SOUTHFIELD Mich. -- Franklin Bank is advising preferred stockholders to convert their shares to achieve greater value.

In a bulletin on the bank's partial redemption and conversion of 200,000 preferred shares of stock, chairman David F. Simon said that based on current prices, the market value of the converted common shares is significantly greater than the redemption value.

To convert, shareholders must complete the blue transmittal form and mail it to the transfer agent by 5 p.m. on July 15. Failure to take action by this date automatically will act as an election to redeem, and shareholders will receive less value than if they convert, he said.

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