TROY, Mich. - Standard Federal Bank said it has completed its reorganization into a holding company following approval from shareholders.
The new company, Standard Federal Bancorp., began trading Monday on the New York Stock Exchange under the symbol SFB, the same symbol used by the bank prior to the reorganization. With $12.5 billion of assets, the bank was one of the largest financial institutions in the nation not operating under a holding company format.
Joseph Krul, senior vice president and chief financial officer, said the move was designed to give the company flexibility in capital planning. As a result of the reorganization, strategic moves such as a stock repurchase program or acquisitions could be accomplished without creating large tax liabilities.
Likewise, the new structure will give the company greater financing flexibility by allowing the issuance of debt at the holding company level, he said.