The Federal Reserve Board on Thursday gave ABN Amro Holding of Amsterdam permission to acquire Standard Federal Bancorp., Troy, Mich.
Standard operates a 182-branch savings bank and a securities brokerage unit. Its shareholders are expected to approve the $1.9 billion sale within the next two months.
ABN Amro, which has $344 billion of assets, owns banks in Illinois and New York, and operates branches of its Amsterdam bank in Boston, Chicago, Pittsburgh, New York, and Seattle.
The Fed said the deal would benefit the community, allowing ABN Amro to offer Standard's customers more services and lower costs.