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July 12, 1963 - Image 8

Resource type:
Text
Publication:
The Detroit Jewish News, 1963-07-12

Disclaimer: Computer generated plain text may have errors. Read more about this.

THE DETROIT JEWISH NEWS — Friday, July 12, 1963

Financing homes
for Detroit families
for seventy years
1893-1963

• ...:•4, :::\• `$.>.m .

Now . . . a Quarter of a Billion Dollars Strong

During our seventieth-anniversary year, it
is with a great deal of pride that we look back
over the past and review the steady growth
and progress of Standard Federal.
Since 1893, the sound policies of our man-
agement and the ready acceptance of our
services by the families of this area have
helped make.the Association an outstanding
success. Every savings account and mortgage
loan holder has played an important part in
this strong, healthy growth—and we sincerely
thank each and every one of them.
In order to provide savings and home loan
conveniences for an even- greater number of
Detroit families, we have again expanded our
facilities- and now offer our customers eleven
convenient offices to serve them. As Detroit's
oldest and one of the nation's largest savings
and loan Associations, we invite you to share
in the safety, strength and earnings on savings
now enjoyed by more than 80,000 savers.

Robert J. Hutton, President

STANDARD FEDERAL SAVINGS AND LOAN ASSOCIATION

140th semi-annual statement of condition

June 30,1963

LIABILITIES

ASSETS

First Mortgage Loans
F. H. A.-Insured
G. I. Veterans' Loans
Standard Mortgage Loans

•.

Savings Accounts

$ 87,355,962.54
22,668,419.53
93,694,833.96

**
Loans on Savings Accounts —
Properties Sold on Land Contract
Real Estate Held for Redemption..
Real Estate Owned

789,797.84
34,700.95

Cash on Hand and in Banks

12,426,212.92

U. S. Government and Federal
Agency Obligations

31,847,046.33,

Stock in Federal 1-lome Loan Bank
Standard Federal Buildings and
Equipment, Less Depreciation
Other Assets
* ■ •* **
TOTAL . • •

Loans in Process ..

$203,719,216.03
207,791.05
94,155.89

824,498.79

15,914.80

Advance Payment by Borrowers
for Insurance and Taxes

Other Liabilities • •••• ■■ •• • ••

Specific Reserves ....

6,035,217.62

-0



69,983.03

741,877.17

.$17,091,628.60

General Reserves .

44,273,259.25

$230,035,202.46

.•

Surplus

1,452,527.57

3,200,000.00

a-41

2,023,069.99
1,100,360.25
$255,442,351.25

18,544,156.17

TOTAL •

11-0 -0•0 • • 0-0

$255,442,351.23

Savings Accounts Earn 4% cuRRARTEEN T compounded and paid four times a year

MAIN OFFICE
GRISWOLD AND JEFFERSON
WO 5.4774

DIRECTORS

Walter J. L. Ray

Choirmon of the Board

BRANCH OFFICES:

William H. Baldwin

77540 GRAND RIVER near Southgate
25712 GRAND RIVER at Beech Roue
16841 SCHAEFER ROAD S. of McNichol/
14221 GREENFIELD near Grand Rivet

Oscar L. Bard

Robert J. Hutton

In order to provide savings and home loan services io
more Detroit families, Standard Federal opened this new
branch office on July 1 on Greenfield, lust south of Grand
River. The grond opening celebration at this office con-
tinued through Wednesday, July 10.

James B. Ogden

24224 JOY ROAD at Telegraph

Wilson R. Paxson

10641 JOY ROAD 1 block E. of Moyer"

16530 EAST WARREN at Outer Drive

Edward A. Warnica

Robert F. Weber

Ormond S. Wessels

IT'S EASIER TO SAVE
AT STANDARD

11600 KELLY ROAD and Whittielt

14628 EAST JEFFERSON at Manisticp/0

1406 N. WOODWARD 1 block S. 12 Mire PA

MEMBER OF THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION

.

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