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STANDARD FEDERAL BANK REDUCES MORTGAGE INTEREST RATES TO LOWEST LEVELS IN 20 YEARS

    TROY, Mich., Feb. 22 /PRNewswire/ -- Standard Federal Bank announced today that it has lowered the interest rates it charges for single- family home mortgage loans, to the lowest level they have been in 20 years.
    The following rates are effective Monday, Feb. 22, 1993:
    Lifetime Convertible Adjustable-Rate Mortgage        4.25 percent
    5/25 Mortgage                                       5.875 percent
    7/23 Mortgage                                       6.375 percent
    15-Year Fixed-Rate Mortgage                         6.875 percent
    30-Year Fixed-Rate Mortgage                          7.50 percent
    To obtain these interest rates, the borrower will pay a 2-percent loan discount fee plus the normal application fee and out-of-pocket expenses.
    "Home mortgage interest rates haven't been this low in 20 years," noted Thomas R. Ricketts, chairman and president of Standard Federal. "This is an excellent time to purchase a new home or refinance an existing home mortgage loan."
    Standard Federal Bank (NYSE: SFB), headquartered in Troy, has current assets of $9.6 billion and operates 123 branch offices throughout Michigan, Indiana and Ohio.
    -0-             02/22/93
    CONTACT:  William R. Yaw Jr., marketing director, Standard Federal Bank, 1-800-643-9600
    (SFB) CO:  STANDARD FEDERAL BANK IN:  FIN ST:  MI


-- DE021 -- X389 02/22/93
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Date:Feb 22, 1993
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