Charter approved by the FDIC on October 1, 2018, under holding company MiCommunity Bancorp, Inc., as a planned community bank serving Southeast Michigan businesses. Founded by Rob Farr, a veteran banker who previously founded Bank of Birmingham (later acquired in 2017). Mi.Bank aimed to be the first new bank in Michigan since 2009.
Raised over $30 million from more than 200 local investors—surpassing the $25M requirement to open on May 28, 2019, at 3707 W Maple Rd, Bloomfield Hills.
Positioned as a concierge-style business bank tailored to mid-size businesses (annual revenue under ~$25M), with personalized support and one-on-one bankers. Built on Fiserv’s technology stack (core systems, business lending, digital banking, remote deposit, etc.), positioning it to deliver both high-touch service and tech-enabled functionality.
2020 PPP program: Funded 400 Paycheck Protection Program loans totaling nearly $45M, with most later forgiven (~$37M forgiven by year-end 2021). Assets grew from ~$154M in September 2021 to ~$185M by year-end; targets of $300M+ and eventual $1B goals were announced as part of expansion plans within and potentially beyond Michigan.
In 2022, Mi Bank launched a Private Client & Family Office offering aimed at high-net-worth business owners, including trust and wealth support via industry partnerships.
In November 2023, Rob Farr stepped down as CEO and Chairman to pursue a new opportunity. Jenny Meier—previously President—became CEO; Matt Agnone moved into the Chairman role. Jenny Meier brings two decades of Michigan banking experience, having led at Bank of Birmingham and Bank of Ann Arbor; Agnone also became Chair of Mi Bancorp and Mi Bank.