Standard Federal Bank
Standard Federal Bank was a Michigan-based savings bank that expanded across the Midwest before being absorbed into LaSalle Bank Midwest and ultimately Bank of America.
Last updated November 4, 2026
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Overview
Standard Federal Bank was a regional financial institution headquartered in Troy, Michigan, with roots reaching back to the establishment of Standard Savings & Loan Association in Detroit on April 25, 1893. It began as a savings and loan association serving Detroit households and developed over more than a century into one of the largest thrift institutions in the American Midwest. Its business centered on deposit-taking, residential and commercial lending, branch banking, and related financial services. The institution survived the 1929 stock-market crash and the subsequent Great Depression, remaining open through the 1933 bank holiday while many Detroit-area financial institutions closed permanently. Its first branch opened in 1948, and the organization expanded beyond Detroit during the postwar period. In 1950 it received a federal charter and adopted the name Standard Federal Savings & Loan Association, broadening its lending powers. Its first branch outside Detroit opened in Royal Oak in 1957, by which time assets had reached approximately $100 million, according to the institution's historical account as summarized by Wikipedia. Growth accelerated through acquisitions. Standard Federal combined with Birmingham Federal Savings in 1970, moved its main offices to Birmingham, and later relocated its headquarters to Troy. It acquired or merged with a series of Michigan and Indiana institutions, including Wayne Federal Savings, First Federal Savings of Niles, Landmark Savings and Loan, First Savings Association of Dowagiac, several Fort Wayne institutions, South Bend Federal Savings and Loan Association, Tower Federal Savings Bank, First Federal Savings and Loan Association of Kalamazoo, Peoples Savings Bank, United Home Federal Savings and Loan Association of Toledo, and First Federal Savings and Loan Association of Lenawee County. These transactions established a substantial presence across southeastern and western Michigan, northern Indiana, and parts of northwest Ohio. In 1985, the organization converted from a federally chartered mutual savings and loan association into a federally chartered mutual savings bank and changed its name to Standard Federal Bank. It then converted from mutual ownership to a stock institution. The stock conversion became effective on January 28, 1987, and the bank's shares were listed on the New York Stock Exchange. The conversion was described as one of the largest thrift-industry stock conversions of its time. By the end of 1986, Standard Federal had 83 offices across 16 counties in Michigan and Indiana. The bank continued to grow in the early 1990s. It marked its centennial in 1993 with approximately $10 billion in assets and was described as the largest thrift institution in the Midwest and the seventh-largest in the United States. Standard Federal reorganized under the holding-company structure Standard Federal Bancorporation, Inc., effective May 1, 1995. ABN AMRO agreed to purchase Standard Federal Bancorporation in November 1996 for approximately $1.9 billion, with the transaction completed on May 1, 1997. At the end of 1996, the bank had approximately $15.7 billion in assets and $11.0 billion in deposits, alongside $10.5 billion in loans serviced for others and $956.8 million in stockholders' equity. These historical financial figures are reported in the cited Wikipedia article and relate specifically to December 31, 1996. ABN AMRO expanded the franchise further in 2001 by acquiring Michigan National Bank and merging it into Standard Federal. The combined institution adopted Michigan National's national-bank charter, became Standard Federal Bank N.A., and closed 59 overlapping branches. In 2005, Standard Federal was Michigan's largest bank by retail branch count, with 265 branches and more than 1,000 ATMs. It reportedly held approximately $23.3 billion in deposits and a 15.06 percent Michigan deposit-market share at that time, ranking second in the state by assets. The Standard Federal name ended in 2005 when ABN AMRO and its American subsidiary, LaSalle Bank Corporation, consolidated branding. On September 12, 2005, Standard Federal Bank N.A. became LaSalle Bank Midwest N.A. The change was presented as a brand consolidation rather than a merger with LaSalle Bank N.A. of Chicago. Bank of America agreed to acquire LaSalle Bank Corporation from ABN AMRO in 2007. The acquisition closed on October 1, 2007, and the former Standard Federal branches operated under the Bank of America brand beginning May 5, 2008. Standard Federal therefore survives as a historical banking brand rather than an independent operating institution.
