Business Services Industry
Standard Federal's Sale to ABN AMRO Signed, Headed For Court.(Originated from Detroit Free Press)
Knight Ridder/Tribune Business News, May, 1997 by Craig, Charlotte W.
May 2--The purchase of Standard Federal Bank by Dutch banking conglomerate ABN AMRO is a done deal. Final papers in the $1.9-billion sale were signed Thursday at StanFed's Troy headquarters.
Stockholders had approved the sale April 17.
Although some staffing and management changes are expected at Standard Federal for two years, the only immediate change is a new president -- Scott Heitmann, 48, an ABN AMRO executive from Chicago who started his career in the Old Kent banking organization in Grand Rapids. He replaces Thomas Ricketts, who died last week.
The StanFed deal was closed despite a lawsuit filed last month to block it by Birmingham lawyer James Elsman. A stockholder, Elsman complained that shareholders did not get enough...
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