Standard Federal Bank - History

History

Standard Federal began as Standard Savings & Loan Association; established on April 25, 1893, taking over the charter of the Workman's Savings and Loan Association. Offices opened in the basement of the old McGraw Building at the corner of Griswold and Lafayette in downtown Detroit. Standard moved to a larger building at the corner of Griswold and Larned Streets in 1914. Land was purchased in 1927 and Standard then constructed its own headquarters at the north-west corner of Griswold and Jefferson in 1927. This lot was known as "the Cornerstone of Detroit", as it was the site of the first building ever raised in Detroit: Ste. Anne's Church, built in 1701. In that year assets surpassed USD 10 million.

"Safety For Savings Since 1893"... an old Standard slogan that was never tested so severely as during the Crash of 1929 and subsequent Great Depression. This helped preclude a serious "run" on Standard's offices. Standard never closed its doors, surviving with strength through 1929 and through the terrible bank closings of 1933, when many banks that closed never opened again. The first branch office was opened in 1948 on Grand River near Southfield Road in Northwest Detroit.

Standard's name changes over the years reflected growth in its scope and capabilities. After 57 years as Standard Savings & Loan Association, the thrift applied for and received a Federal charter in 1950. This expanded its lending powers and Standard became known as Standard Federal Savings & Loan Association. The first branch office outside Detroit city limits was opened in 1957 in suburban Royal Oak on North Woodward near 12 Mile Road. Assets meanwhile amounted to USD 100 million in 1957.