The rapid consolidation of the banking market in Michigan — and the Midwest in general — is accelerating.

Making good on its pledge to make more acquisitions in the U.S. heartland, ABN Amro Holding NV, the largest Dutch banking company, said late Wednesday that it would acquire an $11.6 billion-asset Michigan National Corp. from its Australian owner for $2.75 billion of cash. ABN Amro has substantial holdings in the United States, including LaSalle Bank in Chicago, European American Bank in New York, and Standard Federal in Troy, Mich. Standard Federal would merge with Michigan National to take the second spot in market share in the state.

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