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STANDARD FEDERAL PASSES $2 BILLION IN MORTGAGES

 STANDARD FEDERAL PASSES $2 BILLION IN MORTGAGES
 TROY, Mich., Aug. 19 /PRNewswire/ -- Standard Federal Bank


(NYSE: SFB) announced that during the first 7 1/2 months of 1992, it has closed over 26,000 home mortgage loans for a total of $2 billion. This compares to $1 billion in home loans originated by the bank for the same time period last year and $1.5 billion for all of 1991. All of Standard Federal's mortgage loan volume was originated by its own staff and not purchased from mortgage bankers or others.
 "Low interest rates plus affordable housing prices have contributed to record lending volume for the bank," noted Thomas R. Ricketts, chairman and president of Standard Federal. "1992 has been an excellent year for many homeowners to refinance their existing home loans and obtain a lower interest rate. It has also provided an excellent opportunity for many people to buy a new home."
 Standard Federal Bank, with assets of $9.6 billion, is the leading home mortgage lender in Michigan and operates 125 branch offices throughout Michigan, Indiana and Ohio.
 -0- 8/19/92
 /CONTACT: William R. Yaw Jr. of Standard Federal Bank, 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:


JG -- DE019 -- 1403 08/19/92 14:31 EDT
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Publication:PR Newswire
Date:Aug 19, 1992
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