Printer Friendly

STANDARD FEDERAL BANK SETS MORTGAGE LENDING RECORD FOR THIRD STRAIGHT YEAR

 TROY, Mich., Jan. 6 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB), Michigan's leading home mortgage lender by a large margin, set a new record for mortgage lending volume by closing more than $3.6 billion in single-family mortgage loans during 1992. This level of mortgage lending activity is greater than the total mortgage lending volume for 1991 and 1990 combined, and it makes 1992 the third consecutive year of record annual mortgage loan closings for Standard Federal.
 Of the total mortgage lending volume for the year, $1.6 billion, or approximately 45 percent, represented refinances of existing Standard Federal mortgage loans. Loans to new borrowers increased approximately 65 percent over 1991 to approximately $2.0 billion. Nearly 47,000 customers obtained home financing from Standard Federal during the year, an increase of approximately 122 percent over the previous year's total.
 "This was an outstanding year for mortgage lending," noted Thomas R. Ricketts, chairman of the board and president of Standard Federal Bank. "A low interest rate environment spurred consumers to action and the considerable processing capacity of Standard Federal was there to answer the demand.
 "With approximately $350.0 million in mortgage loans still in the process of being underwritten and closed, we begin the new year with high expectations," said Ricketts. "We believe that 1993 will continue to hold opportunities for those homeowners who wish to refinance their existing loans, as well as for those individuals and families who would like to buy a new home."
 Headquartered in Troy, Standard Federal Bank is one of the Midwest's largest and strongest thrift institutions. With approximately $9.7 billion in assets, the bank operates 123 branch offices and 190 automated teller machines in Michigan, Indiana and Ohio.
 -0- 1/6/93
 /CONTACT: William R. Yaw Jr., marketing director, Standard Federal Bank, 313-643-9600/
 (SFB)


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

DH-KE -- DE014 -- 2160 01/06/93 11:39 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 6, 1993
Words:319
Previous Article:AT&T AND SEMAPHORE COMMUNICATIONS SIGN AGREEMENT TO OFFER UNPRECEDENTED NETWORK SECURITY
Next Article:GM/UAW WORKERS PARTICIPATE IN DETROIT AUTO SHOW
Topics:


Related Articles
STANDARD FEDERAL BANK SETS MORTGAGE LENDING ACTIVITY RECORDS
STANDARD FEDERAL SETS RECORD FOR APRIL MORTGAGE CLOSINGS
STANDARD FEDERAL BANK'S 1992 6-MONTH MORTGAGE ACTIVITY SURPASSES ENTIRE 1991 RECORD LENDING VOLUME
STANDARD FEDERAL REPORTS SECOND-HIGHEST LENDING MONTH IN ITS HISTORY
STANDARD FEDERAL REACHES RECORD $3 BILLION IN MORTGAGE LENDING VOLUME
STANDARD FEDERAL SETS RECORD FOR MONTHLY MORTGAGE ACTIVITY
STANDARD FEDERAL SETS RECORD FOR MONTHLY MORTGAGE ACTIVITY
RECORD SEPTEMBER CLOSINGS HELP STANDARD FEDERAL BANK REACH $3 BILLION IN SINGLE-FAMILY HOME MORTGAGES
STANDARD FEDERAL BANK NAMES NEW SENIOR VICE PRESIDENT; NEW COMMERCIAL BANKING HEAD TO LEAD PORTFOLIO EXPANSION
STANDARD FEDERAL BANK SETS RECORD FOR FIRST NINE MONTHS IN HOME MORTGAGE LOAN CLOSINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters