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Article: Buyer likely to maintain the Standard. (Standard Federal Bancorp.)
- Article from:
- Crain's Detroit Business
- Article date:
- November 25, 1996
- Author:
CopyrightCOPYRIGHT 1996 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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StanFed overhaul not expected
If Standard Federal Bancorp. had to be bought, analysts say selling to Dutch banking giant ABN AMRO Holding N.V. may be the least painful way to go about it.
Analysts said the usual fallout of bank mergers - layoffs, branch closings and the like - will be minimal in this deal. That's because ABN AMRO has no operations in the Detroit area.
And the man who will become Standard Fed's new president and CEO when the deal closes, Scott Heitmann, pledged that Standard Federal wouldn't back away from its commitment to housing development and business lending in the city of Detroit once the deal closes about six months from now.
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