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Department of Insurance and Financial Services to Begin Supervision of Range Bank as Bank Converts to State-Chartered
July 08, 2021
FOR IMMEDIATE RELEASE: July 8, 2021
(LANSING, MICH) The Michigan Department of Insurance and Financial Services (DIFS) today announced that it will assume supervisory duties for Range Bank as it converts from a national bank to a state-chartered bank, a change that will bring local support and oversight to the bank and the consumers it serves. After the transition, this will be the 74th bank supervised by DIFS.
"Range Bank has served its customers for more than 130 years, and this transition will benefit the institution and its customers through local support, consultation, and supervision provided by regulators who live and work in their communities and are committed to Michigan's consumers and economy," said DIFS Director Anita Fox. "This conversion is a testament to the strong work of the DIFS team and its dedication to Michigan financial intuitions and consumers. The banking industry in Michigan remains strong and the industry is poised to support community needs as we emerge from the pandemic."
Founded on June 13, 1887, Range Bank has served as an independent community bank with branch offices in Marquette, Dickinson, and Houghton counties in Michigan and in Brown County, Wisconsin.
While charter conversions are not common, local supervision of Range Bank by DIFS will allow for more attention to be paid to local and state economics and trends, and clearer communication between the bank and supervisor. Additionally, Range Bank will benefit from much lower costs on annual assessments as a state-chartered bank. Deposits held at Range Bank will still be federally insured to $250,000 by the FDIC. The last conversion from a national charter to a state charter in Michigan occurred in October 2020.
"We pride ourselves on providing exceptional support and supervision to Michigan's banks, especially through the challenges of the past 15 months," said Director of DIFS' Office of Banking Aaron Luetzow. "DIFS has staff based throughout Michigan, including the Upper Peninsula, so employees and customers of Range Bank can have confidence that they will be supported by a team of dedicated and local Michiganders."
Range Bank was formerly supervised by the Office of the Comptroller of the Currency, the primary regulator of banks chartered under the National Bank Act (12 USC 1 et seq.). As a state-chartered bank, it will be supervised by DIFS.
Consumers with questions or concerns that cannot be resolved directly with a financial institution should contact DIFS Monday through Friday from 8 a.m. to 5 p.m. at 877-999-6442 or file a complaint at Michigan.gov/DIFScomplaints.
The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS or follow the Department on Facebook, Twitter, or LinkedIn.