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STANDARD FEDERAL SETS RECORD FOR MONTHLY MORTGAGE ACTIVITY

 TROY, Mich., May 6 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) set a new record for mortgage lending volume by closing 5,510 single- family home mortgage loans during the month of April 1993, for a total of $425,928,541, the highest level of lending volume for any month throughout Standard Federal's 100-year history. This is an increase of 12 percent compared to the record 4,911 loans closed for the month of April 1992 and nearly a 15 percent increase over last April's lending volume of $370,946,335.
 The bank also announced that as of May 5, 1993, it has closed over $1 billion in mortgages in 1993.
 "The low interest rate environment continues to support our high mortgage lending activity," noted Thomas R. Ricketts, chairman and president of Standard Federal Bank. "Opportunities still exist for those homeowners who wish to refinance their existing mortgages 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 leading mortgage lenders. With approximately $9.8 billion in assets, the bank operates 123 branch offices and 190 automated teller machines in Michigan, Indiana and Ohio.
 -0- 5/6/93
 /CONTACT: William R. Yaw Jr., marketing director, Standard Federal Bank, 313-637-2520/
 (SFB)


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

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Publication:PR Newswire
Date:May 6, 1993
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