Standard Federal Bank
Encyclopedia
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. http://www.crainsdetroit.com/apps/pbcs.dll/article?AID=/20080414/SUB/804140331
Standard Federal was the largest bank in Michigan based on number of retail branches (265), ATMs (more than 1,000) and deposits (US 23.3B, 15.06% market share); it ranked second in assets. http://phx.corporate-ir.net/phoenix.zhtml?c=71595&p=irol-newsArticle&ID=988431&highlight http://www.snl.com/irweblinkx/depositmarketshare.aspx?iid=4056273 Renamed LaSalle Bank Midwest in 2005, it and its parent LaSalle Bank Corporation
were acquired by Bank of America from ABN AMRO
on 1 October 2007. LaSalle was dissolved into Bank of America N.A. on 17 October 2008.
"Safety For Savings Since 1893"... an old Standard slogan that was never tested so severely as during the Crash of 1929 and subsequent Great Depression. This helped preclude a serious "run" on Standard's offices. Standard never closed its doors, surviving with strength through 1929 and through the terrible bank closings of 1933, when many banks that closed never opened again. The first branch office was opened in 1948 on Grand River near Southfield Road in Northwest Detroit.
Standard's name changes over the years reflected growth in its scope and capabilities. After 57 years as Standard Savings & Loan Association, the thrift
applied for and received a Federal charter in 1950. This expanded its lending powers and Standard became known as Standard Federal Savings & Loan Association. The first branch office outside Detroit city limits was opened in 1957 in suburban Royal Oak on North Woodward near 12 Mile Road. Assets meanwhile amounted to USD 100 million in 1957.
Wayne Federal Savings (Michigan) was acquired in 1975 and in 1980 First Federal Savings of Niles (Michigan) merged with Standard Federal. In 1981, Landmark Savings and Loan (Saginaw/Bay City, Michigan) and First Savings Association of Dowagiac (Michigan) were taken over.
In the largest merger in Standard Federal's history: American Federal Savings of Fort Wayne, First Federal Savings of Fort Wayne, Fort Wayne Federal Savings, and South Bend Federal Savings and Loan Association (all of Indiana) were taken over in November 1983. Assets reached USD 5 billion in 1984.
On January 1, 1985, the bank converted from a federally chartered mutual savings and loan association to a federally chartered mutual savings bank and changed its name from Standard Federal Savings and Loan Association to Standard Federal Bank. On 28 August 1986, the bank's Board of Directors adopted a Plan of Conversion providing for the bank's conversion from a mutual to a stock institution. As of 31 December 1986, Standard Federal had 83 offices in 16 counties in Michigan and Indiana; 78 of which were full-service branches. The conversion from a mutual company to a publicly owned stock company listed on the New York Stock Exchange
took place on 28 January 1987. This was one of the largest stock conversions by dollar amount in the history of the thrift industry.
The acquisition of Tower Federal Savings Bank of South Bend (Indiana) was completed on June 18, 1988. During 1989, the bank acquired two savings institutions in Michigan: First Federal Savings and Loan Association of Kalamazoo (originally known as the Kalamazoo County Building Loan Association) and Peoples Savings Bank, F.S.B. in Monroe
. On September 6, 1991, Standard Federal entered the Ohio
market, gaining a significant presence in the north-west Ohio area through the acquisition of United Home Federal Savings and Loan Association of Toledo. First Federal Savings and Loan Association of Lenawee County, Adrian (Michigan) was acquired with effect of August 8, 1992.
On April 25, 1993, Standard Federal celebrated its centenary. The bank stood as the largest thrift institution in the Midwest and the 7th largest in the United States, with assets of approximately USD 10 billion. In December of the same year, Standard acquired Heritage Federal Savings Bank in Taylor
(Michigan). This was the largest single acquisition in Standard Federal's history. Other acquisitions by Standard Federal include InterFirst Bankcorp (1993), Colonial Central Savings Bank (1994) and Fidelity Savings Bank (1996). Effective May 1, 1995, Standard Federal Bank became a wholly owned subsidiary of Standard Federal Bancorporation, Inc., a unitary thrift holding company.
On 21 November 1996, ABN AMRO
reached an agreement to purchase Standard Federal Bancorporation Inc for USD 1.9 billion; the acquisition was completed on May 1, 1997. In 1996, Standard Federal was the largest savings bank in the Midwest, and the fourth largest bank in the State of Michigan. At December 31, 1996, Standard Federal's total assets amounted to USD 15.7 billion, with total deposits of USD 11.0 billion, loans serviced for others of USD 10.5 billion and stockholders' equity of USD 956.8 million.