History
Standard Federal Bank originated as Standard Savings & Loan Association, established in Detroit on April 25, 1893, through the assumption of the charter of Workman's Savings and Loan Association. Its first offices were located in the basement of the McGraw Building at Griswold and Lafayette. The institution moved to larger premises in 1914 and built a headquarters at Griswold and Jefferson in 1927, on a site associated with Detroit's earliest colonial-era development. The thrift's long-term growth was supported by its ability to continue operating during severe financial stress. It remained open during the aftermath of the 1929 stock-market crash and the Great Depression, including the 1933 bank holiday. Its first branch opened in 1948. In 1950, after receiving a federal charter, it became Standard Federal Savings & Loan Association. The first office outside Detroit opened in Royal Oak in 1957. A major expansion phase began with the 1970 merger with Birmingham Federal Savings. The main offices moved first to Birmingham and later, in 1973, to Troy. Standard Federal subsequently acquired Wayne Federal Savings in 1975, First Federal Savings of Niles in 1980, Landmark Savings and Loan and First Savings Association of Dowagiac in 1981, and several Indiana institutions in 1983. The Indiana combination included American Federal Savings of Fort Wayne, First Federal Savings of Fort Wayne, Fort Wayne Federal Savings, and South Bend Federal Savings and Loan Association. In 1985, the institution changed from a savings and loan association into a mutual savings bank and adopted the Standard Federal Bank name. Its board approved a mutual-to-stock conversion plan in 1986, and the conversion took effect on January 28, 1987, when the shares became publicly traded on the New York Stock Exchange. Further acquisitions included Tower Federal Savings Bank in 1988, First Federal Savings and Loan Association of Kalamazoo and Peoples Savings Bank in 1989, United Home Federal Savings and Loan Association of Toledo in 1991, and First Federal Savings and Loan Association of Lenawee County in 1992. The bank also acquired or combined with Heritage Federal Savings Bank, InterFirst Bankcorp, Colonial Central Savings Bank, and Fidelity Savings Bank during the 1990s. Standard Federal celebrated its centennial in 1993. That year it acquired Heritage Federal Savings Bank, described as its largest single acquisition. In 1995, the institution reorganized as Standard Federal Bancorporation, Inc. ABN AMRO agreed to buy the holding company in November 1996, and the acquisition closed on May 1, 1997. Under ABN AMRO ownership, Standard Federal remained a major regional banking platform. Michigan National Bank was acquired and merged into it in 2001. The resulting bank adopted a national-bank charter, used the name Standard Federal Bank N.A., and eliminated 59 overlapping branches. By 2005, the franchise had 265 retail branches and more than 1,000 ATMs. Its deposits were reported at approximately $23.3 billion, representing 15.06 percent of Michigan's market in the cited period. The Standard Federal identity was retired in 2005. On September 12, the bank was renamed LaSalle Bank Midwest N.A. as part of ABN AMRO's effort to consolidate its American branding. Bank of America announced an agreement to purchase LaSalle Bank Corporation in April 2007 and completed the acquisition on October 1 of that year. The former Standard Federal network began operating under Bank of America branding on May 5, 2008. No independent Standard Federal Bank operation remains.
- 2008
Bank of America conversion completed
[1]The former Standard Federal branches are fully rebranded as Bank of America on May 5.
- 2007
Bank of America acquisition closes
[1]Bank of America completes its purchase of LaSalle Bank Corporation and its Midwest banking franchise.
- 2005
Rebranded as LaSalle Bank Midwest
[1]The Standard Federal name is replaced by LaSalle Bank Midwest N.A.
- 2001
Michigan National Bank combination
[1]Michigan National Bank is merged into Standard Federal, creating a larger statewide banking network.
- 1997
ABN AMRO acquisition closes
[1]ABN AMRO completes its purchase of Standard Federal Bancorporation.
- 1995
Holding-company reorganization
[1]Standard Federal Bank reorganizes as Standard Federal Bancorporation, Inc.
- 1993
Centennial and major expansion
[1]The bank marks its 100th anniversary and acquires Heritage Federal Savings Bank later in the year.
- 1987
Mutual-to-stock conversion
[1]Standard Federal completes its conversion into a publicly owned stock institution and lists shares on the New York Stock Exchange.
- 1985
Becomes Standard Federal Bank
[1]The mutual savings and loan converts into a federally chartered mutual savings bank and adopts the Standard Federal Bank name.
- 1970
Merger with Birmingham Federal Savings
[1]The merger begins a major expansion phase and shifts the main offices toward Birmingham and later Troy.
Products and positioning
A regional, branch-led savings bank that evolved from a Detroit thrift into a large Midwestern banking franchise through geographic expansion, acquisitions, and eventual integration into larger international and national banking groups.
Banking · 1893
Retail deposits
Standard Federal's core retail franchise accepted household and business deposits through branches and ATMs. Its savings-and-loan origins placed deposit gathering and relationship banking at the center of its operating model.
Lending · 1893
Residential mortgage lending
The institution developed from a thrift focused on savings and housing-related finance. Residential lending remained an important part of its regional banking activities as the organization expanded across Michigan, Indiana, and northwest Ohio.
