TROY, Mich. -- Standard Federal Bank said it has Office of Thrift Supervision approval to acquire First Federal Savings and Loan Association of Lenawee County.

The merger is expected to be completed in midsummer. First Federal's offices are to become branches of the $9.6 billion-asset Standard Federal.

Each share of First Federal common stock is to be converted into the right to receive $27.94 in cash.

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