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STANDARD FEDERAL BANK SETS RECORD FOR AUGUST HOME MORTGAGE LOAN CLOSINGS

 TROY, Mich., Sept. 14 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) reports that it has set a new record in mortgage lending volume for the month of August. During August 1993, the bank closed 4,399 single-family home mortgage loans for a total of $341,980,298. During August 1992, the bank closed 4,110 home mortgage loans for a total of $327,935,215.
 Year-to-date, the bank has closed 32,881 home loans for a total of $2,534,527,502. During the same period in 1992, the bank closed 28,348 loans for a total of $2,203,517,591.
 "Homeowners and home buyers continue to take advantage of the historically low interest rate environment," noted Thomas R. Ricketts, chairman and president of Standard Federal Bank. "Our recent rate reduction on all of our home loan products makes home ownership even more affordable for everyone in our community."
 Standard Federal Bank, headquartered in Troy, is the Midwest's largest thrift institution and the leading residential mortgage lender in Michigan. The bank currently has assets of $9.9 billion and operates 119 Banking Centers and seven Home Lending Centers throughout Michigan, Indiana and Ohio.
 -0- 9/14/93
 /CONTACT: William R. Yaw Jr., marketing director of Standard Federal Bank, 800-643-9600/
 (SFB)


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

KE -- DE014 -- 1724 09/14/93 11:19 EDT
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Publication:PR Newswire
Date:Sep 14, 1993
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