Mi BANK Raises $30 Million Of Capital, Announces Opening

BLOOMFIELD HILLS, Mich., April 15, 2019 /PRNewswire/ -- Rob Farr, founder and CEO of Mi BANK, announced today that $30 million, rather than the $25 million of capital required to open Mi BANK, has been secured for the first new bank in the Midwest since 2009. Mi BANK, located at 3707 W. Maple Road, Suite 110 in Bloomfield Hills, officially opens its doors for business, Tuesday, May 28, 2019.

The process of raising capital began one year ago when Farr created the holding group MiCommunity Bancorp and filed for Mi BANK's charter. The $30 million necessary to open the bank was finalized and secured from more than 200 investors earlier this year. The Federal Deposit Insurance Corp officially approved Mi BANK's charter on Oct. 1, 2018.

Mi BANK was created to deliver a business banking experience unique in the industry. The bank offers a client-focused culture, delivering levels of service, responsiveness, flexibility, personalization, and speed unmatched by other banks.

"We are thrilled to officially open Mi BANK for business. The timing is right for a new business bank in southeast Michigan," said Rob Farr, founder and CEO, Mi BANK. "Our local economy is strong. There is tremendous opportunity in this market."

Farr, a banking industry veteran, founded Bank of Birmingham in 2006, where he also served as CEO. The bank was acquired by Bank of Ann Arbor in 2017. Mi BANK is the first de novo bank in the Midwest in 10 years.

"We believe there is an unmet need in the business lending community," continued Farr. "Our goal is to offer a concierge banking experience for business customers. Each client will be assigned a personal banker who knows the ins and outs of their business and will anticipate their needs."

About Mi BANK
Mi BANK was created to set a new standard of excellence for business banking by providing next-level commitment to service, personalization, flexibility, and responsiveness. Located in Bloomfield Hills, Mi BANK offers a full range of products and services tailored to business owners. The goal of Mi BANK is to take care of businesses and the busy people who run them. For more information about Mi BANK, visit www.bankmi.com.

SOURCE Mi BANK

Related Links

http://www.bankmi.com

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