LaSalle Bank
| Company type | Subsidiary |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | National Builders Bank of Chicago (as LaSalle National Bank) |
| Founded | 1927 |
| Founder | John Nuveen (acquisition leader 1940) |
| Defunct | October 1, 2007 |
| Fate | Acquired by Bank of America |
| Successor | Bank of America |
| Headquarters | Chicago, Illinois , United States |
Area served | United States (primarily Chicago and Midwest regions) |
Key people | John Rau (CEO 1989–1991) |
| Products | Retail banking, Commercial banking, Leasing, Financial services |
| Owner | ABN AMRO Bank N.V. (until acquisition) |
| Parent | ABN AMRO Bank N.V. (until 2007) |
LaSalle Bank Corporation functioned as the parent company of LaSalle Bank N.A. and LaSalle Bank Midwest N.A., the latter formerly known as Standard Federal Bank. Headquartered at 135 South LaSalle Street in Chicago, Illinois, it managed assets totaling US$116 billion. LaSalle Bank Corporation operated as an indirect subsidiary of the Netherlands-based banking giant ABN AMRO Bank N.V., which ranked among the world's largest financial institutions with EUR 986 billion in assets, a network exceeding 3,000 branches across more than 60 countries, and a workforce of over 105,000 employees. On October 1, 2007, Bank of America acquired LaSalle Bank Corp., officially rebranding it under the Bank of America name on May 5, 2008.
LaSalle Bank N.A.
Originally established in 1927 under the name National Builders Bank of Chicago, the institution was renamed LaSalle National Bank in 1940 following its acquisition by a group led by John Nuveen. During the 1960s, it expanded by acquiring Mutual National Bank of Chicago, which had been founded by Frank C. Rathje. In 1979, ownership transferred to Algemene Bank Nederland (ABN). The name LaSalle Bank N.A. was adopted in 1999 after merging co-owned banks. At that time, it stood as the largest bank based in Chicago, with assets amounting to US$72.2 billion and deposits totaling US$46.8 billion. Its network included 146 retail branches and approximately 450 ATMs serving Chicago and its surrounding suburbs.
LaSalle operated regional offices in prominent U.S. cities such as Atlanta, Boston, Dallas, Denver, Houston, Los Angeles, Miami, Minneapolis, New York City, Philadelphia, and San Francisco. Its subsidiaries encompassed LaSalle National Leasing Corporation, LaSalle Business Credit LLC, LaSalle Financial Services Inc., LaSalle ABN Capital Markets LLC, AMO Capital Markets, AMO Commercial Holdings LLC, and ABN Commercial Real Estate Holdings LLC. Post-acquisition, Nova Global Markets and Nova Holdings were integrated into its portfolio.
John Rau held the position of CEO from 1989 until 1991 and continued serving on ABN’s North American board until the sale to Bank of America in 2007.
LaSalle Bank Midwest N.A.
In 1996, ABN AMRO expanded its U.S. footprint by acquiring Standard Federal Bancorporation based in Troy, Michigan, recognized as the largest savings bank in the Midwest region. Subsequently, in 2000, ABN AMRO purchased Michigan National Corporation headquartered in Bloomfield Hills and merged it into Standard Federal. Although the combined entity retained the Standard Federal name, it operated under Michigan National's charter. The institution was rebranded as LaSalle Bank Midwest N.A. in 2005 when ABN AMRO unified its U.S. commercial banking operations under the LaSalle brand.
By 2007, LaSalle Bank Midwest had become one of the leading banks in the Midwest with US$43 billion in assets and US$24.1 billion in deposits. Its branch network comprised 264 locations supported by around 1,000 ATMs throughout Michigan and Indiana.
Sale to Bank of America
On April 23, 2007, ABN AMRO reached an agreement to sell LaSalle Bank Corporation to Bank of America for US$21 billion. The transaction finalized on October 1, 2007. This sale was a strategic defensive response by ABN AMRO amid a takeover attempt led by Royal Bank of Scotland, which planned to merge LaSalle with its Citizens Financial Group division. The acquisition instantly positioned Bank of America as the largest deposit-holder in both Chicago and Detroit markets, significantly strengthening its presence where it previously had limited or no operations. Meanwhile, the investment banking segment was acquired separately by Canada’s third-largest bank by deposits and market capitalization.
Following this transition, numerous former LaSalle executives established PrivateBank in Chicago to emulate LaSalle’s operational model and counteract industry consolidation among major banks. PrivateBank was eventually acquired by the U.S. branch of Canadian Imperial Bank of Commerce (CIBC).
Sponsorships
LaSalle was a key sponsor of numerous notable events in Chicago, many of which have since been renamed under the Bank of America brand, such as:
- The LaSalle Bank Open golf event on the Nationwide Tour
- The Chicago Marathon
- The Chicago White Sox baseball team
- The Dame Myra Hess Memorial Concert organized by the International Music Foundation
- Winter WonderFest at Navy Pier
- The Shamrock Shuffle, recognized as the largest 8 km race worldwide
- Handel's "Do-it-yourself" Messiah performance
- Campaigns promoting Army Reserve employment opportunities