TROY, Mich., June 23 /PRNewswire/ -- First Michigan Bank announced today that Peter G. Root has joined the organization as chief investment officer, effective immediately.
David T. Provost, chairman, president and CEO of First Michigan Bank, said: "Peter is a great addition to the First Michigan Bank team. His performance as a manager of fixed-income investments has been stellar. He understands how to lead people and the process – and, most importantly, how to manage investments for sustained results. It is great to have an individual of Peter's capabilities resident within First Michigan Bank's organization."
Mr. Root was previously employed by Munder Capital, most recently serving as chief investment officer – fixed income. In this position, Root led a team of portfolio managers and analysts in the managing and servicing of $5.5 billion. Under Root's leadership, fixed-income performance for all major composites performed 30 to 50 basis points ahead of client-chosen benchmarks for the past five years.
Mr. Root has also worked as a senior portfolio manager at Munder Capital and as an assistant vice president at Society Bank and Comerica Bank.
Provost added: "Peter values financial accomplishment, corporate ethics, and respects the contribution of his work associates. We are fortunate to have him in Michigan and on the First Michigan Bank team."
Peter Root is an economics graduate of Stanford University and holds an MBA from the University of Michigan.
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 Citizens First Bank, First Michigan has 23 locations in 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.
SOURCE First Michigan Bank