Michigan Heritage Bancorp Announces Formation of MHB Leasing, Inc.

Apr 19, 2001, 01:00 ET from Michigan Heritage Bancorp

    FARMINGTON HILLS, Mich., April 19 /PRNewswire/ -- Michigan Heritage
 Bancorp, a $117 million asset holding company for Michigan Heritage Bank, a
 full service commercial bank based in Farmington Hills, Michigan, is pleased
 to announce the formation of the bank's wholly-owned subsidiary, MHB Leasing,
 Inc.
     The new entity shall serve to expand the bank's capabilities in equipment
 leasing by providing tax-oriented true leases and other structured lease
 products.  MHB Leasing will be assisted by Harrison Capital Corporation, a
 private investing firm, in the structuring and marketing of its new lease
 products.  Through Harrison Capital, MHB Leasing will also form a strategic
 alliance with Fort Street Capital, LLC, a Detroit based, certified minority-
 owned equipment leasing company.  This strategic alliance will assist MHB
 Leasing's customers in meeting their minority sourcing goals.
     For Michigan Heritage Bank, the formation of MHB Leasing represents
 another step toward providing its corporate customers with a complete line of
 commercial products and services, and will complement the bank's present lease
 discounting program.  "These new structured lease products add considerable
 flexibility to our range of corporate lending and leasing products," stated
 Michigan Heritage Bank President Tony Albanese.  "Although our primary focus
 will be on offering structured leases ranging in size between $100,000 and $1
 million, we will have the resources and capabilities of providing financing
 for much larger transactions."
     As Michigan Heritage Bank Chairman Rick Zamojski points out: "MHB Leasing
 customers will not only be able to obtain competitively-priced financing for
 their equipment purchases but, through our affiliation with Fort Street, will
 be able to realize important minority business development objectives."  Fort
 Street is certified by the Michigan Minority Business Development Council and
 is a key provider of equipment financing to the automotive industry.
     MHB Leasing's target market is primarily Michigan and the adjacent Midwest
 states.  A broad range of asset types can be considered for its structured
 lease financings.
     Michigan Heritage Bank provides a full range of financial services
 including savings and checking accounts, certificates of deposits, mortgage
 loans, home equity loans, retirement and investment services, commercial
 equipment financing and more.
 
 

SOURCE Michigan Heritage Bancorp
    FARMINGTON HILLS, Mich., April 19 /PRNewswire/ -- Michigan Heritage
 Bancorp, a $117 million asset holding company for Michigan Heritage Bank, a
 full service commercial bank based in Farmington Hills, Michigan, is pleased
 to announce the formation of the bank's wholly-owned subsidiary, MHB Leasing,
 Inc.
     The new entity shall serve to expand the bank's capabilities in equipment
 leasing by providing tax-oriented true leases and other structured lease
 products.  MHB Leasing will be assisted by Harrison Capital Corporation, a
 private investing firm, in the structuring and marketing of its new lease
 products.  Through Harrison Capital, MHB Leasing will also form a strategic
 alliance with Fort Street Capital, LLC, a Detroit based, certified minority-
 owned equipment leasing company.  This strategic alliance will assist MHB
 Leasing's customers in meeting their minority sourcing goals.
     For Michigan Heritage Bank, the formation of MHB Leasing represents
 another step toward providing its corporate customers with a complete line of
 commercial products and services, and will complement the bank's present lease
 discounting program.  "These new structured lease products add considerable
 flexibility to our range of corporate lending and leasing products," stated
 Michigan Heritage Bank President Tony Albanese.  "Although our primary focus
 will be on offering structured leases ranging in size between $100,000 and $1
 million, we will have the resources and capabilities of providing financing
 for much larger transactions."
     As Michigan Heritage Bank Chairman Rick Zamojski points out: "MHB Leasing
 customers will not only be able to obtain competitively-priced financing for
 their equipment purchases but, through our affiliation with Fort Street, will
 be able to realize important minority business development objectives."  Fort
 Street is certified by the Michigan Minority Business Development Council and
 is a key provider of equipment financing to the automotive industry.
     MHB Leasing's target market is primarily Michigan and the adjacent Midwest
 states.  A broad range of asset types can be considered for its structured
 lease financings.
     Michigan Heritage Bank provides a full range of financial services
 including savings and checking accounts, certificates of deposits, mortgage
 loans, home equity loans, retirement and investment services, commercial
 equipment financing and more.
 
 SOURCE  Michigan Heritage Bancorp