Banking · 1950
Commercial and consumer banking
As its charter and scale changed, Standard Federal broadened beyond traditional thrift services to provide wider commercial, consumer, and branch-banking capabilities across its Midwestern network.
Brand decisions
2007
Sale of LaSalle Bank Corporation to Bank of AmericaM&ABackground
ABN AMRO agreed to divest LaSalle Bank Corporation, including the successor organization to Standard Federal.
Action taken
Bank of America purchased LaSalle Bank Corporation for a reported $21 billion headline consideration, with the cited source describing a net sale value of $16 billion after the return of $5 billion in excess capital. The acquisition closed on October 1, 2007.
Aftermath
The former Standard Federal network transitioned into Bank of America's Midwest branch system and was rebranded in 2008.
Reported acquisition consideration. Headline consideration of $21 billion; reported net sale value of $16 billion after $5 billion in excess capital was returned (Sale announced April 23, 2007; acquisition completed October 1, 2007)
- Royal Bank of Scotland-led consortium — The consortium challenged the transaction legally, arguing that ABN AMRO had not sought higher bids from other potential purchasers. The Dutch Supreme Court ultimately approved the sale.
2005
Brand consolidation under LaSalle Bank MidwestStrategyBackground
ABN AMRO was consolidating the identities of its American banking businesses and aligning the Michigan franchise with LaSalle Bank Corporation.
Action taken
Standard Federal Bank N.A. was renamed LaSalle Bank Midwest N.A. on September 12, 2005.
Aftermath
The Standard Federal name ceased to be the active customer-facing identity, although the branch network continued operating under the successor brand until its later Bank of America conversion.
2001
Merger with Michigan National BankM&ABackground
ABN AMRO sought to combine two Michigan banking operations and increase the scale of its regional franchise.
Action taken
Michigan National Bank was merged into Standard Federal, which adopted Michigan National's national-bank charter and became Standard Federal Bank N.A.
Aftermath
The combination made Standard Federal Michigan's largest bank by branch count, although 59 overlapping branches were closed.
1996
Agreement to sell Standard Federal Bancorporation to ABN AMROM&ABackground
Standard Federal had become one of the largest thrift institutions in the Midwest and had built a substantial Michigan and Indiana network.
Action taken
ABN AMRO agreed to acquire Standard Federal Bancorporation for approximately $1.9 billion; completion occurred on May 1, 1997.
Aftermath
Standard Federal operated as an ABN AMRO-owned regional banking franchise and later absorbed Michigan National Bank.
Acquisition consideration. Approximately $1.9 billion (Agreement announced November 21, 1996; acquisition completed May 1, 1997)
1987
Mutual-to-stock conversionStrategyBackground
The bank's board approved a conversion plan in 1986 as Standard Federal pursued a publicly traded ownership structure.
Action taken
The conversion took effect on January 28, 1987, and the institution became publicly owned with shares listed on the New York Stock Exchange.
Aftermath
The transaction provided a stock-company structure during a period of continued regional acquisitions.
1985
Conversion from savings and loan to savings bankStrategyBackground
Standard Federal had expanded beyond its original Detroit thrift footprint and sought a charter structure reflecting broader banking capabilities.
Action taken
The federally chartered mutual savings and loan association became a federally chartered mutual savings bank and adopted the Standard Federal Bank name.
Aftermath
The change preceded the institution's later conversion to stock ownership and continued acquisition-led expansion.
Recent events
- 2008
Former Standard Federal branches adopt Bank of America branding[1]
Other
The former LaSalle Bank Midwest branches began operating under the Bank of America name, ending the Standard Federal successor brand's separate identity.
- 2007
Bank of America completes purchase of LaSalle Bank Corporation[1]
M&A
Bank of America closed its acquisition of LaSalle Bank Corporation, which owned the former Standard Federal franchise.
- 2005
Standard Federal is renamed LaSalle Bank Midwest[1]
Leadership change
ABN AMRO and LaSalle Bank Corporation replaced the Standard Federal name with LaSalle Bank Midwest as part of a broader American brand consolidation.
- 2001
Michigan National Bank is merged into Standard Federal[1]
M&A
ABN AMRO combined Michigan National Bank with Standard Federal, creating a larger Michigan franchise and leading to the closure of 59 overlapping branches.
- 1996
Standard Federal Bancorporation agrees to be acquired by ABN AMRO[1]
M&A
ABN AMRO reached an agreement to acquire Standard Federal Bancorporation for approximately $1.9 billion. The transaction was completed the following year.
- 1987
Standard Federal completes conversion to a stock institution[1]
Other
The bank completed its conversion from a mutual savings institution to a publicly owned stock company, with shares listed on the New York Stock Exchange.
Sources1 sources
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