TRAVERSE CITY — First National Bank of America is demonstrating a long-term commitment to the northern Michigan market by opening a local headquarters on Division Street.
The bank, with headquarters in East Lansing, began doing business in Traverse City in April 2011, and leased office space at 333 W. Grandview Parkway. First National Vice President Todd Gignilliat said the purchase of a building at 315 N. Division makes it clear First National found a permanent home in the Grand Traverse region’s already-crowded financial market.
“We are committed to the Traverse City area market and are putting down roots,” said Gignilliat. “That’s what we’ve done here at 315 N. Division. We have seven employees right now.”
The bank offers both retail and commercial products, with a focus on commercial loans. Bankrate.com said the bank has an asset size of $587 million and gives gives the bank a four- out of five-star rating with a “very healthy” return on equity ratio with a conservative loan yield.
“We are a family owned bank and we want our customers to feel like they are a part of the family,” said Geoff Streit, vice president and commercial lender. “We are always looking for the opportunity to serve our customers in a way that other banks may not be able to.”