In 2001 Standard Federal Bank absorbed ABN AMRO's newly acquired Michigan National Bank
. The merged bank adopted the acquired bank's national bank charter and the bank became Standard Federal Bank N.A., closing 59 overlapping branch offices and making Standard Federal Michigan's largest bank by the number of branch offices.http://findarticles.com/p/articles/mi_hb5553/is_200106/ai_n21516321
for USD 21 Billion, and a net sale of USD 16 Billion after the return of USD 5 billion in excess capital. http://phx.corporate-ir.net/phoenix.zhtml?c=71595&p=irol-newsArticle&ID=988431&highlight The sale was legally challenged as ABN AMRO did not seek higher bids from other potential purchasers, but it was ultimately cleared by the Dutch Supreme Court. http://detnews.com/apps/pbcs.dll/article?AID=/20070713/UPDATE/707130412 Bank of America officially took over the bank on 1 October 2007. http://biz.yahoo.com/prnews/071001/clm085a.html?.v=1
LaSalle Bank Midwest began doing business under the Bank of America brand on May 5, 2008. http://www.freep.com/apps/pbcs.dll/article?AID=/20080227/BUSINESS06/802270414 Bank of America executive Kieth Cockrell, who had begun his banking career in Michigan, was appointed president of Bank of America's Michigan operations whose legal name at the time was LaSalle Bank Midwest N.A. while doing business as Bank of America.http://detnews.com/apps/pbcs.dll/article?AID=/20080430/OPINION01/804300316 The legal name changed on 17 October.
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 bank serving Michigan and Northern Indiana which began doing business as 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...
on 5 May 2008. http://www.crainsdetroit.com/apps/pbcs.dll/article?AID=/20080414/SUB/804140331
Standard Federal was the largest bank in Michigan based on number of retail branches (265), ATMs (more than 1,000) and deposits (US 23.3B, 15.06% market share); it ranked second in assets. http://phx.corporate-ir.net/phoenix.zhtml?c=71595&p=irol-newsArticle&ID=988431&highlight http://www.snl.com/irweblinkx/depositmarketshare.aspx?iid=4056273 Renamed LaSalle Bank Midwest in 2005, it and its parent LaSalle Bank Corporation
LaSalle Bank
LaSalle Bank Corporation was the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. . With $116 billion in assets, it was headquartered at 135 South LaSalle Street in Chicago, Illinois...
were acquired by Bank of America from 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...
on 1 October 2007. LaSalle was dissolved into Bank of America N.A. on 17 October 2008.
History
Standard Federal began as Standard Savings & Loan Association; established on April 25, 1893, taking over the charter of the Workman's Savings and Loan Association. Offices opened in the basement of the old McGraw Building at the corner of Griswold and Lafayette in downtown Detroit. Standard moved to a larger building at the corner of Griswold and Larned Streets in 1914. Land was purchased in 1927 and Standard then constructed its own headquarters at the north-west corner of Griswold and Jefferson in 1927. This lot was known as "the Cornerstone of Detroit", as it was the site of the first building ever raised in Detroit: Ste. Anne's Church, built in 1701. In that year assets surpassed USD 10 million."Safety For Savings Since 1893"... an old Standard slogan that was never tested so severely as during the Crash of 1929 and subsequent Great Depression. This helped preclude a serious "run" on Standard's offices. Standard never closed its doors, surviving with strength through 1929 and through the terrible bank closings of 1933, when many banks that closed never opened again. The first branch office was opened in 1948 on Grand River near Southfield Road in Northwest Detroit.
Standard's name changes over the years reflected growth in its scope and capabilities. After 57 years as Standard Savings & Loan Association, the thrift
Savings and loan association
A savings and loan association , also known as a thrift, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans...
applied for and received a Federal charter in 1950. This expanded its lending powers and Standard became known as Standard Federal Savings & Loan Association. The first branch office outside Detroit city limits was opened in 1957 in suburban Royal Oak on North Woodward near 12 Mile Road. Assets meanwhile amounted to USD 100 million in 1957.
Mergers and Acquisitions
In 1970, Birmingham Federal Savings (Michigan) merged with Standard Federal. Main offices were moved to Birmingham on Woodward Avenue near 16 Mile Road. Total assets in 1973 reached USD 1 billion. Also in 1973, Main offices were moved to a larger building in Troy at 2401 Big Beaver Road.Wayne Federal Savings (Michigan) was acquired in 1975 and in 1980 First Federal Savings of Niles (Michigan) merged with Standard Federal. In 1981, Landmark Savings and Loan (Saginaw/Bay City, Michigan) and First Savings Association of Dowagiac (Michigan) were taken over.
In the largest merger in Standard Federal's history: American Federal Savings of Fort Wayne, First Federal Savings of Fort Wayne, Fort Wayne Federal Savings, and South Bend Federal Savings and Loan Association (all of Indiana) were taken over in November 1983. Assets reached USD 5 billion in 1984.
