Michigan National Bank
Encyclopedia
Michigan National Bank was a bank founded in Lansing, Michigan
, which was established on 31 December 1940 when Howard J Stoddard consolidated six Michigan
banks: First National Bank and Trust Company of Grand Rapids
, First National Trust and Savings Bank of Port Huron
, Lansing National Bank, Battle Creek's
Security National Bank, National Bank of Saginaw
and First National Bank of Marshall
. It purchased and absorbed the National Bank of Flint
in 1942.
After Howard Stoddard died suddenly in 1971, his son Stanford "Bud" Stoddard took over. When Michigan banking laws were loosened allowing for bank holding companies, Stanford Stoddard founded Michigan National Corporation (MNC) in 1972, based in Bloomfield Hills, Michigan
. This allowed co-owned but separately operated Michigan Bank N.A., located in Detroit
, to be renamed Michigan National Bank of Detroit with MNC as its parent. By 1981, Michigan National had 27 affiliate banks.
In the early 1980s, Michigan National was caught up in the collapse of Penn Square Bank
and Continental Illinois National Bank and Trust Company
which forced the resignation of Stanford Stoddard in 1984. Robert J. Mylod became chairman and CEO of Michigan National in 1985. Mylod closed 140 of its 340 branches and shed half of its 700 ATMs
. Loosened banking regulations in the late 1980s made MNC struggle to remain independent, but the loosened regulations allowed Michigan National to consolidate its banks into one bearing the Michigan National Bank name as the deregulation allowed for statewide branch banking in Michigan. In 1995, MNC was sold to National Australia Bank
.
ABN AMRO
announced on 22 November 2000, that it had signed a definitive agreement with National Australia Bank Ltd for the acquisition of MNC for USD 2.75 billion in cash. At the time, it had total assets amounting to USD 11.6 billion. MNC's primary subsidiary was Michigan National Bank with 3,600 employees, 184 branches and 332 ATMs. On 2 April 2001, MNC was acquired by ABN AMRO North America, Inc., the parent company of Troy, Michigan
based Standard Federal Bank
.
The 2001 acquisition created the second largest bank in Michigan as ranked by assets. When ABN AMRO merged Standard Federal Bank and Michigan National Bank, MNB's national bank charter was adopted and name of the bank was changed to Standard Federal Bank N.A. with effect from 9 October 2001. 59 overlapping branch offices were closed.http://findarticles.com/p/articles/mi_hb5553/is_200106/ai_n21516321 As a result of this merger, the Standard Federal Bank brand operated approximately 300 branches and 850 ATMs in the state of Michigan, more than any other financial institution.
As of 12 September 2005, Standard Federal Bank changed its name to LaSalle Bank Midwest N.A. which was acquired on 1 October 2007 (along with the rest of ABN AMRO North America) by Bank of America
and the LaSalle branches became Bank of America branches on 5 May, 2008.
Lansing, Michigan
Lansing is the capital of the U.S. state of Michigan. It is located mostly in Ingham County, although small portions of the city extend into Eaton County. The 2010 Census places the city's population at 114,297, making it the fifth largest city in Michigan...
, which was established on 31 December 1940 when Howard J Stoddard consolidated six Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
banks: First National Bank and Trust Company of Grand Rapids
Grand Rapids, Michigan
Grand Rapids is a city in the U.S. state of Michigan. The city is located on the Grand River about 40 miles east of Lake Michigan. As of the 2010 census, the city population was 188,040. In 2010, the Grand Rapids metropolitan area had a population of 774,160 and a combined statistical area, Grand...
, First National Trust and Savings Bank of Port Huron
Port Huron, Michigan
Port Huron is a city in the U.S. state of Michigan and the county seat of St. Clair County. The population was 30,184 at the 2010 census. The city is adjacent to Port Huron Township but is administratively autonomous. It is joined by the Blue Water Bridge over the St. Clair River to Sarnia,...
, Lansing National Bank, Battle Creek's
Battle Creek, Michigan
Battle Creek is a city in the U.S. state of Michigan, in northwest Calhoun County, at the confluence of the Kalamazoo and Battle Creek Rivers. It is the principal city of the Battle Creek, Michigan Metropolitan Statistical Area , which encompasses all of Calhoun county...
Security National Bank, National Bank of Saginaw
Saginaw, Michigan
Saginaw is a city in the U.S. state of Michigan and the seat of Saginaw County. The city of Saginaw was once a thriving lumber town and manufacturing center. Saginaw and Saginaw County lie in the Flint/Tri-Cities region of Michigan...
and First National Bank of Marshall
Marshall, Michigan
Marshall is a city located in the U.S. state of Michigan. It is part of the Battle Creek, Michigan Metropolitan Statistical Area. As of the 2000 census, the city population was 7,459. It is the county seat of Calhoun County...
