: First national bank of america lansing
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A small, East Lansing community bank joins the Grand Rapids-area market today, after preparing for the right opportunity to expand into commercial lending.
First National Bank of America, which has primarily been a retail first national bank of america lansing through its 56-year history, this month purchased a "substantial percentage" of First Financial Bank's commercial loans for $50 million and assumed operations of the Grandville and Traverse City offices.
The deal came together as First National Bank of America was "waiting for the right opportunity" to move into commercial lending and grow beyond its traditional role as a bank for retail savings and consumer lending, CEO Ken Foote said.
"We feel like we needed to put another bullet in our chamber," Foote said. "We can be more than a place that just parks money."
The Grandville and Traverse City offices were set to reopen today under the First National Bank of America banner. The former First Financial locations in Kalamazoo and Lansing closed Thursday and will not reopen, Foote said.
In opting not to retain the Kalamazoo and Lansing offices, the bank "didn't want to bite off more than we could chew," Foote said.
First National Bank of America will service loans and deposits in the Kalamazoo market from the Grand Rapids location, he said.
Under First Financial, the Grandville office reported deposits of $24.5 million as of last June, according to the FDIC's 2010 Summary of Deposits. The Kalamazoo location had deposits of $40.7 million.
The deal gave the First National Bank of America a small book of business to build on and an experienced commercial lending team, Foote said. The bank took over office leases from First Financial and hired 10 of its employees.
A tumultuous few years for the industry that led some out-of-state banks to pull back from the Michigan market opened the opportunity for First National Bank of America to move into commercial lending, he said.
"Strategically, we said, 'I think there's a big vacuum,'" Foote said. "We kept hearing that over and over and just said, 'This is the time.'"
The privately held First National Bank of America had assets of $467.9 million, total deposits of $348.4 million and net loans of $344.1 million as of Dec. 31 and recorded 2010 net income of $6.3 million, according to an annual financial report filed with federal regulators.
The bank ranked third in Ingham County, behind PNC Bank and Fifth Third Bank, in the FDIC's 2010 Summary of deposits, with a market share of 9.7 percent.
First National Bank of America expects to grow in the Grand Rapids, though Foote is unsure right now about future branch expansion or development.
"We don't want to be a $50 million operation. We want to be $100 million to $150 million," he said. "We'd like to be such a size that we're one of the options borrowers would consider."
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First National Bank of America
8:30AM - 5:30PM
Business first national bank of america lansing may be affected due to COVID-19. Please contact the business directly to verify hours.
Most Recent Comments
We just closed on our new home, all made possible by First National Bank of America. We had a great experience with Kassandra, Mallory and the entire FNBA team! They were very responsive and helped make the process painless. Home buying can be so stressful but with their help everything ran smoothly. A big thank you. read full comment
I had a great experience at this bank! I went in to get a notary and they made the process so quick and easy that I was amazed. I would strongly recommend working with them for any banking or notary needs!
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Michigan National Bank
Former bank in Michigan, United States
Michigan National Bank was a bank founded in Lansing, Michigan, which was established on 31 December 1940 when Howard J Stoddard consolidated six Michigan banks: First National Bank and Trust Company of Grand Rapids, First National Trust and Savings Bank of Port Huron, Lansing National Bank, City National Bank of Battle Creek, National Bank of Saginaw and First National Bank of Marshall. It first national bank of america lansing and absorbed the National Bank of Flint in 1942.
After Howard Stoddard died suddenly in 1971, his son Stanford "Bud" Stoddard took over. When Michigan banking laws were loosened allowing for bank holding companies, Stanford Stoddard founded Michigan National Corporation (MNC) in 1972, based in Bloomfield Hills, Michigan. This allowed co-owned but separately operated Michigan Bank N.A., located in Detroit, to be renamed Michigan National Bank of Detroit with MNC as its parent. By 1981, Michigan National had 27 affiliate banks.
In the early 1980s, Michigan National was caught up in the collapse of Penn Square Bank and Continental Illinois National Bank and Trust Company which forced the resignation of Stanford Stoddard in 1984. Robert J. Mylod became chairman and CEO of Michigan National in 1985, succeeding Edwin B. Jones. Mylod closed 140 of its 340 branches and shed half of its 700 ATMs. Loosened banking regulations in the late 1980s made MNC struggle to remain independent, but the loosened regulations allowed Michigan National to consolidate its banks into one bearing the Michigan National Bank name as the deregulation allowed for statewide branch banking in Michigan. In 1995, MNC was sold to National Australia Bank.
ABN AMRO announced on 22 November 2000, that it had signed a definitive agreement with National Australia Bank Ltd for first national bank of america lansing acquisition of MNC for US$2.75 billion in cash. At the time, it had total assets amounting to US$11.6 billion. MNC's primary subsidiary was Michigan National Bank with 3,600 employees, 184 branches and 332 ATMs. On 2 April 2001, MNC was acquired by ABN AMRO North America, Inc., the parent company of Troy, Michigan based Standard Federal Bank.
The merged company retained the Standard Federal name, but dropped Standard's federal savings bank charter in favor of Michigan National's national bank charter. The merger took effect from 9 October 2001. 59 overlapping branch offices were closed. As a result of this merger, Standard Federal operated approximately 300 branches and 850 ATMs in the state of Michigan, more than any other financial institution in the state. It was the second-largest bank in Michigan as measured by assets.
ON 12 September 2005, ABN AMRO consolidated its U.S. commercial banking operations under the LaSalle Bank name. In 2007, ABN AMRO sold LaSalle to Bank of America, and the LaSalle branches became Bank of America branches on 5 May 2008. The former Michigan National branches in Flint, Port Huron and Saginaw were sold by Bank of America to Huntington National Bank in 2014.
- Richard D Poll Howard Stoddard Founder, Michigan National Bank, Michigan State University Press 1980