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                                                                   EXHIBIT 99(A)
    

                    [MACOMB FEDERAL SAVINGS BANK LETTERHEAD]


                        __________________________, 1996


Dear Shareholder,

   
  You are cordially invited to attend a Special Meeting of Shareholders of
Macomb Federal Savings Bank ("MFSB"), to be held at MFSB's office located at
23505 Greater Mack Avenue, St. Clair Shores, Michigan on
____________________________, 1996 at 4:00 p.m. local time.
    

   
  The purpose of the meeting is to consider and vote upon approval of an
Agreement and Plan of Reorganization under which MFSB will merge with a wholly
owned subsidiary of D&N Financial Corporation of Hancock, Michigan.  If the
proposed merger is consummated, each share of MFSB Common Stock will be
converted into ______ shares of D&N Common Stock as described in the
accompanying Prospectus/Proxy Statement.  As a result, holders of MFSB Common
Stock will receive shares of D&N Common Stock having a closing price as quoted
on the National Association of Securities Dealers Automated Quotation System on
______________, 1996 of $____________ per share.  In the event proxies
representing a sufficient number of shares voting to approve the Agreement and
Plan of Reorganization are not obtained before the meeting, a proposal to
adjourn the meeting in order to solicit additional proxies will be put to a
vote at the meeting.
    

  Your Board of Directors believes that the proposed merger is in the best
interests of MFSB and its shareholders and has unanimously approved the
proposed merger.  The Board has also received the opinion of Roney & Co. to the
effect that the terms of the proposed merger are fair, from a financial point
of view, to MFSB's shareholders.  Attached are a Notice of the meeting and a
Prospectus/Proxy Statement containing information about the proposed merger and
D&N Financial Corporation.  Whether or not you plan to attend the meeting,
please mark, sign, date and promptly return the enclosed proxy.

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE FOR APPROVAL OF THE
PROPOSED MERGER.

  IN ORDER TO ASSURE THAT YOUR SHARES WILL BE REPRESENTED AND VOTED AT THE
MEETING, PLEASE MARK, SIGN AND DATE THE ENCLOSED PROXY, AND MAIL IT IN THE
RETURN ENVELOPE PROVIDED.  A FAILURE TO VOTE WILL BE THE EQUIVALENT OF A VOTE
AGAINST THE MERGER.

                                          Very truly yours,


                                          Mark T. Jacobson
                                          Chairman of the Board