Group with ties to Michigan brokerage firm applies to form a bank
A group with ties to a brokerage firm in Michigan is looking to form a bank.
Organizers applied with the Federal Deposit Insurance Corp. on Tuesday to obtain deposit insurance for Multi-Bank. The bank would be based in Fort Lauderdale, Fla.
The application wasn’t immediately available.
The proposed bank shares an address with the Fort Lauderdale office of Multi-Bank Securities. The company, formed in 1988, is an institutional broker-dealer that offers a range of fixed-income investment products.
Based in Southfield, Mich., the company has offices in nine cities, including Chicago, Dallas and Marietta, Ga.
A call to Multi-Bank Securities wasn’t immediately returned.