Expanding for the first time out of its Chicago hub, ABN Amro North America announced an agreement Friday to acquire Standard Federal Bancorp. of Troy, Mich., for $1.9 billion in cash.

Standard Federal, a $15.5 billion-asset thrift company, would give Dutch-owned ABN Amro a solid retail footing in Detroit and southeast Michigan, and a mortgage banking operation spanning 44 states.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.