Schwartz Co. is pleased to announce that MiCommunity Bancorp, Inc. (the “Company"), parent of Mi BANK, completed its $30 million initial common stock offering. The $30 million offering size exceeded the $25 million of capital required to open Mi BANK. Schwartz Co. acted as the Selling Group for Mi BANK and raised the majority of the required capital.
Rob Farr, Founder, Chairman, and CEO noted, “We are thrilled to officially open Mi BANK for business The timing is right for a new business bank in southeast Michigan. 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.
Headquartered in Bloomfield Hills, Michigan, MiCommunity Bancorp owns 100% of Mi BANK, which is the first de novo bank in Michigan since 2009. Mi BANK was specifically created for businesses by providing next level commitment to service, personalization, flexibility, and responsiveness Mi BANK offers a full range of products and services tailored to business owners.