Standard Federal Bank
 |
|
| Industry | Financial Services |
|---|---|
| Fate | Absorbed by Bank of America |
| Successor | Bank of America N.A. |
| Founded | 1893 |
| Defunct | 17 October 2008 |
| Headquarters | Troy, Michigan, United States |
| Products |
Middle-Market Commercial Lending, Middle-Market Commercial Real Estate Lending, Domestic and International Cash Management Commercial Banking, Wealth Management, Retail Banking, Trust and Treasury |
| Parent | Standard Federal Bancorporation ABN AMRO |
Middle-Market Commercial Lending, Middle-Market Commercial Real Estate Lending, Domestic and International Cash Management Commercial Banking, Wealth Management, Retail Banking,
Standard Federal Bank was a Troy, Michigan-based bank serving Michigan and Northern Indiana in the United States which was acquired by Bank of America on 5 May 2008.
In 2005, 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.
The bank was renamed LaSalle Bank Midwest after it was acquired by ABN AMRO in 2005. The bank and its parent LaSalle Bank Corporation were sold to Bank of America by ABN AMRO on 1 October 2007. LaSalle was dissolved into Bank of America on 17 October 2008.
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 $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 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 $100 million in 1957.
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