Group with ties to Michigan brokerage firm applies to form a bank

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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.

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