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Too Many Bank Locations Opening Up In Detroit?

DETROIT - Merger between Standard Federal Bank and Michigan National Bank will load the market with available facilities, says local bank owner, who isn't detered from opening more of his banks.

By Robert Carr | Updated on December 07, 2000

DETROIT – The local bank market is doing fabulously, and is about to get overloaded due to a pending merger between Standard Federal Bank and Michigan National Bank, says Clarkston Bank president David Harrison.He ownsClarkston State Bank, a subsidiary of Clarkston Financial Corp., and a chain of general service banks headquartered in Clarkston. He has built the business up from the ground, and is continuing on his goal to open a bank a year in the Southeast Michigan area.

Harrison stumbled in his goal this year, his second year of operations, by not opening a branch, he says. The company opened two branches in 1998, one at the headquarters on Main Street in Clarkston. The second opening was a banking center in Independence Township, where Harrison paid $154,000 for the fixed assets and $1.7 million for the deposits. Both are in leased space, he says.

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