Archives for September 2022

Standard Federal Bank was a Troy, Michigan-based bank serving Michigan and Northern Indiana which began doing business as Bank of America on 5 May, 2008. 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. Renamed LaSalle Bank Midwest in 2005, it and its parent LaSalle Bank Corporation were acquired by Bank of America from ABN AMRO on 1 October, 2007. LaSalle was dissolved into Bank of America N.A. on 17 October, 2008.

The Ann Arbor branch was at 3201 E Eisenhower Pkwy, Ann Arbor, MI 48108; it is now a Bank of America branch.

TANDARD FEDERAL BANK HISTORY

Standard Federal began as Standard Savings & Loan Association; established on April 25, 1893, assuming 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. It purchased land in 1927 and constructed its own headquarters at the northwest 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 the city: Ste. Anne’s Church, built July 26, 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 Wall Street 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 opened again. The first branch office opened in 1948 on Grand River near Southfield Road in Northwest Detroit.

Ryszard Wojtuniecki V Standard Federal Bank

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 opened in 1957 in suburban Royal Oak on North Woodward near 12 Mile Road. Assets meanwhile amounted to $100 million in 1957.