Business Services Industry
Bank merger aims for 2002 wrap.(ABN Amro North America will acquire two Michigan banks)(Brief Article)
Crain's Detroit Business, December, 2000 by Merx, Katie
Standard Federal Bank officials put transition plans in place last week so the bank's merger with Michigan National Bank will be completed by 2002. Standard Federal and Michigan National will operate as one bank with one computer system and one name in 12 months, said Scott Heitmann, Standard Federal chairman, president and CEO.
And when it's over, the bank will be a formidable power in both mortgage and commercial banking, banking industry watchers said. Bank officials agree that's the plan. Standard Federal's parent company, ABN Amro Bank N.V., announced on Nov. 22 that it would buy Michigan National Bank from National Australia Bank Ltd. for $2.75 billion in cash - three times the bank's book value. The deal is expected to close by June, following...
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