First Michigan Bank Acquires Assets and Deposits of First Banking Center, Burlington, WI From the FDIC

TROY, Mich., Nov. 19, 2010 /PRNewswire/ -- First Michigan Bank, a wholly owned subsidiary of First Michigan Bancorp, Inc., announced today that it acquired the majority of the assets and substantially all of the deposits of First Banking Center, headquartered in Burlington, Wisconsin from the Federal Deposit Insurance Corporation (FDIC) as Receiver, following First Banking Center's closure today, November 19, 2010.  Pursuant to the terms of the Purchase and Assumption Agreement entered into with the FDIC, First Michigan Bank will assume approximately $470 million in deposits.  In addition, First Michigan Bank will operate all 17 of First Banking Center's branch offices and acquire approximately $510 million in loans, which are subject to a loss-share agreement with the FDIC, as well as certain other assets.

The former First Banking Center branch locations will reopen during normal business hours beginning Saturday, November 20, 2010, as branches of the new First Banking Center, a branch of First Michigan Bank.  First Banking Center depositors will have uninterrupted access to their funds, all of which will continue to be insured by the FDIC up to the FDIC's maximum limit.  First Banking Center customers should continue to bank as usual.  

"Our top priority is to assure all customers that their deposits are safe and remain readily available to them.  We are excited to bring First Banking Center's customers and employees into our banking family," said David T. Provost, chairman, president, and chief executive officer of First Michigan Bancorp, Inc.  "Our mission as a community bank is to continue to provide our customers and communities with localized, highly personalized service and enhanced products so that they in turn, can achieve their financial goals," Provost said.

Gary S. Collins has been named President of the Wisconsin region, and Hugh McLean has been named Executive Managing Director.  They will be responsible for managing the day to day operations of the Wisconsin region.  "We believe that the southern Wisconsin markets served by First Banking Center will benefit from a healthy, well-capitalized and invigorated community bank.  We look forward to not only continuing but expanding relationships with the individuals and businesses that First Banking Center has served for many years," said Gary S. Collins.  "First Banking Center has historically played a prominent role in the communities it serves, which we are committed to continue," he continued.

"Customers should know that it will be business as usual for them.  Banking hours will remain the same.  They will handle their banking business at their existing banking offices with the same friendly, local employees that they have come to know.  They can rest assured that their deposits remain insured up to the maximum coverage allowed under the FDIC.  We will continue to communicate details to all of our stakeholders, and we will work hard to make certain the transition is as seamless as possible for our customers," Collins added.

Customers who have questions about today's transaction can call the FDIC toll-free at (800) 830 - 3256.  The phone number will be operational this evening until 9:00 p.m.; on Saturday, November 20, from 9:00 a.m. to 6:00 p.m.; on Sunday, November 21, from Noon to 6:00 p.m.; and thereafter from 8:00 a.m. to 8:00 p.m. Interested parties can also visit the FDIC's website at http://www.fdic.gov

About First Michigan Bancorp, Inc.

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 in Michigan under the First Michigan Bank name, and in Wisconsin under the First Banking Center name.  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.

SOURCE First Michigan Bank