Holding company for Ann Arbor's Michigan Commerce Bank files for bankruptcy
Capitol Bancorp Ltd., the holding company that owns Michigan Commerce Bank, filed for Chapter 11 bankruptcy on Thursday, MLive reports.
Michigan Commerce Bank, based on South State and Eisenhower.
Photo from loopnet.com
Capitol Bancorp has 13 affiliate banks in 10 states, including the Ann Arbor-based Michigan Commerce Bank and its nine branches. In the past few years, Capitol has sold 24 affiliate banks.
Company officials said the operations and deposits of the affiliate banks will not be affected by the bankruptcy, according to the report.
Michigan Commerce Bank operated under FDIC oversight starting in March 2010 due to concerns about its financial health. At that time, it was ordered to seek a sale or merger.
Read the full MLive report here.
Lizzy Alfs is a business reporter for AnnArbor.com. Reach her at 734-623-2584 or email her at lizzyalfs@annarbor.com. Follow her on Twitter at http://twitter.com/lizzyalfs.
Comments
LXIX
Sat, Aug 11, 2012 : 5:25 p.m.
The FDIC has a troubled bank watch list. They do not publish it for obvious reasons. Michigan Commerce Bank was on this "guess" list: http://covertress.blogspot.com/2012/03/fdic-bank-watch-list-2012.html
ChrisW
Sat, Aug 11, 2012 : 12:25 a.m.
They used to have a manager that remembered me by name whenever I walked in. I loved that. The people there are still nice, but I think they're having trouble keeping up with the technology of larger banks. Still, better than Comerica.
Huron74
Fri, Aug 10, 2012 : 11:38 p.m.
I had hopes for them back when they first started. I like locally owned banks although I keep my personal stuff at a local credit union. But as they grew in size a lot of their local flavor got lost in the process. I wonder if it is even possible to have financially viable small local banks any more? They tend not to get the "special attention" (i.e., help, favors) from the politicians and regulators that the TBTF institutions get.
Honest Abe
Fri, Aug 10, 2012 : 10:37 p.m.
I never liked this snobby bank anyways. I use to have an account with them, and the tellers always had an attitude until they glanced at my account balance and realized I was a businessman who could probably buy and re-sell them as a pet. I pulled out of Ann Arbor/Mich Commerce Bank a ways back. I was tired of them treating my employees like crap. They would go there to cash their check and the tellers would try to convince them to "open an account", when they politely declined....they were very rude and snobbish. I hope Michigan Commerce Bank and Capitol Bancorp crash and burn, into flames. Perhaps their customer service played a role for their current turmoil.
81wolverine
Sat, Aug 11, 2012 : 5:21 p.m.
Holy smokes - what are you talking about??? I've had business accounts and personal accounts there for over 12 years now and I've NEVER, EVER encountered any "attitude" issues from any of the employees there like you describe. Just the opposite in fact. They've always been very nice in dealing with any problems or challenges with our accounts, and go out of their way to help us. The angry tone of your post however indicates probable reasons for the lack of perceived respect you receive from others.
Think!
Sat, Aug 11, 2012 : 2:55 a.m.
Gee Honest Abe, I'm pretty sure it's illegal to buy or sell people as pets. Perhaps your belief that you are better than others because of the size of your bank account is contributing to the negativity you perceive when being greeted by people you see as your future pets. In case your parents forgot to tell you, you earn respect, you don't just get it because you have a few dollars. The service industry can be such an ugly yet eye-opening place.
Jonathan Blutarsky
Sat, Aug 11, 2012 : 2:50 a.m.
Are you serious?
Huron74
Fri, Aug 10, 2012 : 10:13 p.m.
They weren't "too big to fail".
NoPC
Fri, Aug 10, 2012 : 7:23 p.m.
Great..... I liked it much better when it was ANN ARBOR Commerce Bank.