Bank Michigan
“Bank Michigan has a century’s worth of experience – and we put it to work for you. Our origins date back to the early 1900s. Since the bank’s inception in Onsted, MI, we have evolved along with our customers to ensure we’re providing the products and personal service you deserve. With branch locations in Onsted, Brooklyn, and Ann Arbor, our financial support for customers spans Southeast Michigan, proudly growing relationships in many communities.
We are a small bank with a big commitment. Our objective has always been to strengthen the local community with solutions for better jobs, better growth, and better banking. We are a locally owned and managed financial institution that exists to guide our community. Every employee works with the intention of creating relationships that will last for years. ”
- website: https://www.bankmichigan.bank/
Cannabis Banking Services
“The cannabis industry is growing in Michigan, planting roots in our communities and helping create jobs to bolster your community. The future is in growing green; and cultivating a new business in the cannabis industry needs guidance. Bank Michigan can offer expertise in cannabis banking through our dedicated team, suite of products, and specialty services customized for your business. We serve the entire industry from grow and cultivation to packaging and distribution, to retail sale. We also serve those who support the industry as vendors; those who aren’t license-holders but derive significant revenue from the cannabis industry. We even provide checking accounts to individuals who are employed in the cannabis industry who may not be able to bank elsewhere.”
States Served:
- Michican
Official cannabis banking page: https://www.bankmichigan.bank/Cannabis-Banking
Media coverage:
- Banking Dive: Cannabis-friendly banks face pressure to differentiate
Bank Michigan Senior Vice President Brenda Brandom, who also spoke on Friday’s panel, said she doesn’t foresee her bank offering interest on cannabis deposits unless the entire market adopts the strategy. “There is too much work involved,” said Brandom, who heads the Brooklyn, Michigan-based bank’s cannabis banking and treasury management programs. “It’s too time consuming and takes too many people doing manual work to get these customers onboarded.”
Bank Health Rating
DepositAccounts.com Rating: link
- DepositAccounts considers several health grade components:
- Texas Ratio (measuring bank credit risk);
- Texas Ratio trend;
- Deposit growth;
- Capitalization (difference between bank assets and liabilities).
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