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STANDARD FEDERAL REPORTS SECOND-HIGHEST LENDING MONTH IN ITS HISTORY

 STANDARD FEDERAL REPORTS SECOND-HIGHEST LENDING MONTH IN ITS HISTORY
 TROY, Mich., Oct. 5 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced today that it closed 4,848 single-family home mortgage loans during the month of September for a total of $376,371,422. This was the second-highest monthly volume in the bank's history and its highest volume of lending for any month of September. Of this amount, 49.8 percent were refinances of Standard Federal mortgages.
 Year-to-date, the bank has originated 33,196 loans for a total of $2,579,889,013. All of Standard Federal's mortgage loan volume is originated by its own staff and not purchased from mortgage brokers or others.
 "Low interest rates plus affordable housing prices have contributed to the continued record lending volume that the bank is experiencing," noted Thomas R. Ricketts, chairman and president of Standard Federal. "This has been an excellent year for many homeowners to refinance their existing home loans and obtain a lower interest rate. We are also seeing many people using this opportunity to purchase new homes."
 Headquartered in Troy, Standard Federal Bank is one of the Midwest's largest thrift institutions and is, by a large margin, the leading residential lender in Michigan. The bank now operates 125 branch offices and 188 automated teller machines (ATMs) located throughout southern Michigan, northern Indiana and northern Ohio and its total assets now approximate $9.7 billion.
 -0- 10/5/92
 /CONTACT: William R. Yaw Jr., marketing director, Standard Federal Bank, 313-643-9600, 800-482-3930 (in Michigan) or 800-874-3716 (in Indiana)/
 (SFB) CO: Standard Federal Bank ST: Michigan IN: FIN SU:


SB -- DE017 -- 6524 10/05/92 11:12 EDT
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Publication:PR Newswire
Date:Oct 5, 1992
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