Deals

On the Detroit Stock Exchange one day last week Bank of Detroit opened 120 points higher than it had closed the night before. Union-Commerce Corp. varied 39 points during the day's trading. Other banks' stocks danced, jumped, oscillated. Half an hour after the market closed, the reason for these gyrations became evident. Officials of Guardian Detroit Group and Union-Commerce Corp.--two of Detroit's biggest banks -- announced their merger. Furthermore, the merged bank planned soon to acquire Bank of Detroit and eight smaller institutions in and around the city. With capital assets of $75,000,000, deposits of $350,000,000, the new bank christened Guardian Detroit Union Group, Inc. -- will be largest financial structure in the history of Michigan banking.

Chairman will be Frank Warrenner Blair, Union Trust president, onetime drugstore clerk. President will be Robert Owen Lord, head of Guardian Detroit Group. Modest, he gave credit for Guardian Detroit Group's success to his subordinates, described them as "very fine young men who are not afraid of hard work."