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STANDARD FEDERAL BANK REDUCES MORTGAGE INTEREST RATES BY 1/8 PERCENT TO NEW LOW LEVELS

 TROY, Mich., June 28 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced today that it has lowered the interest rates it charges for single-family home mortgage loans by 1/8 percent.
 The following rates are effective today, June 28, 1993:
 Lifetime Convertible Adjustable-Rate Mortgage 4.125 percent
 5/25 Mortgage 5.625 percent
 7/23 Mortgage 6.125 percent
 10-Year Fixed-Rate Mortgage 6.375 percent
 15-Year Fixed-Rate Mortgage 6.625 percent
 30-Year Fixed-Rate Mortgage 7.250 percent
 To obtain these interest rates, the borrower will pay a 2 percent loan discount fee plus the bank's normal application fee, closing fee and out-of-pocket expenses, such as title insurance.
 "These record low interest rates should not only stimulate purchases of new homes but offer an opportunity to even a larger segment of homeowners to refinance their present mortgage," said Thomas R. Ricketts, chairman and president. "Our 30-year fixed-rate mortgage at 7 1/4 percent is the lowest since 1969."
 "Standard Federal Bank is by far the leading home mortgage lender in Southeastern Michigan. In 1992, Standard Federal Bank closed $3,611,168,527 in home loans and if current trends continue, Standard Federal Bank will match or exceed that figure in 1993," Ricketts added.
 Standard Federal Bank, headquartered in Troy, has current assets of $9.9 billion and operates 122 banking centers throughout Michigan, Indiana and Ohio.
 -0- 6/28/93
 /CONTACT: William R. Yaw Jr., marketing director, Standard Federal Bank, 313-637-2520/
 (SFB)


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

JG -- DE020 -- 6362 06/28/93 15:07 EDT
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Publication:PR Newswire
Date:Jun 28, 1993
Words:258
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