LaSalle Bank

LaSalle Bank N.A.
Industry Financial Services
Fate Acquired by Bank of America
Successor Bank of America N.A.
Founded 1927
Defunct 2008
Headquarters Chicago, Illinois, USA
Products

Middle-Market Commercial Lending, Middle-Market Commercial Real Estate Lending, Domestic and International Cash Management Commercial Banking, Wealth Management, Retail Banking,

Trust and Treasury
Parent Bank of America (current)
ABN AMRO (former)

LaSalle Bank Corporation was the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. (formerly Standard Federal Bank). With US$116 billion in assets, it was headquartered at 135 South LaSalle Street in Chicago, Illinois. LaSalle Bank Corporation was formerly an indirect subsidiary of Netherlands-based ABN AMRO Bank N.V., one of the world's largest banks, with total assets of EUR 986 billion, more than 3,000 locations in over 60 countries and a staff of more than 105,000. Bank of America acquired LaSalle Bank Corp. effective October 1, 2007 and officially adopted the Bank of America name on May 5, 2008.

Corporate Profile

LaSalle Bank N.A.

Founded in 1927 as National Builders Bank of Chicago, it changed its name to LaSalle National Bank in 1940. In the 1960s LaSalle acquired the Mutual National Bank of Chicago founded by Frank C. Rathje. ABN acquired the bank in 1979. In a merger of co-owned banks, the LaSalle Bank N.A. name was adopted in 1999. It was the largest bank headquartered in Chicago with US$72.2 billion in assets and US$46.8 billion in deposits. LaSalle Bank maintained 146 retail locations and 450 ATMs throughout Chicago and its neighboring suburbs.

LaSalle Bank maintained regional offices in Atlanta, Boca Raton, Boston, Cincinnati, Cleveland, Columbus, Connecticut, Dallas, Denver, Des Moines, Houston, Indianapolis, Kansas City, Los Angeles, Miami, Milwaukee, Minneapolis, Nashville, New Jersey, New York City, Omaha, Philadelphia, Pittsburgh, San Francisco, St. Louis, Tampa, Troy, Tustin, and Washington, D.C. Subsidiaries included LaSalle National Leasing Corporation, LaSalle Business Credit, LLC, and LaSalle Financial Services, Inc.

LaSalle Bank Midwest N.A.

Main article: Standard Federal Bank

The midwestern bank was headquartered at 2600 W. Big Beaver Rd., Troy, Michigan, with US$43 billion in assets and US$24.1 billion in deposits. LaSalle was one of the largest banks in the Midwest, serving individuals, small businesses, middle-market companies and institutions through 264 branches and 1,000 ATMs in Michigan and Indiana. It was founded in 1893 and was known as Standard Federal Bank before it adopted the LaSalle name in 2005. In 2007, it became part of Bank of America.

Sale to Bank of America

On April 23, 2007, an agreement was made to sell LaSalle Bank Corporation to Bank of America for US$21 billion[1] Bank of America Corp officially took over LaSalle Bank Corp on October 1, 2007.[2] This was a defensive move by ABN-AMRO to stave off its own purchase by Royal Bank of Scotland, which wanted to merge LaSalle with its Citizens Financial Group division. The acquisition makes Bank of America the largest bank by deposits in both Chicago and Detroit; Bank of America previously had a minimal presence in Chicago and none in Michigan.[3] The banks adopted the Bank of America name on Sunday, May 4, 2008.[4]

Sponsorships

LaSalle sponsored a number of events in its Chicago home. Many of these events will now be re-branded with Bank of America's name.

References

  1. ↑ ABN AMRO announces USD 21 billion sale of LaSalle to Bank of America .
  2. ↑ Bank of America | Newsroom - Press Releases
  3. ↑ Bank of America to buy LaSalle Bank for $21B, enters Chicago area - U.S. business - MSNBC.com
  4. ↑ Bank of America name replaces LaSalle | lansingstatejournal.com | Lansing State Journal