MiCommunity Bancorp has filed an application to charter a new locally owned, full-service bank to be located in southeast Michigan. The application, which is the first for a new bank in Michigan since 2009, was filed with the Federal Deposit Insurance Corp. and the state of Michigan.
Rob Farr is chairman and CEO of MiCommunity Bancorp and one of 13 organizers behind the application. Donnelly Penman and Partners and Schwartz and Co. additionally have been engaged to help with the process.
“In 2007 there were 22 community banks in southeast Michigan servicing the needs of small- to medium-size businesses. Today there are six,” says Farr. “With this filing, we are demonstrating our commitment to helping Michigan businesses succeed and grow.”
Farr founded the Bank of Birmingham in 2006, where he served as CEO and president until 2017 when it was acquired at the time with some $300 million in assets. He brings 40 years of experience in banking to his new role.
The team is using the resources and support of the FDIC’s community banking initiative, launched in 2016, to help.
“We know businesses and entrepreneurs depend on community banks to do a better job of meeting their unique needs,” says Farr. “Equally important is the idea of investing locally and nurturing the thriving entrepreneurial spirit at the heart of this state’s economy.”
Farr, who will serve as the new bank’s chairman and CEO, expects the application to be approved in 2018. Organizers are working on the bank’s location, leadership team, and name. Developments will be announced in the coming months.