TROY, Mich. - Citing a need to aid future acquisitions, Standard Federal Bank said its board of directors has approved a reorganization into a unitary holding company structure.
The reorganization will be subject to stockholder and regulatory approval.
In the reorganization, shares of common stock of Standard Federal will be converted into shares of common stock of the new holding company on a one-for-one basis; the holding company will be known as Standard Federal Bancorp.
The bank said the board of directors of the holding company will be composed of the same people who are now directors of the bank, and there will be no change in the bank's executive management.
Standard Federal Bank, the Midwest's largest thrift, had assets of $12.1 billion at Dec. 31.