| Follow Us:

Innovation & Job News

Lotus Bank's expansion includes new Farmington branch

Related Tags

Lotus Bank will open its second branch in Farmington Hills later this month, a move that will help the Novi-based bank expand its staff by seven people in 2013.

"We needed more retail locations and space from a personnel standpoint," says Neal Searle, president & CEO of Lotus Bank.

The 6-year-old bank has hired three people in the last 30 days and now employs 18. Another four employees will be added to the payroll when the Farmington Hills branch opens within two weeks.

Lotus Bank is a full-service bank with $82 million in assets and $71 million in deposits. It grew by 17 percent in 2012 and expects to continue expanding its reach in Metro Detroit this year. The bank, which is 80-percent owned by Indian-Americans, has a five-year strategic plan of opening one new branch annually and its sights are set on suburbs like Troy, which has a large Indian-American population, in the near term.

"This is an opportunity to take it to the next level," Searle says.

Source: Neal Searle, president & CEO of Lotus Bank
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
Signup for Email Alerts
Share this page
0
Email
Print
Signup for Email Alerts