First Michigan Bancorp, Inc. Names Wilbur L. Ross, Jr. to Its Board of Directors
TROY, Mich., May 18 /PRNewswire/ -- First Michigan Bancorp, Inc, and its wholly owned subsidiary, First Michigan Bank, announced today that Wilbur L. Ross, Jr. joined its Board of Directors, effective immediately.
Mr. Ross is the Chairman and Chief Executive Officer at WL Ross & Co., L.L.C. He is one of the leading financial advisors and investors to have been involved in the largest bankruptcies and out-of-court restructurings. He is an acknowledged industry leader in bankruptcy, restructuring, and privatization services.
Mr. Ross is well-known in the Michigan business community because he created and is Chairman of International Automotive Components, a $5 billion automotive plastics business with US headquarters in Dearborn, Michigan.
In order to provide sufficient capital to complete the recent acquisition of CF Bancorp (Port Huron, Michigan), First Michigan Bancorp raised $200 million of new capital in a private placement transaction. Mr. Ross was the lead investor.
"We are thrilled Mr. Ross is involved with First Michigan Bank – first as an investor and now on our Board of Directors," said David T. Provost, Chairman of the Board of Directors, First Michigan Bank. "Mr. Ross has been a big supporter of the Bank throughout its recent acquisition of CF Bancorp (Port Huron). I look forward to his continued collaboration and support."
Provost went on to say, "First Michigan Bank is committed to a strong Michigan and bright economic future led by a healthy and invigorated community bank with satisfied customers. Like First Michigan Bank, Mr. Ross is committed to investing in Michigan and helping the Michigan economy."
About First Michigan Bancorp
First Michigan Bancorp, Inc. is a bank holding company headquartered in Troy, Michigan. Its wholly owned subsidiary, First Michigan Bank is a locally-operated financial institution that provides highly personalized financial services to individuals, professionals and their businesses. With its recent acquisition of Citizen's First Bank, First Michigan has twenty-three locations is southeast Michigan. Long-term relationships are developed with clients by providing customized banking and investment solutions ideally suited to their evolving financial needs. Please visit our website at www.firstmichiganbank.com for additional information.
About David T. Provost
Twenty years ago David T. Provost realized his dream of building a bank. In 1989, Mr. Provost co-founded Bloomfield Hills Bancorp., Inc., and its subsidiary, The Private Bank, formerly known as The Bank of Bloomfield Hills. He served as President and CEO of Bloomfield Hills Bancorp, and Chairman and CEO of The Private Bank. Mr. Provost is the immediate Past Chairman of the Board of Trustees of Alma College and is a member of their Executive Committee. He also serves on the Board of Directors and as Chairman of the Audit Committee for Plastipak Packaging, Inc. Mr. Provost resides in Birmingham, Michigan with his wife, Christine and their two children.
SOURCE First Michigan Bancorp, Inc.
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