Michigan Heritage Bancorp, Inc. (OTC Bulletin Board: MHBC), the holding company for Michigan Heritage Bank, posted a net loss of $173,000, or $0.11 per diluted share, for the first quarter of 2008, compared to net income of $156,000, or $0.10 per diluted share for the same quarter of 2006. Total assets at the close of first quarter 2008 were $188,488,000, up $1,709,000, or 0.91%, from December 2007.
Raymond A. Biggs, Bank President and CEO said, "During the first quarter of 2008 we remained diligent and focused on improving the Bank's balance sheet. As we continue to operate in difficult economic times in Southeast Michigan, we are working with customers who have felt the economic impact the hardest to assist them in bringing their loans current and back into an accruing status. The Bank has streamlined its operations and made them more efficient to better service its customers.
"On April 21, 2008, the Bank announced that it will consolidate the accounts and business activities from its Livonia branch office with its nearby branch offices in Farmington Hills, and Novi, Michigan. As mentioned in the announcement, the Livonia branch office lacked a drive-thru window and ATM. Therefore, we felt we could not properly serve our customers at that location. However, the Bank remains committed to the community of Livonia and its residents and in making the consolidation for our Customers as smooth and seamless as possible.
"Looking forward, the Bank's focus is to be a financial partner with the communities and businesses in our market and is working daily to be the Bank of choice by developing creative solutions to business and customer financial needs."
FINANCIAL DATA
Total assets as of March 31, 2008 were $188,488,000, compared to $186,779,000 at December 31, 2007, an increase of $1,709,000, or 0.91%.
Total net loans as of March 31, 2008 were $144,908,000, compared to $149,919,000, at December 31, 2007 a decrease of $5,011,000, or 3.34%.
Total deposits were $159,090,000 as of March 31, 2008 compared to $146,386,000 from a December 31, 2007 an increase of $12,704,000, or 8.68%.
Michigan Heritage Bank is a state chartered, full-service commercial bank and wholly owned subsidiary of Michigan Heritage Bancorp, Inc. A member of both the Federal Reserve System and the Federal Home Loan Bank, deposits are FDIC insured. Michigan Heritage operates from branch offices in Farmington Hills, Novi, Troy and Wixom. Michigan Heritage Bancorp stock trades on the over-the-counter (OTC) market and quotations are reported on the OTC Bulletin Board under the symbol "MHBC". -- Michigan Heritage Bancorp, Inc.
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