. It purchased and absorbed the National Bank of Flint
Flint, Michigan
Flint is a city in the U.S. state of Michigan and is located along the Flint River, northwest of Detroit. The U.S. Census Bureau reports the 2010 population to be placed at 102,434, making Flint the seventh largest city in Michigan. It is the county seat of Genesee County which lies in the...
in 1942.
After Howard Stoddard died suddenly in 1971, his son Stanford "Bud" Stoddard took over. When Michigan banking laws were loosened allowing for bank holding companies, Stanford Stoddard founded Michigan National Corporation (MNC) in 1972, based in Bloomfield Hills, Michigan
Bloomfield Hills, Michigan
Bloomfield Hills is a city in Oakland County of the U.S. state of Michigan, northwest of downtown Detroit. As of the 2010 census, the city population was 3,869...
. This allowed co-owned but separately operated Michigan Bank N.A., located in Detroit
Detroit, Michigan
Detroit is the major city among the primary cultural, financial, and transportation centers in the Metro Detroit area, a region of 5.2 million people. As the seat of Wayne County, the city of Detroit is the largest city in the U.S. state of Michigan and serves as a major port on the Detroit River...
, to be renamed Michigan National Bank of Detroit with MNC as its parent. By 1981, Michigan National had 27 affiliate banks.
In the early 1980s, Michigan National was caught up in the collapse of Penn Square Bank
Penn Square Bank
Penn Square Bank was a small commercial bank located in the rear of the Penn Square Mall in Oklahoma City. The bank made its name in high-risk energy loans during the late 1970s and early 1980s Oklahoma and Texas oil boom. Between 1974 and 1982, the bank's assets increased more than 15 times to...
and Continental Illinois National Bank and Trust Company
Continental Illinois National Bank and Trust Company
The Continental Illinois National Bank and Trust Company was at one time the seventh-largest bank in the United States as measured by deposits with approximately $40 billion in assets. In 1984, Continental Illinois became the largest ever bank failure in U.S. history, when a run on the bank led to...
which forced the resignation of Stanford Stoddard in 1984. Robert J. Mylod became chairman and CEO of Michigan National in 1985. Mylod closed 140 of its 340 branches and shed half of its 700 ATMs
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
. Loosened banking regulations in the late 1980s made MNC struggle to remain independent, but the loosened regulations allowed Michigan National to consolidate its banks into one bearing the Michigan National Bank name as the deregulation allowed for statewide branch banking in Michigan. In 1995, MNC was sold to National Australia Bank
National Australia Bank
National Australia Bank is one of the four largest financial institutions in Australia in terms of market capitalisation and customers. NAB is ranked 17th largest bank in the world measured by market capitalisation...
.
ABN AMRO
ABN AMRO
ABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. It was re-established, in its current form, in 2009 following the acquisition and break up of ABN AMRO Group by a banking consortium consisting of Royal Bank of Scotland Group, Santander and Fortis...
announced on 22 November 2000, that it had signed a definitive agreement with National Australia Bank Ltd for the acquisition of MNC for USD 2.75 billion in cash. At the time, it had total assets amounting to USD 11.6 billion. MNC's primary subsidiary was Michigan National Bank with 3,600 employees, 184 branches and 332 ATMs. On 2 April 2001, MNC was acquired by ABN AMRO North America, Inc., the parent company of Troy, Michigan
Troy, Michigan
Troy is a city in Oakland County in the U.S. state of Michigan, and is a suburb of Detroit. The population was 80,980 at the 2010 census, making it the 11th-largest city in Michigan by population, and the largest city in Oakland County...
based Standard Federal Bank
Standard Federal Bank
Standard Federal Bank was a Troy, Michigan-based bank serving Michigan and Northern Indiana which began doing business as Bank of America on 5 May 2008....
.
The 2001 acquisition created the second largest bank in Michigan as ranked by assets. When ABN AMRO merged Standard Federal Bank and Michigan National Bank, MNB's national bank charter was adopted and name of the bank was changed to Standard Federal Bank N.A. with effect from 9 October 2001. 59 overlapping branch offices were closed.http://findarticles.com/p/articles/mi_hb5553/is_200106/ai_n21516321 As a result of this merger, the Standard Federal Bank brand operated approximately 300 branches and 850 ATMs in the state of Michigan, more than any other financial institution.
As of 12 September 2005, Standard Federal Bank changed its name to LaSalle Bank Midwest N.A. which was acquired on 1 October 2007 (along with the rest of ABN AMRO North America) by Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
and the LaSalle branches became Bank of America branches on 5 May, 2008.