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, with a Greater Farmington Area Chamber of Commerce ribbon cutting. The "ribbon" made of dollar bills, valued at $200, will be split equally between the City of Farmington Hills youth services programs and Source of Universal Love (S.O.U.L.), a Farmington-based charity.
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.
According to U.S. Census data, Farmington Hills is home to more than 5,000 people of Asian Indian descent, a little over 6 percent of the population. In neighboring Farmington, the more than 1,200 Asian Indian residents represent 11 percent of the city's population.
A December story in Crain's Detroit reported that 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.