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On April 23, 2007, an agreement was made to sell LaSalle Bank Corporation to Bank of America for US$21 billion. [3] Bank of America officially took over LaSalle on October 1, 2007. [ 4 ] This was a defensive move by ABN AMRO to stave off its own purchase by a consortium led by Royal Bank of Scotland .
Standard Federal Bank was a Troy, Michigan-based bank serving Michigan and Northern Indiana in the United States which was acquired by Bank of America on 5 May 2008. [1]In 2005, Standard Federal was the largest bank in Michigan based on number of retail branches (265), ATMs (more than 1,000) and deposits (US 23.3B, 15.06% market share); it ranked second in assets.
The three banks set up a joint venture, RFS Holdings (with a name based on their respective initials), to execute the transaction. On 23 April, ABN AMRO and Barclays announced the proposed acquisition of ABN AMRO by Barclays. The deal was valued at €67 billion and included the sale of LaSalle Bank to Bank of America for €21 billion. [18]
George D. Sax (April 14, 1904 – March 12, 1974) was the chairman of the board of Exchange International Corporation and Chicago's former Exchange National Bank (now part of LaSalle Bank). He was president of Sax Enterprises, Inc and was a business entrepreneur who owned the Saxony Hotel , the first luxury hotel to be built in Miami Beach .
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