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 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.
Read more about this topic: Standard Federal Bank, History