On January 1, 1985, the bank converted from a federally chartered mutual savings and loan association to a federally chartered mutual savings bank and changed its name from Standard Federal Savings and Loan Association to Standard Federal Bank. On 28 August 1986, the bank's Board of Directors adopted a Plan of Conversion providing for the bank's conversion from a mutual to a stock institution. As of 31 December 1986, Standard Federal had 83 offices in 16 counties in Michigan and Indiana; 78 of which were full-service branches. The conversion from a mutual company to a publicly owned stock company listed on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
took place on 28 January 1987. This was one of the largest stock conversions by dollar amount in the history of the thrift industry.
The acquisition of Tower Federal Savings Bank of South Bend (Indiana) was completed on June 18, 1988. During 1989, the bank acquired two savings institutions in Michigan: First Federal Savings and Loan Association of Kalamazoo (originally known as the Kalamazoo County Building Loan Association) and Peoples Savings Bank, F.S.B. in Monroe
Monroe, Michigan
Monroe is a city in the U.S. state of Michigan. The population was 20,733 at the 2010 census. It is the largest city and county seat of Monroe County. The city is bordered on the south by Monroe Charter Township, but both are politically independent. The city is located approximately 14 miles ...
. On September 6, 1991, Standard Federal entered the Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
market, gaining a significant presence in the north-west Ohio area through the acquisition of United Home Federal Savings and Loan Association of Toledo. First Federal Savings and Loan Association of Lenawee County, Adrian (Michigan) was acquired with effect of August 8, 1992.
On April 25, 1993, Standard Federal celebrated its centenary. The bank stood as the largest thrift institution in the Midwest and the 7th largest in the United States, with assets of approximately USD 10 billion. In December of the same year, Standard acquired Heritage Federal Savings Bank in Taylor
Taylor, Michigan
Taylor is a city in Wayne County in the U.S. state of Michigan. The population was 63,131 at the 2010 census. Taylor was originally known as Taylor Township and residents of the township voted to incorporate as the City of Taylor in May 1968...
(Michigan). This was the largest single acquisition in Standard Federal's history. Other acquisitions by Standard Federal include InterFirst Bankcorp (1993), Colonial Central Savings Bank (1994) and Fidelity Savings Bank (1996). Effective May 1, 1995, Standard Federal Bank became a wholly owned subsidiary of Standard Federal Bancorporation, Inc., a unitary thrift holding company.
On 21 November 1996, 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...
reached an agreement to purchase Standard Federal Bancorporation Inc for USD 1.9 billion; the acquisition was completed on May 1, 1997. In 1996, Standard Federal was the largest savings bank in the Midwest, and the fourth largest bank in the State of Michigan. At December 31, 1996, Standard Federal's total assets amounted to USD 15.7 billion, with total deposits of USD 11.0 billion, loans serviced for others of USD 10.5 billion and stockholders' equity of USD 956.8 million.
In 2001 Standard Federal Bank absorbed ABN AMRO's newly acquired Michigan National Bank
Michigan National Bank
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,...
. The merged bank adopted the acquired bank's national bank charter and the bank became Standard Federal Bank N.A., closing 59 overlapping branch offices and making Standard Federal Michigan's largest bank by the number of branch offices.http://findarticles.com/p/articles/mi_hb5553/is_200106/ai_n21516321
Rebranding to LaSalle Bank
On September 12, 2005, ABN AMRO and its American subsidiary LaSalle Bank Corporation officially changed the name of Standard Federal Bank N.A. to LaSalle Bank Midwest N.A. in what they called a "brand consolidation" instead of a merger with Chicago-based LaSalle Bank N.A. to pool the two banks' marketing resources.Sale to Bank of America
On April 23, 2007, ABN AMRO announced the sale of LaSalle Bank Corporation to Bank of AmericaBank 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...
for USD 21 Billion, and a net sale of USD 16 Billion after the return of USD 5 billion in excess capital. http://phx.corporate-ir.net/phoenix.zhtml?c=71595&p=irol-newsArticle&ID=988431&highlight The sale was legally challenged as ABN AMRO did not seek higher bids from other potential purchasers, but it was ultimately cleared by the Dutch Supreme Court. http://detnews.com/apps/pbcs.dll/article?AID=/20070713/UPDATE/707130412 Bank of America officially took over the bank on 1 October 2007. http://biz.yahoo.com/prnews/071001/clm085a.html?.v=1
LaSalle Bank Midwest began doing business under the Bank of America brand on May 5, 2008. http://www.freep.com/apps/pbcs.dll/article?AID=/20080227/BUSINESS06/802270414 Bank of America executive Kieth Cockrell, who had begun his banking career in Michigan, was appointed president of Bank of America's Michigan operations whose legal name at the time was LaSalle Bank Midwest N.A. while doing business as Bank of America.http://detnews.com/apps/pbcs.dll/article?AID=/20080430/OPINION01/804300316 The legal name changed on 17 October.