In mid-August 2007, the private offering for First Michigan Bancorp, Inc.’s initial stock offering of $11 million was successfully closed. The shareholders include a majority group led by Gary Shiffman. Monroe Bank & Trust is also a major investor in First Michigan through its bank holding company, MBT Financial, Inc. Outside of the Directors, the balance of the ownership is primarily locally owned. The Company’s President and CEO is Jerry Wasen. Corporate and Bank Directors include Garry Carley, Tom Cross, Joe Dumars, Ray Gunn, Frank Hennessey, Paul Hodges, Ron Klein, Shirley Stancato, Jerry Wasen, Walt Watkins and Art Weiss.
FIRST MICHIGAN BANK
First Michigan, a subsidiary of First Michigan Bancorp, Inc., is a de novo bank organized to serve as a full-service community bank located in Troy, Michigan. First Michigan is dedicated to fulfilling the financial needs of individuals and small businesses in Southeastern Michigan. The employees of First Michigan are committed to the idea that the difference in banks is bankers.