Mi Bank

About Mi Bank

Mi BANK, a de novo bank that commenced operations in May 2019, is strategically positioned to serve the business banking segment in Southeast Michigan. The institution was established by veteran banker Rob Farr, who previously founded and led Bank of Birmingham. His experience includes navigating the challenges of the financial crisis, which has informed Mi BANK's business model. The formation of the bank began in January 2018, culminating in a successful capital raise of $30 million from 230 investors, exceeding the initial requirement.

The bank's core focus is on providing a concierge banking experience for business customers, particularly those with revenues of $25 million or less and requiring loans between $500,000 and $5 million. This strategy addresses a gap in the market left by larger banks that typically concentrate on larger loans. Mi BANK operates a digitally-focused model, leveraging a partnership with Fiserv for its fintech infrastructure, which includes a mobile app for electronic deposits and online transfers. Instead of a large branch network, the bank emphasizes a personalized approach, assigning a dedicated banker to each client to understand their specific business needs. Its revenue is generated through traditional banking services, including business loans, deposits, and mortgages.

Mi BANK offers a comprehensive suite of products for both businesses and individuals. For businesses, this includes various checking and savings accounts, money market accounts, and certificates of deposit. They also provide specialized services such as SBA loans, equipment financing, and dedicated offerings for entrepreneurs and non-profit organizations. The bank's personal banking services encompass a range of checking and savings options, home loans, and IRAs, all accessible through online and mobile banking platforms that feature tools like mobile wallet and bill pay. By the end of 2023, Mi BANK had grown its total assets to over $236 million, with portfolio loans reaching $171 million.