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STANDARD FEDERAL BANK REDUCES MORTGAGE INTEREST RATES TO LOWEST LEVELS SINCE THE 1960s

 TROY, Mich., March 1 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced today that it has lowered the interest rates it charges for single-family home mortgage loans, to their lowest level since the late 1960s.
 The following rates are effective Monday, March 1, 1993:
 Lifetime Convertible Adjustable-Rates Mortgage 4.250 percent
 5/25 Mortgage 5.750 percent
 7/23 Mortgage 6.250 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 Standard Federal's normal application fee and out-of-pocket expenses.
 "Home mortgage interest rates haven't been this low since the late 1960s," noted Thomas R. Ricketts, chairman and president of Standard Federal. "This is an excellent time to purchase or build a new home or refinance an existing home mortgage loan."
 Standard Federal Bank, headquartered in Troy, has current assets of $9.6 billion and operates 123 branch offices throughout Michigan, Indiana and Ohio.
 -0- 3/1/93
 /CONTACT: William R. Yaw Jr., marketing director, Standard Federal Bank, 800-643-9600/
 (SFB)


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

KE -- DE021 -- 1362 03/01/93 11:16 EST
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Publication:PR Newswire
Date:Mar 1, 1993
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