Michigan de novo receives FDIC approval to open

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MiCommunity Bancorp in Bloomfield Township, Mich., is the latest de novo to receive approval from the Federal Deposit Insurance Corp.

MiCommunity said in a press release Thursday that Mi Bank would be the first bank to open in Michigan in a decade. The bank would operate about 25 miles northwest of Detroit.

MiCommunity, which filed its application in March, still needs approval from the state regulator.

“When we open the doors at Mi Bank we will have in place experienced bankers who understand the importance of responding quickly and effectively to each of our customer’s distinctive needs,” Rob Farr, MiCommunity's founder, chairman and CEO, said in the release. “We’re a local organization and we understand the unique dynamics and challenges of Michigan companies.”

Farr was president and CEO of Birmingham Bloomfield Bancshares in Michigan until it was sold in 2017.

The company has not yet announced its leadership team, board or opening date, though the release said the de novo plans to unveil those details soon. MiCommunity also plans to launch a website soon.

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