustable-Rate Mortgage 4.250 percent
 5/25 Mortgage 5.750 percent
 7/23 Mortgage 6.250 percent
 10-Year Fixed-Rate Mortgage 6.500 percent
 15-Year Fixed-Rate Mortgage 6.750 percent
 30-Year Fixed-Rate Mortgage 7.375 percent
 To obtain these interest rates, the borrower will pay a 2-percent loan discount fee plus the normal application fee, closing fee and out-of-pocket expenses, such as title insurance. Interest rates and fees are subject to change without notice.
 Standard Federal Bank, headquartered in Troy, has current assets of $9.8 billion and operates 123 banking centers throughout Michigan, Indiana and Ohio.
 -0- 3/25/93
 /CONTACT: William R. Yaw Jr., marketing director, Standard Federal Bank, 1-800-643-9600/
 (SFB)


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

ML -- DE001 -- 9433 03/25/93 09:29 EST
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Publication:PR Newswire
Date:Mar 25, 1993
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