TROY, Mich., November 19, 2009 /PRNewswire/ – First Michigan Bancorp, Inc. announced today that it has successfully raised over $13 million in equity capital to support the Company and its wholly-owned subsidiary, First Michigan Bank.
David Provost, CEO of First Michigan Bank, said, “Our Board of Directors and management team greatly appreciate the confidence investors have shown in the Bank. We will use this infusion of new capital to implement a revised strategic plan with a focus on becoming the premier relationship bank in Michigan.”
Ron Klein, Chairman of First Michigan Bancorp, Inc. stated, “At a time when many people are running away from the bank business, I have confidence in First Michigan Bancorp and Dave Provost. Dave’s team has demonstrated that they can build a winning operation. I am confident that they will again.”
Mr. Provost had previously been Chairman and CEO of The PrivateBank – Michigan, (formerly known as The Bank of Bloomfield Hills) which he co-founded in 1989. “We want to recapture the focus on relationship banking that enabled The Bank of Bloomfield Hills to grow so successfully for so many years,” Provost said.
First Michigan Bank provides highly personalized financial services primarily to affluent individuals, professionals and their businesses. Long-term relationships are developed with clients by providing customized banking and investment solutions ideally suited to their evolving financial needs.
About First Michigan Bank
First Michigan Bank has an unwavering commitment to building long-term client relationships based on confidence and trust. Like other banking institutions, First Michigan offers a full array of products and services, however we believe the exceptional level of personal attention and service provided by our Relationship Bankers sets us apart and it’s what has kept our clients loyal to us and us loyal to them. While First Michigan Bank has been open only a few years, the management team has a rich history of providing highly personalized service to their clients.
About David T. Provost
Twenty years ago David Provost realized his dream of building a bank. In 1989, Mr. Provost co-founded Bloomfield Hills Bancorp., Inc., and its subsidiary, The Private Bank, formerly known as The Bank of Bloomfield Hills. He served as President and CEO of Bloomfield Hills Bancorp, and Chairman and CEO of The Private Bank. Mr. Provost is the immediate Past Chairman of the Board of Trustees of Alma College and is a member of their Executive Committee. He also serves on the Board of Directors and as Chairman of the Audit Committee for Plastipak Packaging, Inc. Mr. Provost resides in Birmingham, Michigan with his wife, Christine and their two children.
For Further Information Contact:
Shellie L. Maitre
(248) 649-2301
smaitre@firstmichiganbank.com
Source: First Michigan Bancorp, Inc.
CONTACT: Shellie L. Maitre, +1-248-649-2301, smaitre@firstmichiganbank.com
