| Proposed Ticker: | MHBC | 21211 Haggerty Road | |
| Exchange: | Over-the-Counter Market | Novi, Michigan 48375 | |
| Industry: | Financial | (810) 380-0779 |
| All share information is proposed | ||||
| Type of Shares: | Common Shares | Filing Date: | 12/5/96 | |
| U.S. Shares Filed: | 1,000,000 | Filing Price: | $10.00 | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $10,000,000 | |
| Primary Shares: | 1,000,000 | Expenses: | $200,000 | |
| Secondary Shares: | 0 | Shs Out After: | ||
| Manager | Tier | Phone |
| Roney & Co. | Lead Manager | (313) 963-6700 |
| Auditor: Plante & Moran, LLP | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 10/31/96 | 10/31/96 | ||||
| Revenue: | $0.00 | Assets: | $0.13 | ||
| Net Income: | $0.00 | Liabilities: | $0.13 | ||
| EPS: | $0.00 | Equity: | $0.00 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is a Michigan corporation whose primary purpose will be to own and operate Michigan Heritage Bank The company intends to provide a focused core of banking services, primarily for small to medium sized businesses as well as individuals. The company's lending service will focus primarily on commercial equipment financing and, to a lesser extent, commercial real estate loans and commercial term loans to businesses secured by the assets of the borrower. The company intends to originate a number of loans through third party referral sources such as leasing companies and mortgage brokers, many of whom are known to management. The company's retail strategy is expected to focus on single-family mortgage loans, home equity loans and, to a lesser extent, other forms of consumer lending. The company intends to offer competitive rates on various deposit products as well as providing attractive products and services. The company intends to offer its banking services primarily in Oakland and western Wayne counties, including Novi, Farmington, Farmington Hills, Livonia, Northville and Northville Township. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for the capitalization of the bank and payment of organization and pre opening expenses. |
©1996 IPO Data Systems, Inc. - All rights reserved.