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LaSalle & ABN being sold

By
Mortgage and Lending with Cumulus/Ann Arbor Radio

Another mega banking merger is in the works.  ABN AMRO is selling out to Barclay's, a British Bank, to create the Fifth larges banking institution in the world.  As part of the deal, ABN is going to sell it's LaSalle Bank to Bank of America.

While usually a merger is a good sign for the industry and show's some potential in the market, this move could cost Ann Arbor more jobs.  The ABN AMRO jobs that are still here are likely to not be here after Barclay's purchases them.

As far as LaSalle, probably more of the same as Bank of America, a very good bank will be running their operations.

What does this mean for Ann Arbor?  Probably not much.  The biggest key is whether or not Barclay's will keep the ABN AMRO people here in Ann Arbor.  It will also mean all those new signs for LaSalle will have to be changed to Bank of America, not much more.

Who knows, maybe we'll get lucky and Barclay's will invest in Michigan and hire more people locally.  It may be a pipe dream but stranger things have happened.

Here's the link on CNN:  http://money.cnn.com/2007/04/23/news/international/abn_takeover_barclays.reut/index.htm?postversion=2007042310

Make it a great day!

 

Jim Hood, American Home Mortgage

Dave Cheatham
INC Financial - Bartlett, IL
I saw this no the news last night.  I was shocked.  We will see if it happens.
Apr 23, 2007 06:10 AM
Michael Hutchins - Consumer Advocate, Chicago
Michael Hutchins Ent. - Chicago, IL
Jim I'm sure this is just a start.  Usually mergers go in waves of 3 or 4 in the same year.  I wonder who will be next!
Apr 23, 2007 08:02 AM
Stefan Scholl
Buyer's Broker of Northern Michigan, LLC - Petoskey, MI
Northern Michigan Real Estate
Thanks for the info, Jim.  Kinda hard to keep track from up here in Northern Michigan.  I'm still trying to figure out what happened to Standard Federal. :-)
Apr 24, 2007 12:45 PM
Gary Smith
Agent Marketing Today - Commerce Township, MI
Jim, nice of you to post this, I suppose it will have to be updated. Since I bank there, I will definately watch.
Apr 29, 2007 12:58 PM