GEARS page 38

Think BIG.

may be over. One problem with
refinancing is that home own-
ers generally must stay put for
three or four years to reap any
savings, because most firms
charge fees to process the move
to lower rates.
"When our company was
formed (in 1991), the plan was
to do financial services, and it
just worked out that refinanc-
ing came first," said Robert R.
Denton, chief executive of World
Wide Financial Services, Inc. in
Birmingham."Since that time,
people have refinanced two or
three times, but we knew the
market wouldn't last.

11% _ APY

SAVINGS
ACCOUNT

Lenders who stand
pat, an estimated
10 to 15 percent,
are destined to drop
out of the market.

Introducing the
Platinum Savings Account

• A superb simple interest rate of 4.05%

• An Annual Percentage Yield of 4.11%

• Deposits and/or withdrawals available

"We've never neglected our
diversification plan. While
refinancing was going on, we
developed value-added service
to real estate agents by provid-
ing them with four-color flyers
to help market their homes.
We added (seven) branch offices
and became affiliated with
Woodward Securities in Birm-
ingham so now we offer a range

• Choice of a passbook or statement

• FDIC Insured

REPUBLIC
BANK

Ann Arbor (Main Centre) 665-4080
Ann Arbor (Downtown) 665-4030
Farmington Hills 737-0444
Grosse Pointe 882-6400
Bloomfield Hills 258-5300

Or call our Republic Information Center
1-800-968-4425 7 AM-7 PM Mon.-Fri.

cr

tel

Member FDIC

'Annual Percentage Yield (APY) is guaranteed until May 31, 1994, and may change after that date. Minimum balance to open and earn interest
is S15,000. With all variable rate accounts, the interest rate may change after opening. Individuals only. Limited time offer. Not valid with any

other bonuses or coupons.

DISTINCTIVE PERSONAL BANKING

Our

contemporary

originals are made

under the watchful

eye of perfectionists.

We proudly fashion

of services like estate planning,
insurance and investment ad-
vice.
Since the firm's founding by
four partners three years ago,
Denton said World Wide has
written over $1 billion in loans
and plans to rack up $1.5 billion
in 1994. The firm also became
active in commercial lending
and employs 225 workers, mak-
ing it one of the fastest-growing
companies in Michigan.
The challenge now for mort-
gage lender is to shift gears.
Those which stand pat, an esti-
mated 10 to 15 percent, are des-
tined to drop out of the market.
Area mortgage lenders say
they are designing new adver-
tising campaigns to appeal to
potential homeowners, move-
up buyers and real estate
agents. Others are reducing
time strains on working clients
by drawing up new mortgages
at home via portable comput-
ers.
"Every mortgage company
has enjoyed tremendous growth
over the last three years, but if
the interest rates go up the re-
financing market drops off,"
said Jim Golden, loan officer for
Shore Mortgage in Birming-
ham. "Hone area of your busi-
ness is going to drop, you must
look at other avenues or risk los-
ing the business. The real chal-
lenge is staying ahead of the
game." 111

LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES

Symbol Name
Scitex
SCIXF
ECI Telecom
ECILF
Teva
Pharm
TEVIY
PEC Israel
IEC
Elbit Computers
ELBTF
Elscint LTD
ELT
Elron Electronics
ELRNF
Tadiran
TAD
Comverse
CMVT
Lannet Data
LANTF
First Israel Fund
ISL

Mar. 18 Mar. 25

Exchange

NASDAQ
NASDAQ
NASDAQ
NYSE
NASDAQ
NYSE
NASDAQ
NYSE
NASDAQ
NASDAQ
NYSE

'25.38
'23.00
'25.00
'27.63
'35.25
'3.13
'15.50
'19.13
'9.25
'9.00
'15.38

'24.00
'21.50
'25.50
'27.88
'37.38
'3.13
'16.25
'19.88
'10.13
$9.00
'15.25

Change

-51.38
-51.50

A-s0.25
+$2.13
$ 0.00
+s0.75
+s0.75
+$0.88
$0.00

Source: Allen °lender, Prudential Securities,
West Bloomfield.

unique furnishings of

the highest quality.

To those who appreciate

the best, to those who

can accept no less.

LLJ

CC

w

D

UJ

ENTERTAINMENT CENTERS • MASTER BEDROOM SUITES

DINING ROOMS • HOME OFFICES •KITCHENS

CHILDREN'S BEDROOMS • BATHS

40

FOR AN APPOINTMENT CALL 1-800-261-5230 • 32445 SCHOOLCRAFT • LIVONIA, MI

Phones For Azerbaijan

Bezek has agreed to carry out
a comprehensive development
program for telecommunica-
tions in Azerbaijan.
Bezek officials agreed to pre-
pare a memorandum of under-
standing toward the signing of
such an accord during a meet-
ing with Azerbaijan Communi-
cations Minister Sirouz
Hussein.
Bezek and the Azerbaijani
government plan to establish a

joint company for operating in-
ternational telecommunica-
tions, including an overseas
phone exchange and a satellite
station.
The company will be operat-
ed jointly for a decade.
A second project planned is
the upgrading of public tele-
phone exchanges in Azerbaijan,
especially by computerizing
them. IBM would be involved
in this effort with Bezek.

c-/\

