Michigan National Bank
| Company type | Subsidiary |
|---|---|
| Industry | Banking |
| Founded | 1940-12-31 |
| Founder | Howard J Stoddard |
| Headquarters | Bloomfield Hills , United States |
Area served | Michigan |
Key people | Howard J Stoddard (founder), Stanford "Bud" Stoddard (former CEO), Robert J. Mylod (former CEO) |
| Products | Banking services |
Number of employees | 3600 (2000) |
| Parent | ABN AMRO (from 2001) |
Michigan National Bank originated in Lansing, Michigan on December 31, 1940, through the efforts of Howard J Stoddard, who merged six Michigan-based banks: First National Bank and Trust Company of Grand Rapids, First National Trust and Savings Bank of Port Huron, Lansing National Bank, City National Bank of Battle Creek, National Bank of Saginaw, and First National Bank of Marshall. Subsequently, it expanded by acquiring the National Bank of Flint in 1942 and the Central National Bank of Battle Creek in 1947.
Following Howard Stoddard’s passing in 1971, his son Stanford "Bud" Stoddard assumed the role of CEO. After Michigan eased its banking regulations, Stanford established Michigan National Corporation (MNC) in 1972 with its headquarters situated in Bloomfield Hills, Michigan. This corporate framework enabled a group of affiliated but independently managed banks to operate collectively under the Michigan National Bank brand. By 1981, MNC had grown to encompass 27 affiliated banks.
During the early 1980s, Michigan National faced challenges linked to the failures of Penn Square Bank and Continental Illinois National Bank and Trust Company, which culminated in Stanford Stoddard stepping down in 1984. Robert J. Mylod took over as chairman and CEO in 1985, implementing measures including the shutdown of 140 branches and reducing the ATM network by half. The deregulation movement in the late 1980s permitted MNC to merge its affiliates into a unified statewide bank operating under the Michigan National name. In 1995, MNC was purchased by National Australia Bank.
On November 22, 2000, ABN AMRO announced its intention to acquire MNC for $2.75 billion in cash. At that time, MNC controlled assets totaling $11.6 billion and operated Michigan National Bank with a workforce of 3,600 employees across 184 branches and 332 ATMs. The transaction was finalized on April 2, 2001, placing MNC under ABN AMRO North America, which also owned Standard Federal Bank headquartered in Troy, Michigan.
The combined organization retained the Standard Federal name but adopted the national bank charter originally held by Michigan National. Effective October 9, 2001, this merger resulted in the closure of 59 redundant branches. Following consolidation, Standard Federal managed roughly 300 branches and maintained about 850 ATMs throughout Michigan, ranking as the second-largest bank in the state by asset size.
On September 12, 2005, ABN AMRO unified its U.S. commercial banking operations under the LaSalle Bank brand. In 2007, ABN AMRO sold LaSalle to Bank of America, which rebranded the branches on May 5, 2008. Later in 2014, several former Michigan National branches located in Flint, Port Huron, and Saginaw were divested by Bank of America to Huntington National Bank.