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STANDARD FEDERAL BANK REDUCES MORTGAGE-INTEREST RATES TO LOWEST LEVELS IN 18 YEARS

 STANDARD FEDERAL BANK REDUCES MORTGAGE-INTEREST RATES
 TO LOWEST LEVELS IN 18 YEARS
 TROY, Mich., June 29 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) 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 18 years.
 The following rates are effective Monday, June 29, 1992:
 Lifetime Convertible Adjustable Rate Mortgage 5.25 percent
 5/25 Mortgage 7.125 percent
 7/23 Mortgage 7.375 percent
 15-Year Fixed-Rate Mortgage 7.75 percent
 30-Year Fixed-Rate Mortgage 8.25 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 18 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, headquartered in Troy, has current assets of $9.5 billion and operates 120 branch offices throughout Michigan and Indiana.
 -0- 6/29/92
 /CONTACT: William R. Yaw Jr. of Standard Federal, 313-643-9600, or in Michigan, 800-482-3930, or in Indiana, 800-874-3716/
 (SFB) CO: Standard Federal Bank ST: Michigan IN: FIN SU:


DH -- DE022 -- 4883 06/29/92 16:29 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
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