Bank of Maumee adds new ownersWritten by Duane Ramsey | | email@example.com
The Bank of Maumee is getting additional local ownership pending approval by the U.S. Office of the Comptroller of the Currency, which regulates the banking industry.
Capitol Bancorp Limited announced Aug. 29 that it entered into a stock purchase agreement to sell its 51 percent interest in the Bank of Maumee to Ohio-based Winding Creek Holdings.
“It’s a real breath of fresh air for us. Capitol Bancorp has been struggling and we will truly be a locally owned and operated bank,” said Kevin Rahe, president of the Bank of Maumee.
Winding Creek Holdings is owned by a group of local investors, most of whom are clients of the Bank of Maumee. Someone representing Winding Creek Holdings will serve on the bank’s board of directors, Rahe said.
The transaction is subject to regulatory and shareholder approval and is expected to be completed early next year. Rahe said they expect a closing date by Jan. 31, pending regulatory approval.
The Bank of Maumee will host a meeting Oct. 21 for its 304 shareholders of record to discuss the new ownership, according to Rahe. New shareholders from Winding Creek Holdings are expected to attend that meeting, he said.
Brian Pribis, president of Ohio Table Pad Company in Perrysburg, plans to attend the shareholders meeting next week. He has been a business and personal banking customer of the bank since its inception and currently serves on its board of directors.
“We’re excited the bank is moving in a forward direction and will have the ability to help our business grow along with theirs,” Pribis said about his company, the largest manufacturer of table pads in the U.S.
The Bank of Maumee is a full-service community bank specializing in banking for owners of small to mid-size businesses, medical and real estate professionals, and residents of the local community.
The bank serves small businesses in Northwest Ohio and southeast Michigan from its single location in Maumee with courier service and remote capture, a form of electronic banking, Rahe said.
“It’s important to have a source like the Bank of Maumee that can handle the whole package. They are an important partner in helping us deal with the seasonality of our business,” Pribis said.
The Bank of Maumee has total assets of $36 million with 7.94 percent in equity assets, Rahe said.
“We look to see some profitability with an injection of capital and growth of assets over the next three years,” Rahe said.
Rahe reported that they are in the process of raising $3 million in capital by selling additional shares in the bank. With the sale of those shares, Winding Creek would own less than 51 percent interest in the Bank of Maumee, he said.
“Capital is the fuel in the engine. We see a lot of potential for small business and we can be a big help to small business in this community,” Rahe said.
Most of that capital will be used to offer commercial loans to small businesses looking to expand or grow in this region, he said.
“We look to grow after the first of the year and anticipate needing additional staff as we grow,” Rahe said.
The bank operates with a small team that includes Roxie Hill, vice president and commercial relationship manager; Susan Martin, vice president and operations officer; Kerri Adams, treasury management specialist; JoAnn Phipps, executive assistant and loan support specialist; Brittany Blazey and Leslie Harst, personal bankers; Bill Justen and Nick Stolarski, couriers known as transportation liaisons.
“It has been gratifying to work with Kevin Rahe and the Bank of Maumee team to establish and build the bank. We are pleased that they have this opportunity to secure additional local ownership and maintain their autonomous operation,” said Joseph Reid, chairman and CEO of Capitol Bancorp based in Lansing, Mich., in a news release.
Capitol Bancorp has been involved in the ownership of the Bank of Maumee since it was established by its founder, H. Lee Dunn. The bank opened Oct. 2, 2006, with a dedication for shareholders and community leaders. The bank and its staff celebrated its fifth anniversary earlier this month, Rahe said.
Dunn founded the local bank after he retired from Charter One Bank. He retired from the Bank of Maumee in February and Rahe was named president.
Rahe had worked with Dunn at Charter One Bank and joined his staff at Bank of Maumee for its opening. He had served as chief credit officer and senior lender at the bank.
For more information, visit www.bankofmaumee.com.