Michigan National Bank is a bank incorporated in Lansing, Michigan, established on December 31, 1940 when Howard J Stoddard merged six Michigan banks: First National Bank and Trust Company of Grand Rapids, First National Trust and Savings Bank of Port Huron, Lansing National Bank, City National Bank of Battle Creek, National Bank of Saginaw and First National Bank of Marshall. It was bought and absorbed by the National Bank of Flint in 1942.
After Howard Stoddard died suddenly in 1971, his son Stanford "Bud" Stoddard took over. When Michigan banking law was relaxed allowing for the parent company of the bank, Stanford Stoddard founded the Michigan National Corporation (MNC) in 1972, based in Bloomfield Hills, Michigan. It allows 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. In 1981, Michigan National had 27 affiliate banks.
In the early 1980s, Michigan National was caught in the collapse of Penn Square Bank and Continental Illinois National Bank and Trust Company that forced Stanford Stoddard's resignation in 1984. Robert J. Mylod became chairman and CEO of Michigan National in 1985, successfully Edwin B. Jones. Mylod closed 140 of its 340 branches and reduced half of its 700 ATMs. The loose banking regulations of the late 1980s made MNC struggling to remain independent, but loose regulations allowed Michigan National to consolidate its banks into one with the name Michigan National Bank as the allowed deregulation for bank branches in Michigan. In 1995, MNC was sold to National Australia Bank.
ABN AMRO announced on 22 November 2000 that they have signed a definitive agreement with National Australia Bank Ltd. for the acquisition of MNC worth USD 2.75 billion in cash. At that time, it had total assets of USD 11.6 billion. The main subsidiary of MNC is Michigan National Bank with 3,600 employees, 184 branches and 332 ATMs. On April 2, 2001, MNC was acquired by ABN AMRO North America, Inc., the parent company of Troy, Michigan based on Standard Federal Bank.
The combined company retains the Federal Standard's name, but drops the federal charter bank's standard savings in favor of the National National Bank charter. The merger is valid from 9 October 2001. 59 overlapping branches are closed. [1] As a result of this merger, Standard Federal operates around 300 branches and 850 ATMs in the state of Michigan, more than any other financial institution in the state. It is the second largest bank in Michigan measured by assets.
On September 12, 2005, ABN AMRO consolidated the commercial banking operations of the U.S. with the name LaSalle Bank. In 2007, ABN AMRO sold LaSalle to Bank of America, and LaSalle branch became Bank of America branch on May 5, 2008.
Video Michigan National Bank
References
Maps Michigan National Bank
External sources
- Richard D Poll Founder of Howard Stoddard, Michigan National Bank , Michigan State University, Press 1980
External links
- History of the National Bank of Michigan
Source of the article : Wikipedia
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