[magellan]

Bank of America, which just recently finished its acquisition of Lasalle Bank in Michigan, is pledging $25 Billion in community development lending initiatives for Michigan. Although they have said that they will likely streamline Lasalle and lay off some of its workers, the CEO has made some strong statements about having a large new presence in downtown Detroit.

Bank's chief likes downtown

Almost all of BofA's regional offices are in downtowns around the country.

I guess they see opportunity where others see despair. As one of the largest banks in the U.S. and possibly the world, it's interesting to hear BofA's take on Michigan. They don't make stupid moves.

[suydam]

They currently have a regional HQ in Troy I believe...so this is a big win for Downtown Detroit, but probably more of a wash for Michigan as a whole (though these days anyone moving out of Troy into Detroit instead of into another state is a huge win).

Regardless, it's a huge day for the City of Detroit when a multi-national locates their offices downtown instead of in some suburban office park. Kudos to BofA.