Michigan National Bank

Michigan National Bank
Michigan National Bank
Industry Financial Services
Fate merged with Standard Federal Bank
Successor Bank of America N.A.
Founded 1940
Defunct 2001
Headquarters Lansing, Michigan, USA
Key people Howard J Stoddard, founder
Stanford Stoddard, 1970s CEO
Robert Mylod, final CEO
Parent Michigan National Corp.
National Australia Bank
ABN AMRO

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.[1] 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.

External links


Wikimedia Foundation. 2010.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • National Bank of Rolla Building — U.S. National Register of Historic Places …   Wikipedia

  • National Bank of Whittier Building — U.S. National Register of Historic Places …   Wikipedia

  • National Bank of Washington, Washington Branch — U.S. National Register of Historic Places …   Wikipedia

  • National Bank of Commerce Building (Kansas City, Missouri) — National Bank of Commerce Building U.S. National Register of Historic Places …   Wikipedia

  • National Bank of Commerce Building (Paragould, Arkansas) — National Bank of Commerce Building U.S. National Register of Historic Places …   Wikipedia

  • Commercial National Bank — was a bank formed in Charlotte, North Carolina in 1874, which was a predecessor to the American Commercial Bank which then helped form North Carolina National Bank. NCNB changed their name to NationsBank in 1991 and then again to Bank of America… …   Wikipedia

  • National Bank of Detroit — The National Bank of Detroit (NBD) Logo The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately …   Wikipedia

  • Citizens & Southern National Bank — Citizens and Southern National Bank (C S) began as a Georgia institution that expanded into South Carolina, Florida and into other states via mergers. C S became part of NationsBank (formerly North Carolina National Bank) in 1991 when NationsBank …   Wikipedia

  • North Carolina National Bank — (NCNB) was a bank based in Charlotte, North Carolina, prior to 1960 called American Commercial Bank. It was one of the top banking institutions. History In 1957 American Trust Co.[1] [2] and Commercial National Bank merged to form American… …   Wikipedia

  • Dart National Bank — Dart Bank, founded in 1925, is an independent community bank based in Mason, Michigan, with branches in Holt (just outside the city limits of Lansing) and Grand Ledge. As of December 31, 2006, the bank s assets stood at $228 million, with $202… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”