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STANDARD FEDERAL BANK SETS RECORD FOR JULY HOME MORTGAGE CLOSINGS

 TROY, Mich., Aug. 6 /PRNewswire/ -- Standard Federal Bank reports that it has set a new record in mortgage lending volume for the month of July. During July 1993, the bank closed 4,054 single-family home mortgage loans for a total of $319,029,226. This is a 54-percent increase in lending volume as compared to a total of $206,872,417 loans closed during July 1992.
 Year-to-date, the bank has closed 28,482 home loans for a total of $2,192,547,204. During the same period in 1992, the bank closed 24,238 loans for a total of $1,875,582,376.
 "Low interest rates continue to be the catalyst for the bank's record-breaking lending activity," said Thomas R. Ricketts, president and chairman of Standard Federal Bank. "Consumers continue to take advantage of these low rates to purchase a new home or to refinance their existing mortgage."
 Standard Federal Bank (NYSE: SFB), headquartered in Troy, is the Midwest's largest thrift institution and the leading residential mortgage lender in Michigan. The bank currently has assets of $9.8 billion and operates 118 banking centers throughout Michigan, Indiana and Ohio.
 -0- 8/6/93
 /CONTACT: William R. Yaw Jr., marketing director, Standard Federal Bank, 313-637-2520/
 (SFB)


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

KE-ML -- DE006 -- 0248 08/06/93 10:18 EDT
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Publication:PR Newswire
Date:Aug 6, 1993
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