We've got a product that everybody wants--money to get a home. Anne's Church, built in 1701. The efficiencies of such systems dramatically reduced operating costs and produced good customer service. Federal regulators yesterday took over Standard Federal Savings Bank of Gaithersburg, the third-largest savings and loan association in Maryland.

A Mellon spokesman declined to comment on the status of those negotiations. Bank of America purchased the bank and its parent LaSalle Bank Corporation on October 1, 2007 and all branches were rebranded Bank of America on May 5, 2008. Now it is more likely that the RTC will have to pay Mellon or some other bank to take over Standard Federal, said Lewis Sosnowik, vice president of Koonce Securities Inc. in Rockville. The conversion from a mutual company to a publicly owned stock company listed on the New York Stock Exchange took place on January 28, 1987. In order to further reduce risks of changing interest rates for mortgage financing, and to increase operating efficiencies in general, Standard Federal developed highly automated operating systems. The subject of billions of dollars in lawsuits for its allegedly lax oversight of other failed thrifts, Ernst & Young took a hard line on Standard Federal, declaring that its servicing rights would have to be sharply devalued, threatening the company's capital. "The whole idea of options and forwards is that time is money. In 1973, offices moved to a larger building in Troy at 2401 Big Beaver Road. On April 25, 1993, Standard Federal celebrated its centennial. Every month, Standard Federal collects mortgage payments from 630,000 home buyers all over the country, passing on the principal and interest to mortgage investors and handling property tax and insurance escrow accounts. Combining public relations with a vested interest in home ownership, in 1987 Standard Federal introduced a program titled, "Unique Realtor Services." "K-Mart Widens Financial Services to Up Traffic, Profit,", Matthews, Gordon, "Michigan Savings Bank Wins Praise for Efficiency,", Ringer, Richard, "Very Slow Start for MBS Futures,", Roush, Matt, "Big Interest in Falling Rates,", "Standard Federal Bank Experiences Greatest Lending Month in Its History,", "Standard Federal Bank and Interfirst Bankcorp, Inc., Execute Definitive Merger Agreement,", "Standard Federal Bank Receives Funds to Assist in Two Affordable Housing Projects,", "Standard Federal Bank Sponsors Unique Realtor Services,", Waldsmith, Lynn, "Capitalizing on the American Dream: Standard Federal Bank CEO Thomas Ricketts Does Things the Old Fashioned Way,". In January of 1992, for example, the bank reported the largest volume of single-family mortgage loan activity in its history, with 7,699 mortgage loan applications received as compared to 1,470 applications in January of 1991. Federal officials gave no estimate yesterday of the cost of the Standard Federal failure. Standard Federal's pattern of healthy growth was quickly restored and continued through the 1980s. .. .. .2,000, Assets .. . $1.8 billion, Deposits. $882 million, Branches. .. .. 18, Value of mortgages serviced .. $36 billion, Value of service contracts. $360 million*, Income.. 1990.. .. .. $5.6 million, . ..1991 .. .$12.9 million, 1992 (1st half).. . . .$2.9 million*. Keep supporting great journalism by turning off your ad blocker. Standard Federal purchased not mortgage loans, but the right to service them, or collect principal, interest, tax and insurance payments for the loans and forward them to their respective recipients each month. Standard Federal collected a small servicing fee for each of the mortgages it handled every month, and for several years that business was highly profitable. There's no doubt that Standard Federal was in poor shape b regulatory standards -- the company said in an Oct. 21 statement it expects its capital to fall further in the third quarter. The first branch office outside Detroit city limits opened in 1957 in suburban Royal Oak on North Woodward near 12 Mile Road. Meanwhile, as Standard Federal's capital fell by about $20 million in the second quarter, its "core" capital ratio dropped to 1.24 percent of assets, less than half the 3 percent required. St. James Press, 1994. The first phase of the project opened at Victoria Park and was completely sold out by the end of 1992, signaling new hopes for single-family homes in a beleaguered real estate market. STANDARD FEDERAL SAVINGS BANK Standard Federal was hurt by having so much of its assets in mortgage servicing contracts, which lost value as interest rates fell and regulations changed. In the largest merger in Standard Federal's history, it took control of American Federal Savings of Fort Wayne, First Federal Savings of Fort Wayne, Fort Wayne Federal Savings, and South Bend Federal Savings and Loan Association (all of Indiana) in November 1983. Retail Banking, 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. In 1990, for example, the bank received $309,775 from the Federal Home Loan Bank (FHLB) of Indianapolis to finance two affordable housing projects in Michigan and Indiana. As receiver, the Resolution Trust Corp. quickly assured customers it would cover all deposits, even above the $100,000 limit. Government conservatorship or bridge bank resolved. In conjunction with the city of Detroit, the regional builder's association, and local community groups, Standard Federal also co-sponsored HOMEARAMA Detroit, the city's first new subdivision of single-family homes in over 40 years. Effective May 1, 1995, Standard Federal Bank became a wholly owned subsidiary of Standard Federal Bancorporation, Inc., a unitary thrift holding company. In that year assets surpassed $10 million. In a series of December 1984 court decisions, K Mart beat down legal challenges to its new financial services and thereby paved the way for banker's services in 29 Florida stores. The loss, and the likely burden on taxpayers, is all the more disappointing considering that regulators came close to arranging an outright sale of the thrift last spring, according to Standard Federal officials. Finally, the stream of 1980s mergers was capped in 1989 by Standard Federal's mergers with two prominent Michigan institutions: First Federal Savings and Loan of Kalamazoo and Peoples Savings of Monroe. [7], "BOA to 'paint the town red' with LaSalle name change", "Bank of America Agrees to Acquire LaSalle Bank", "Officials say MichNat, StanFed to keep Michigan identity", "Barclays moves closer to ABN Amro takeover after court rules on sale of US arm", Farmers and Merchants Bank of Los Angeles, American Security and Trust Company Building (Washington, D.C.), Bank of America Corporate Center (Charlotte), https://en.wikipedia.org/w/index.php?title=Standard_Federal_Bank&oldid=1025228363, Articles with failed verification from August 2017, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 26 May 2021, at 12:48. Neither family members nor Standard Federal President Emmett R. Garlock could be reached for comment yesterday. Those operations, as well as the remaining 600-plus employees at the company's Gaithersburg headquarters and in 18 branches around the Baltimore-Washington area, are now in limbo. Low interest rates continued to lower interest payments on savings accounts and to spur record-breaking lending activity in 1993.

