Browsers that can not handle javascript will not be able to access some features of this site.
Skip Navigation
Department of Labor & Economic GrowthMichigan.gov, Official Web Site for the State of Michigan
Michigan.gov Home DLEG Home | Sitemap | Contacts | Online Services | Agencies
Printer Friendly Version Printer Friendly   Text Only Version Text Version Email this page Email Page
Michigan Charters First State Savings Bank

Contact:  OFIS (Toll-free) 1-877-999-6442
Agency: Financial and Insurance Services


FOR IMMEDIATE RELEASE: December 5, 1996

Commissioner Patrick M. McQueen of the Michigan Financial Institutions Bureau, today announced that the first charter issued under the state's new State Savings Bank law was granted to Northwestern Savings Bank & Trust of Traverse City on December 1, 1996.

"We welcome the prospect of newly chartered state savings banks and commend Northwestern Savings Bank and Trust for being the first financial institution in Michigan to take advantage of the new charter," commented Commissioner McQueen. "The new savings banks will be able to offer a broader array of products and services while enjoying the advantages of a state charter."

Northwestern Savings Bank was previously chartered as a federal savings and loan association, regulated by the Office of Thrift Supervision. Founded in 1955, Northwestern Savings Bank has total assets of approximately $188 million and currently employs 119 people. The savings bank serves the communities of Traverse City, Acme, Elk Rapids, Kalkaska, Ludington, Manistee and Petosky.

Mr. Richard Jackson, Executive Vice President of the bank, explained the move to the state charter, stating, "With the uncertainty of the future of the federal charter, the significant reduction in regulatory expense we will enjoy with the FIB, and the accessibility of the state regulators, the new state charter was a logical choice for Northwestern. The state charter will allow us to better serve the needs of out customers in northwestern Michigan. We are looking forward to working closely with the Financial Institutions Bureau."

The Financial Institutions Bureau is the primary regulator for state-chartered banks, credit unions, state savings banks, and over 4,000 other lenders in Michigan.

Link to Department and Agencies Web Site Index
Link to Statewide Online Services Index
Link to Statewide Web-based Surveys
Link to RSS feeds available on this site
Related Content
 •  Michigan Renewable Energy Program to Hold Solar Meeting in Ann Arbor
 •  Michigan Commission on Spanish-Speaking Affairs Hosts 2nd Annual Statewide Education Conference to Address Challenges Facing Hispanic Students and Improving Access to Postsecondary Education
 •  Michigan Department of Labor & Economic Growth Awards 17 Grants for Independent Living Throughout the State
 •  Michigan Department of Labor & Economic Growth Awards Grants to 10 Community Rehabilitation Organizations
 •  Herman Miller, Inc., Main Site Zeeland Operations Receives State's Highest Safety and Health Award
 •  OFIR Requires All Insurance Policy Forms to be Submitted Electronically
 •  State Insurance Consumer Advocate Announces Filing of Formal Complaint against Allstate Insurance Company for Unfair Trade Practices
 •  ADVISORY - Herman Miller, Inc., Zeeland Operations to Receive Star Award for Workplace Safety & Health Excellence
 •  ADVISORY - Insurance Advocate Butch Hollowell will Announce Details of Complaint Against Allstate Insurance Company at Press Conference on October 7 in Detroit
 •  Michigan Renewable Energy Program to Hold Biomass Meeting in Escanaba
 •  Media Representatives Invited to Michigan Commission on Spanish-Speaking Affairs Statewide Education Conference at Saginaw Valley State University Features Mr. Jaime Escalante Whose Life Story Was ...
 •  DLEG Announces Green Lodging Certification for Doubletree Hotel Bay City - Riverfront Facility Earns Steward Certification
 •  OFIR Reaccredited by Conference of State Bank Supervisors
 •  DLEG Announces Green Lodging Certification for Days Hotel Downtown Grand Rapids Facility Earns Steward Certification
 •  Michigan Commission for the Blind Celebrates 30th Anniversary of Serving State
 •  MPSC Commissioner Encourages Michiganians to "Change a Light" to Save on Their Electric Bills
 •  DLEG Warns Consumers of Furnace Cleaning Scams Offers Do's and Don'ts of Winterizing Your Home Heating System
 •  MPSC Issues Winter 2008/2009 Energy Appraisal
 •  MPSC Encourages Homeowners to "Be WinterWise," Web Site Features Information on Energy Efficiency Tips, Energy Assistance Programs

Michigan.gov Home | DLEG Home | State Web Sites
Accessibility Policy | Link Policy | Privacy Policy | Security Policy | Michigan News | Michigan.gov Survey

Copyright © 2001-2008 State of Michigan