KALAMAZOO — First National Bank of Michigan plans to enter the Lansing market after expanding to the lakeshore area with a Holland loan office last fall.
The planned loan office in Lansing will become the sixth location for FNB of Michigan, which has three full-service bank branches in the Kalamazoo area and one in downtown Grand Rapids, plus the Holland loan office that opened in the fourth quarter of 2016.
FNB has been picking up business in Lansing since opening the Grand Rapids office in 2011, said President and CEO Daniel Bitzer.
When the opportunity came up to hire a local market leader, the bank decided to open a Laning office, Bitzer said.
“We do a lot of business in Lansing. We have a real good running start,” he said. “Lansing came about from a grand opportunity with a great person.”
FNB hired veteran banker Patricia Barnas as market president in Lansing. She previously served as first vice president of commercial lending Flagstar Bank in Lansing. Barnas serves on the board of Sparrow Hospital, where she chairs the Sparrow Hospital Foundation, and The Arts Council of Greater Lansing.
Bitzer told MiBiz last October when FNB expanded into Holland that the bank would consider entering other Michigan markets. The move into Lansing was accelerated by “market disruption created by bank mergers,” said senior lender Jefra Groendyk.
The bank will continue to look at new markets to enter in the years ahead, ranging from Lansing to the east and to the lakeshore, Bitzer said.
The Lansing loan office could transition into a full-service branch within 18 to 24 months, and the Holland location could expand into a branch within a year to 18 months, Bitzer said.
FNB had total assets of $455.9 million at the end of 2016, according to a quarterly financial report filed with federal regulators. That’s up 9.5 percent from a year earlier.
Deposits at year’s end totaled $366.4 million and the bank ended 2016 with $351.1 million in net loans.
FNB recorded 2016 net income of $4.4 million.