And then if that can be outwardly grown, I think it can make a difference.". This helped preclude a serious "run" on Standard's offices. In most cases, the new owners refuse to take responsibility for the bad loans, repossessed property and other problems that caused an S&L to fail, leaving them to be cleaned up by the RTC. In 1993 Standard Federal acquired InterFirst Bankcorp, Inc., of Ann Arbor, Michigan, with five full-service offices serving the residents of Washtenaw County and a wholesale mortgage division serving 31 states in the United States. Since the takeover, supporters and critics of both Standard Federal and the federal Office of Thrift Supervision, which placed the Gaithersburg savings bank in receivership Oct. 21, have differed over one question: Did it have to happen?

Peoples had 2,200,000 shares of common stock acquired at $20 per share and amounting to an overall value of $44.7 million. Such seminars were attended by more than 6,500 real estate sales people in 1992 alone. But did the OTS check with the three mortgage companies to make sure that nothing could be done short of a takeover?

Standard Federal began as Standard Savings & Loan Association; established on April 25, 1893, assuming the charter of the Workman's Savings and Loan Association. His predecessor, Robert J. Hutton, started working at the company in October of 1929 and contributed to efforts at resisting the downward pull of the Crash. The 1992 acquisition of First Federal Savings and Loan Association of Lenawee County added four new offices in southeastern Michigan, providing impetus for future growth in that market area. On August 28, 1986, the bank's board of directors adopted a Plan of Conversion providing for the bank's conversion from a mutual to a stock institution. It also featured educational seminars and alternative credit sources to widen the pool of qualified applicants without substantially increasing risk. After the Depression, Standard Savings was in a secure position to excel though World War II and the postwar boom years. Standard Federal also benefited from falling interest rates in the early 1990s, riding a boom in home-mortgage refinancing. Anne's Church, built July 26, 1701. In 1950, Standard was issued a federal charter and changed its name to Standard Federal Savings & Loan Association. Standard Federal implemented a wholesale banking strategy to increase profitability and position itself strongly for stock conversion. So Standard Federal, as part of a coalition of about three dozen thrift mortgage servicers, mobilized, hiring Paul Laxalt, former governor and Republican senator from Nevada, to lobby for less restrictive capital rules in the proposed law. But another round of bank and thrift failures, projected at more than 100, will begin on Dec. 19 when a new federal law goes into effect requiring regulators to seize ailing financial institutions before they go broke as a way of minimizing the cost of the cleanup. The bank was thus able to bring checking accounts, passbook savings accounts, money market accounts, and consumer lending services directly to consumers.

1! During 1989, the bank acquired two savings institutions in Michigan: First Federal Savings and Loan Association of Kalamazoo (originally known as the Kalamazoo County Building Loan Association) and Peoples Savings Bank, F.S.B. When those old mortgages are paid off early, not only does the income dry up, but the bank's contract to service them also becomes worthless. After ABN AMRO acquired it, the bank was renamed LaSalle Bank Midwest in 2005. The entire concept was an indirect result of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, by which regional FHLB organizations were to allot specified portions of their annual net income to Affordable Housing Program participants investing in low- to moderate-income programs. "We're managing our interest-rate profile such that we're not going to end up with the same profile as the early eighties. Standard Federal also has been sued by a group of mortgage holders in Minnesota, who accused it of routinely collecting more funds for taxes and insurance than were due. Offices opened in the basement of the old McGraw Building at the corner of Griswold and Lafayette in downtown Detroit.

Most of that loss, however, was attributed to $1 billion of low-yielding loans that were sold in a restructuring effort. Nor did CEO and President Thomas Ricketts lack enthusiasm for the future. In 1970, Birmingham Federal Savings (Michigan) merged with Standard Federal.

The new location, at the corner of Griswold and Jefferson, held symbolic importance as the site of Detroit's first building, Ste. On January 1, 1985, the bank converted from a federally chartered mutual savings and loan association to a federally chartered mutual savings bank and changed its name from Standard Federal Savings and Loan Association to Standard Federal Bank.

Principal Subsidiaries: Standard Financial Corp.; Standard Service Corp.; Standard Insurance Agency, Inc.; Tower Service Corp.; Standard Brokerage Services, Inc.; Eureka Service Corp. in Monroe. In 1991's fourth quarter, for example, Standard Federal made $35 million in servicing fees, according to June 30 financial statements.

The average time for Standard Federal to receive and close an application for a mortgage loan was 18 days in 1989, Murray pointed out. Source: International Directory of Company Histories, Vol. That year the thrift suffered a loss of $331.6 million. By 1973 the enlarged company had attained $1 billion in total assets and moved into larger headquarters in Troy, Michigan.

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