MARCH 2008

Bank of
Michigan:
Working for
Business
Times are tough in Michigan, but
don’t tell that to the folks at the
Bank of Michigan in Farmington
Hills. While many financial institutions
are struggling, the Bank of Michigan
was named the fastest-growing bank
in Southeast Michigan by Crain’s
Detroit Business in June 2007.
“We’ve doubled our growth in each of
our three years,” said President
Michael G. Sarafa. “I attribute that to
the fact that a growing number of people
are comfortable banking with us.
We’ve become a destination of
choice.”
Bank of Michigan’s Commercial
Loan Department is especially thriving.
Loan specialists embrace the
mission of making available a variety
of loan products specifically designed
for business, be it business financing,
working capital, capital expenditures
or real estate loans.
As a preferred Small Business
Administration (SBA) Lender, Bank of
Michigan is uniquely positioned to
help the entrepreneur. Benefits of
Bank of Michigan’s SBA loans
include longer maturities than most
bank loans; smaller down payments;
longer terms; no balloon payments;
no covenants; multiple interest rate
options (floating, adjustable or fixed)
and — perhaps most importantly —
fast credit approval.
“With an SBA loan, qualifying criteria
are generally more flexible than
conventional loans,” Sarafa noted.
SBA programs offered at the Bank
of Michigan include SBA 7(a), which
provide funds for a variety of business
services; SBA 504 for purchasing
real estate or equipment, generally
for projects of more than
$500,000; and the Low Doc Program
for loan requests under $150,000.
Loans can be made as high as $2
million and fixed rates are available
for up to seven years — a schedule
that offers great peace of mind in
these uncertain economic times.
For commercial real estate, the
Bank of Michigan offers a fixed rate
for an initial term of up to 60 months
and amortization schedules of up to
Pictured from left: Cindy Jensen (Commercial Lender), Tom Linden (Chief Credit Officer), Lydia Bahoura (Credit Analyst),
Michael Sarafa (President) and Barry Boozan (Commercial Lender).
25 years depending on property type.
Of course, any bank is only as
good as the people behind it. Sarafa
is proud of his Commercial Lending
team.
Chief Credit Officer Tom Linden
has a vast amount of experience in
small business underwriting. “He is
very prudent,” Sarafa said, “but also
very creative.”
Commercial Lender Cindy Jensen,
who joined Bank of Michigan after
more than 30 years experience at
Michigan National Bank and its various
successors, “is probably the
most experienced small business
lender in the entire state,” Sarafa
said.
Barry Boozan, also a Commercial
Lender, has created a niche specialty
working with healthcare providers as
well as other professional services.
“Barry has a substantial credit background
and a strong focus on customer
service and going the extra
mile to get a deal done,” Sarafa said.
Credit Analyst Lydia Bahoura
helps prepare the loan packages and
financial spreadsheets and keep the
files updated. “She is the gatekeeper
for the loan department,” Sarafa
added.
The team is led by Sarafa.
“Mike has been a great asset to
the bank since he moved from vice
chairman of the board to President
and CEO at the beginning of 2006,”
said Michael George, chairman of the
Chaldean Federation of America and
an advisor to the bank. “Mike is
always out and about at community
events, he understands financing and
has a good sense of judgment,” he
continued.
Indeed, Sarafa is deeply ingrained
in the Chaldean community, having
just completed two terms as president
of the Chaldean Iraqi American
Association of Michigan (CIAAM),
where he still serves as a board
member.
Attorney Burt Kassab, vice chairman
of the Bank of Michigan board,
said Sarafa’s former work as executive
director of the Associated Food
and Petroleum Dealers puts him
squarely in the corner of small businesses.
“Mike has a deep understanding
and awareness of the needs of small
business owners,” Kassab said. “The
bank has done well under his leadership.”
The Bank of Michigan offers all the
benefits of a small institution —
backed with the security of the considerable
assets of Capitol Bancorp
Limited, a $5-billion publicly traded
corporation. Although technically a
bank holding company, Capitol
Bancorp considers itself in the bank
development business because it is
an active, proactive and dynamic partner
with the banks.
Besides Michigan, Capitol
Bancorp’s affiliate banks are located
in 16 states, including California,
Texas and New York. Plans are
underway to expand into additional
markets.
“It’s the perfect combination,”
Sarafa says. “We’re a small, community
bank where everyone knows your
name and is dedicated to helping
your business succeed with the
utmost of professionalism and confidentiality.
Capitol Bancorp gives us
the financial muscle and stability that
is crucial in today’s economy.”
Times may be tough, but the
Commercial Lending Department at
the Bank of Michigan is ready to help.
“We are poised to continue to
make good loans to qualified borrowers,”
Sarafa said. “When the dust
settles from this housing bust and
general economic downturn, the
Bank of Michigan will not only be
standing but thriving as well.”
Bank of Michigan
30095 Northwestern Highway
Farmington Hills, MI
(248) 865-1300
www.bankofmi.com
BE PREPARED
Seeking a business loan? Bring
along the following information to
ease the process and see quick
results:
• Personal and business tax returns
for the past two to three years
• Updated and signed personal
financial statements
• Business plans and projections
• For real estate loans, appraisals,
environmental reports, surveys, title
work and legal descriptions
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MARCH 2008 CHALDEAN NEWS 51