Bank Michigan


417 South Main Street
Brooklyn, MI 49230
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.10% 1.40% →
1-Year CD 0.10% 1.15% →
2-Year CD 0.15% 1.26% →
5-Year CD 0.25% 1.60% →
30-Year Mortgage N.A. 3.09% →
15-Year Mortgage N.A. 2.59% →
HELOC N.A. 2.77% →

2020 Overview

General Bank Information

Bank Michigan is an FDIC insured institution located in Brooklyn, MI. It was founded in 1907 and has approximately $0.1 billion in assets. Customers can open an account at one of its 3 branches.

FDIC Insured Yes
FDIC Certificate # 1008
Date Established 1907
Assets $ 102.27 million
Loans $ 75.46 million
Deposits $ 83.38 million
Capital $ 10.35 million

For a more detailed analysis of Bank Michigan's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - July 3, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
0.10% $150 - Learn More
Money Market
0.10% $1,000 $4,999 Learn More
Money Market
0.15% $5,000 - Learn More
Premium Money Market Account
0.10% $10,000 $49,999 Learn More
6 Mo CD
0.10% $1,000 - Learn More
12 Mo CD
0.10% $1,000 - Learn More
24 Mo CD
0.15% $1,000 - Learn More
36 Mo CD
0.20% $1,000 - Learn More
48 Mo CD
0.25% $1,000 - Learn More
60 Mo CD
0.25% $1,000 - Learn More

Fixed IRA
0.10% $1,000 - Learn MoreShow Less
Variable IRA Rates APY MIN MAX
0.30% $100 - Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.05% $500 $2,500 Learn MoreShow Less
Int Ckg
0.10% $2,501 $7,500 Learn MoreShow Less

Loan Rates - July 3, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Bank Michigan

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:

Featured - Connecticut 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Learn More
NMLS ID: 2890
License#: 13256
3.039% 3.000% 0.50 $1,250 $1,055 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More

Note to Bank Michigan
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Bank Michigan branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

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Bank Michigan Locations

Financial Details

Bank Michigan Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Bank Michigan. The data is provided by the FDIC. All banks listed on are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Bank Michigan U.S. Bank Average
8.3% 6.51%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of December 31, 2019, Bank Michigan had $928,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $10,345,000 in equity and $841,000 in loans loss reserves. That gives it a Texas Ratio of 8.3%.

Return on Equity
Bank Michigan U.S. Bank Average
4.83% 9.41%

Bank Michigan has a Return on Equity of 4.83% versus the BestCashCow average of 9.41%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Bank Michigan U.S. Bank Average
10.12% 12.82%

Bank Michigan has a Capitalization of 10.12% versus the BestCashCow average of 12.82. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Bank Michigan Balance Sheet Analysis

As of December 31, 2019, Bank Michigan had assets of $102,271,000, loans of $75,458,000, and deposits of $83,381,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

December 31, 2019
Cash & Balances due from depository institutions $ 10.96 million
Interest-bearing balances $ 8.56 million
Total securities $ 9.54 million
Federal funds sold and reverse repurchase $ 1.24 million
Net loans and leases $ 75.46 million
Loan loss allowance $ 0.84 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets $ 2.78 million
     Total Assets $ 91.93 million
Total deposits $ 83.38 million
      Interest-bearing deposits $ 67.94 million
      Deposits held in domestic offices $ 83.38 million
      % insured (estimated) 95.23%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 8.00 million
Subordinated debt N.A.
All other liabilities $ 0.55 million
      Total Liabilities $ 91.93 million
      Shareholders’ Equity $ 10.35 million

Summary Income Statement

December 31, 2019
Total Interest Income $ 4.93 million
Total Interest Expense $ 1.19 million
Net interest income $ 3.74 million
Provision for loan and lease losses N.A.
Total non interest income $ 0.58 million
Total non interest expense $ 4.47 million
Pre-tax Net Operating Income N.A.

Bank Loan Profile?

The top three loan types in Bank Michigan’s loan portfolio are Commercial Real Estate, Small Business Loans, and 1-4 Family Residential Loans.

Compared to other banks in Michigan, Bank Michigan has a significantly higher percent of Multifamily Mortgages, Credit Card Loans, Small Business Loans, Construction and Development Loans, Commercial Real Estate on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 22.57
Credit Card Loans 0.14
Consumer Auto Loans 0.00
Small Business Loans 33.23
Construction and Development Loans 10.24
Commercial Real Estate 49.31
Commercial and Industrial Loans 12.50
Farm Loans 0.08

Frequently Asked Questions About Bank Michigan

Branches and Savings

Is Bank Michigan FDIC insured?

Yes. It is covered under FDIC Certificate #1008.

Why does Bank Michigan pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Bank Michigan CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Bank Michigan a commercial bank?


Where are Bank Michigan locations?

See branch locations nearby.

Is Bank Michigan open on Saturdays?

Is Bank Michigan open on Sundays?

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Are Bank Michigan ATMs Open 24/7?

Do Bank Michigan ATMs accept cash deposits?

Can Bank Michigan customers use other ATMs?

Do Bank Michigan branches have notaries?

Will Bank Michigan notarize my document?

What address for Bank Michigan should I put for incoming ACH transfers?

Will the Bank Michigan branch print checks?

Do Bank Michigan checks expire?

Does Bank Michigan require US citizenship to open account?

Can Bank Michigan close my account?

Does Bank Michigan Report to credit bureaus?

Does Bank Michigan Use Equifax?

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What is Bank Michigan's SWIFT code?


Does Bank Michigan offer mortgages?

Compare mortgage rates here.

Does Bank Michigan offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Bank Michigan offer personal loans?

Compare personal loan rates here.

Does Bank Michigan offer student loans?

Will Bank Michigan cash a check?

Will Bank Michigan redeem a savings bond?

Does Bank Michigan cash savings bonds?

Will Bank Michigan cash money orders?

Can Bank Michigan issue a money order?

Does Bank Michigan do currency exchange?

Background on The Bank

Who owns Bank Michigan?

How long has Bank Michigan been around?

Can Bank Michigan transfer to other banks?

Does Bank Michigan have quick pay?

Does Bank Michigan accept rolled coins?

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Where is Bank Michigan headquarters?

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