Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that Mi BANK will leverage Fiserv technology and expertise as it opens its doors as the first de novo bank in Michigan in a decade.
Based in Bloomfield Township, Mi BANK is focused on serving the distinct financial needs of mid-size and commercial businesses.
“Local businesses like to bank with local financial institutions that understand the dynamics and challenges they face,” said Rob Farr, Mi BANK founder, chairman and CEO. “Fiserv gives us the technology foundation we need and has demonstrated flexibility in accommodating us as a new bank looking to address a gap in our market.”
Following a wave of acquisitions, the banking dynamic in the Bloomfield Township area changed, leaving a space that Mi BANK is launching to fill. The bank will combine the principles of community banking with access to the specialized capabilities that businesses require.
Farr and others on his team had prior experience with Fiserv, and the functionality of current Fiserv solutions as well as the company’s experience supporting other de novos gave the bank confidence in moving forward. With a focus on providing robust technology-driven capabilities, Mi BANK will implement a full suite of solutions including core account processing, commercial lending, digital banking, remote deposit capture, wire transfers, and 24/7 account opening.
“Fiserv is providing hands-on support to set up our suite of solutions, doing the heavy lifting and easing the process for our internal staff,” said Farr.
In addition to technology implementation, Fiserv will provide training to bank staff, helping them to maximize the features of their technology investment.
“By taking a tech-forward approach, Mi BANK is ready to offer the experiences and capabilities that businesses expect from their financial provider,” said Todd Horvath, president, Bank Solutions, Fiserv. “Fiserv offers a springboard to growth for the bank as they prepare to serve customers for years to come.”