Michigan de novo surpasses capital goal, plans May opening

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MiCommunity Bancorp in Bloomfield Township, Mich., plans to open next month.

Organizers of MiCommunity, the parent of Mi Bank, said in a press release Monday that they have raised $30 million. The group was required in October to raise at least $20 million as part of the regulatory approval for deposit insurance.

The group, which will be the Michigan's first new bank since the financial crisis, plans to open a branch about 25 miles northwest of Detroit on May 28.

More than 200 investors participated in the bank's stock offering.

“We believe there is an unmet need in the business lending community,” Rob Farr, Mi Bank's CEO, said in the release.

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Community banking De novo institutions Capital Michigan