by Bank of Ann Arbor
May 16, 2010 6:00
Failed New Liberty Bank created opportunity for Bank of Ann Arbor's expansion into Plymouth, reported AnnArbor.com on Sunday, May 16. Bank of Ann Arbor President & CEO Tim Marshall said Bank of Ann Arbor’s strong balance sheet put it into contention to acquire the failed bank and turn it into an expansion opportunity amid the biggest banking crisis in decades.
“You have to be highly rated and financially strong,” Marshall said. “The management team has to have proven that we can make an immediate acquisition and fold it in, and operate it very successfully.”
The acquisition closes a 6-week process during which Bank of Ann Arbor had to be certified by the FDIC to bid on the failed bank.
Read the full article on AnnArbor.com.
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