Work hard, play hard!

Can you spot the celebrities with the Bank of Michigan staff at the Tigers’ game April 30?  It’s easy to see Arkansas Governor Mike Beebe in the front, but there’s another one in the back, poking his grey-haired head above the crowd.  Dave Rozema, relief pitcher on the 1984 World Champion Tiger Team, invited himself into our picture – and we were glad to have him!

Governor Beebe threw out the first pitch, and 22 members of the staff had a great time watching the Detroit Tigers stomp the Minnesota Twins 6 to 1 at Comerica Park.

We get together every quarter and go to ball games, dinners, and picnics, or bowl or play bocce ball.  The team works very hard every day, and it’s nice to unwind and celebrate our successes with each other.

Look for more pictures in the future!

Protect your personal information

Did you know that identity theft is one of the fastest growing crimes in America?  Last year, slightly more than 1 in 20 consumers were victims. More importantly, do you know how to protect yourself and your family?  It’s simple credit card fraud that still accounts for about two-thirds of all ID theft, so I thought I would share some important tips to keep personal information safe.

We’re here to help your small business grow

What really makes us feel good is when we help customers realize their dreams, especially when they think those dreams are beyond their reach.  We’re here to help, and one of our tools is SBA Loans, which are designed specifically for businesses that may have difficulty qualifying for a traditional bank loan.

Often times people starting a business – or trying to expand an existing one – don’t have the necessary collateral.  They have a great business plan, rock solid credit history and proper financial documentation, but they lack the resources to get a traditional bank loan.

SBA Loans

That’s where SBA loans come in.  They have been specifically designed to meet key financing needs, including debt financing and equity financing.  The SBA doesn’t make direct loans to small businesses; they set the guidelines for the loans, which are made by their partner banks like Bank of Michigan.  The SBA guarantees these loans will be repaid, eliminating some of the risk to the bank.

SBA Loans give business owners the opportunity to refinance existing debt, and to buy or expand a business that they might not be able to otherwise.  And that benefits the economic wellbeing of our community by growing a healthy business and creating more jobs.

Individual attention

Barry Boozan (Barry.Boozan@bankofmi.com) manages our SBA Loan program, and spends as much time as needed with each individual customer to make it as easy as possible for them to get the SBA financing they need.  Two of our SBA Loan customers – a service company and a retail outlet — commented about the “very good service,” and how it’s “more than just personalized service, it’s detailed attention we receive.”

If you’re thinking about starting a business, or expanding your existing one, I encourage you to contact Barry via e-mail or call him at (248)865-1301.

Chaldean Community Honors Two Leaders

There was a great celebration last Friday night as more than 900 people came together at the Shenandoah Country Club to honor two leaders in the Chaldean community.  Archbishop Bashar Warda of Ebil, Iraq, and John Loussia of Value Wholesale, personify what the Indian political and spiritual leader Mahatma Gandhi avowed: “You must be the change you wish to see in the world.”

Around the world from each other, each man is bringing about positive change in his own community.  For their efforts, the Archbishop was named Humanitarian of the Year and John Loussia was named Businessperson of the Year by the Chaldean American Chamber of Commerce at its 10^th annual awards dinner.

The Archbishop and John saw a need in their own communities and selflessly gave their time and talent to improve the lives of others.  Both men are role models for men and women everywhere.

Governor Snyder presented the keynote remarks in which he described his view of hos own role as one of service to the residents of Michigan.  He praised the Chaldean American Chamber of Commerce for what it represents; and held up the entrepreneurial spirit exemplified by many of the business people in the room as a role model for the entire state.  He called on all the attendees to be ambassadors for the state of Michigan to keep in mind the many wonderful and positive things about our state.

Also of note; the two leading candidates for Mayor of Detroit were present at the event—Mike Duggan and Benny Napolean.  An alert photographer captured them greeting each other.  The Detroit election for Mayor may be on of the most important in a generation as the City tries to stave off bankruptcy and bring an end to city rule by emergency manager.

Take me out to the ballgame

I didn’t make it out for the home opener for the Tigers last Friday, but I was able to get out there with my two daughters and son for Saturday’s game against the Yankees. Our seats were right on the field adjacent to the Tiger dugout.  What a game! Seventeen hits by the Tigers including three from Jackson and Hunter and four from Cabrera — the first three guys in the order.  The first ball park dog of the year, all the excitement that attends the new baseball season, and at least a little bit of spring in the air all combined to make it great late afternoon ballgame.

But we had even more fun than what is typical at a good Tiger game.  Ramon Santiago caught the third out of the top of the 7^th inning, and on his way back to the dugout, he spotted my son Ryan wearing his Tiger flat cap and bright orange sweatshirt.  Santiago tossed an underhand lob in Ryan’s direction. He was fully prepared with his glove and made a great snag to the applause of those around us.  It’s always a thrill when a youngster gets a game ball.

Earlier in the game, one of the marketing guys for the Tiger organization spotted our twelve-year- old daughter with her braided pig tails and Tiger cap and recruited her for an in-between inning Lays’ potato chip promotion with Paws on the Jumbotron.  She had more than her fair share of Jumbotron fame with a one-minute promotion that included Paws stuffing potato chips in her mouth!

There was also some fun for Dad.  Parked on the side of the Tiger dugout nearest our seats was Fox Sports reporter Erin Andrews.  I got a wave and a smile from her.  Hey, there’s something for everyone at the old ball park!

“For Sale” signs sprout in spring

Lately we’ve been hearing some good news about home sales and property values in southeast Michigan. For example, Crain’s Detroit Business recently reported that here in Oakland County, home sales were up almost 14 percent in January compared to sales in the same month last year.  And The Oakland Press reported average property values across Oakland County are up slightly after years of annual declines.

We’ve definitely noticed a pickup in our mortgage business in the last year, and it’s a nice mix of first-time home buyers and people who are looking for larger homes, or homes with different features .

When a person or a couple comes into our office to talk about getting a mortgage, the first thing we do is ask what’s important to them about getting this home loan and listen to their needs.  Most people want to know that everything will be done in a timely manner and that they’ll be given a fair price.

We’ll walk them through the process, and explain the factors we look at and the paperwork we need to put the mortgage together.  Getting a mortgage is more difficult now, as a result of the subprime mortgage crisis several years ago.  But our goal is to create a positive customer experience for every transaction, and our mortgage lenders have the experience to do just that.

They’ll explain:

• What a FICO Score is, how it’s calculated, and why it is the primary factor we use to determine mortgage eligibility.
• What debt-to-income ratio is, why it’s used in qualifying borrowers and why we require a maximum ratio of 43%.
• The necessary paperwork, including two years of tax returns and year-to-date income.
• Liquidity, or the amount of money that is available to cover mortgage and insurance payments.

We’re here to help, whether it’s a first home, a dream house or a vacation property.  And we’ll do it with personal customer service and efficient execution of your transaction.

Helping our local talent

The future of Michigan’s college students was the focus of several important events last week, including one here at the Bank of Michigan headquarters on Friday night.  As the president and CEO of a company headquartered in Michigan, and the father of three children, this is an important issue for my business and for my family.

The first event was Governor Snyder’s Economic Summit, where the theme was “Connecting Talent and Opportunity.”  He challenged business leaders to focus on meaningful job opportunities, and find ways to better match the available talent here with the jobs that are in our state.  The Governor said our greatest asset is our talent, but we don’t do a good job of talent management.

Governor Snyder kicked off the summit by asking 10 college students who are looking for jobs to tell their stories to the business people in the audience.  All of the students want to stay here in Michigan.  One said: “I’m a native Detroiter.  I’m watching Detroit reinvent itself while I’m reinventing myself. It’s my home. I’m not going anywhere.”

Career exposure

The second event was a “career exposure trip” to Detroit for students at my alma mater, James Madison College at Michigan State University.  Over two days, the students met with various James Madison alumni working in Detroit at companies like Quicken Loans, General Motors, OnStar, Transportation Riders United, and Sandler and Travis Trade Advisory Services.

The trip was designed to highlight the flexibility of a James Madison degree and the variety of career paths that are open to Madison students.

Here at Bank of Michigan, we hosted a student-alumni mixer to offer the students a chance to spend time with Madison alumni from all over the Detroit area.  The students were thrilled, and I’m glad we were able to give them that opportunity.

The governor is fond of saying that Michigan is the comeback state, and points to signs of an improving future.  Businesses have a responsibility to identify opportunities for our college students to work and live in our state after graduation, using their talents to help our state on that upward trajectory.