Printer Friendly

STANDARD FEDERAL SETS RECORD MORTGAGE VOLUME FOR 1991

 STANDARD FEDERAL SETS RECORD MORTGAGE VOLUME FOR 1991
 TROY, Mich., Jan. 13 /PRNewswire/ -- Standard Federal Bank


(NYSE: SFB) announced that it has set a new record for home mortgage lending volume. During 1991, the bank closed 20,960 home loans for a total of $1,665,687,000. This was a 65-percent increase over last year's record home loan closing of $1,010,807,000.
 In 1991, $467,765,000 of Standard Federal Bank's total loan closings (28.1 percent) were refinances of current Standard Federal loans compared to $90,492,000 of total loan closings (9.0 percent) in 1990. Loan closings excluding refinances of Standard Federal loans, were $1,197,922,000 in 1991 and $920,315,000 in 1990, a 30.1-percent increase. Standard Federal Bank is by far the largest home mortgage lender in Michigan, closing more loans than the next two largest home lenders put together.
 "With our current outstanding loan commitments of over $199 million, we anticipate another very large volume of home mortgage loan closings in 1992," stated Thomas R. Ricketts, chairman and president of Standard Federal. "We anticipate that 1992 holds many opportunities for those home buyers who want to refinance their current mortgages at current low interest rates, as well as affording an opportunity for the many families who want to buy a new home."
 Standard Federal Bank, headquartered in Troy, is Michigan's leading home mortgage lender and largest thrift with current assets of $9.5 billion. The bank operates 120 branch offices throughout Michigan, Indiana and Ohio.
 -0- 1/13/92
 /CONTACT: William R. Yaw Jr. of Standard Federal, 313-643-9600, 1-800-482-3930 (in Michigan), or 1-800-874-3716 (in Indiana)/
 (SFB) CO: Standard Federal Bank ST: Michigan IN: FIN SU:


SB -- DE008 -- 9108 01/13/92 12:46 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 13, 1992
Words:296
Previous Article:NATIONAL CITY CORPORATION'S SUBSIDIARY, NATIONAL PROCESSING COMPANY, INC., TO MERGE WITH B&L CONSULTANTS, INC.
Next Article:R.R. DONNELLEY NAMES JOHN CAMPANELLI SENIOR V.P.
Topics:


Related Articles
GLENDALE FEDERAL BANK REPORTS SURGE IN RESIDENTIAL MORTGAGE LOAN APPLICATIONS AT BRANCH OFFICES
STANDARD FEDERAL REPORTS 103-PERCENT INCREASE IN 4TH-QUARTER EARNINGS; ANNUAL EARNINGS OF $2.11 PER SHARE INCREASE 64 PERCENT OVER 1990
STANDARD FEDERAL SETS RECORD MORTGAGE LENDING ACTIVITY FOR FEBRUARY
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS INCREASED SECOND-QUARTER EARNINGS; NET INCOME UP 53 PERCENT FROM SECOND QUARTER OF 1991
STANDARD FEDERAL BANK REPORTS INCREASED THIRD-QUARTER EARNINGS
STANDARD FEDERAL SETS RECORD FOR MONTHLY MORTGAGE ACTIVITY
STANDARD FEDERAL BANK SETS MORTGAGE LENDING RECORD FOR FIRST SIX MONTHS OF 1993
STANDARD FEDERAL BANK SETS RECORD FOR FIRST NINE MONTHS IN HOME MORTGAGE LOAN CLOSINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters