Business & Tech
Novi Bank Officially Opens Farmington Hills Branch
Lotus Bank sees Farmington Hills as the right location for its first expansion.
When Novi-based Lotus Bank officials considered expanding, they saw Farmington Hills as "a place we had to be in", bank president and CEO Neal Searle said.
The bank's new branch, located at the northeast corner of Halsted and Grand River, celebrated its grand opening on Thursday. Searle said the bank, founded in 2007, has minority ownership by the Asian Indian community and is also focused on the business community.
"We selected communities that both had a business market and an Indian market, and Farmington Hills is the perfect demographic for that," he said.
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According to a December story in Crain's Detroit, the bank is subletting the new space from Talmer Bank and Trust and will eventually lease directly from the building's owner.
Lotus Bank's Novi facility is located on the north side of 12 Mile Road, west of Novi Road.
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