MHBC Michigan Heritage Bancorp Inc. featured news, full reports, and detailed charts
Michigan Heritage Bancorp Inc. (MHBC/MHBC.OB) Wrap Up:
Michigan Heritage Bancorp, Inc. operates as the bank holding company for Michigan Heritage Bank (bank) that provides various commercial and consumer banking services. The bank primarily attracts deposits and makes loans. Its lending activities include commercial loans, commercial real estate loans, commercial equipment leases, direct financing leases, residential mortgage loans, home equity loans, and consumer installment loans. The bank accepts deposits that include noninterest bearing demand deposits, interest bearing checking and money market deposits, savings deposits, and time deposits. It also offers automated teller machine, telephone banking, and Internet banking services. As of Dece...38 Employees
Founded in 1989
Michigan Heritage Bancorp Inc. (MHBC:OTC Bulletin Board Market)
LAST $0.0051 USD
CHANGE TODAY 0.00 0.00%
VOLUME 32.3K
As of 3:01 PM 11/20/09 All times are local (Market data by Reuters is delayed by at least 15 minutes).
Snapshot of Michigan Heritage Bancorp Inc. (MHBC)
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OPEN
$0.0051
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PREVIOUS CLOSE
$0.0051
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DAY HIGH
$0.0051
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DAY LOW
$0.0051
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52 WEEK HIGH
04/17/09 - $0.42
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52 WEEK LOW
11/13/09 - $0.0050
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MARKET CAP
7.6K
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AVERAGE VOLUME 3 mo
5.7K
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DILUTED EPS TTM
--
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SHARES OUTSTANDING
1.5M
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MHBC Does Not Pay Dividends
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P/E TTM
NM
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| K = Thousands M = Millions B = Billions | ||
MHBC Top Compensated Officers
No compensation data is available at this time for the top officers at this company.
Executives, Board Directors
Key developments for Michigan Heritage Bancorp Inc. (MHBC)
Federal Reserve Orders Michigan Heritage To Shore Up Capital
04/7/2009
The Federal Reserve Board on April 7, 2009 ordered Michigan Heritage Bancorp Inc. to shore up its capital by the middle of this month. The Federal Reserve ordered the bank to raise capital by selling shares. The Reserve also added that Michigan Heritage should agree to merge itself with another institution or come up with another solution to ensure that it is adequately capitalized. Michigan Heritage will also have to submit monthly progress reports to the Federal Reserve Board on efforts to improve its health.
Michigan Heritage Bancorp Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2008
08/13/2008
Michigan Heritage Bancorp Inc. reported earnings results for second quarter and six months ended June 30, 2008. For the quarter, the company reported net loss of $1,315,000 or $0.87 loss per diluted share on interest income of $2,777,000 compared to net loss of $12,000 or $0.01 loss per diluted share on interest income of $3,464,000 for the same period a year ago. Net income for the six months ended June 30, 2008 was largely impacted by the increase of loan loss provision of $1,740,000. This provision was largely centered on three loans to local real estate developers. For six months period, the company reported net loss of $1,488,000 or $0.99 loss per diluted share on interest income of $6,083,000 compared to net income of $78,000 or $0.05 per diluted share on interest income of $6,858,000 for the same period a year ago. Net income for the six months ended June 30, 2008 was largely impacted by the increase of loan loss provision of $1,740,000.
Michigan Heritage Bancorp Inc. Reports Earnings Results for the First Quarter Ended December 31, 2007
05/2/2008
Michigan Heritage Bancorp Inc. reported earnings results for the first quarter ended December 31, 2007. The company reported a net loss of $173,000 or $0.11 diluted loss per share on interest income of $3,306,000 against a net income of $156,000 or $0.10 diluted per share on interest income of $3,520,000 for the same period a year ago.
MHBC Competitors
| Company | Last | Change | |
| No competitor information is available for MHBC. | |||
| Market data is delayed at least 20 minutes. | |||
Industry Analysis
| Valuation | MHBC | Industry Range |
| Price/Earnings | NM | Not Meaningful |
| Price/Sales | 0.0x |
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| Price/Book | 0.0x |
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| Price/Cash Flow | NM | Not Meaningful |
| TEV/Sales | NM | Not Meaningful |
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MHBC |
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MHBC transactions
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| No transactions in the last 6 months. | ||
More Recent News About Michigan Heritage Bancorp Inc.
More news for MHBC
Michigan Heritage Bancorp Announces Results of Special Meeting of Shareholders
BLOOMFIELD HILLS, Mich., Oct. 12 /PRNewswire-FirstCall/ -- Michigan Heritage Bancorp, Inc. (OTC Bulletin Board: MHBC - News) announced the results of a special meeting of shareholders held on October 6, 2009. Shareholders approved a proposal to dissolve Michigan Heritage Bancorp, Inc. (the "Company") in accordance with relevant law and pursuant to a plan of dissolution. Of the shares voted at the meeting, over 99% voted in favor of the proposal. The Company intends to file a certificate of dissolution with the Michigan Department of Energy, Labor and Economic Growth as soon as reasonably practicable. The Company will be dissolved upon the filing of the certificate of dissolution. The Company also intends to provide appropriate notice of the dissolution to its creditors, collect any remaining assets and distribute them in accordance with Michigan law.Safe Harbor Statement. This press release contains "forward looking statements" within the meaning of the federal securities law regarding proposed developments and operations of the Company. These statements represent the Company's expectations of beliefs concerning future events. Statements containing expressions such as "believes", "anticipates" or "expects" are intended to identify such forward-looking statements. All forward-looking statements involve risks and uncertainties. Although the Company believes its expectations are based upon reasonable assumptions with the bounds of its knowledge of its business and operations, there can be no assurance with the boun...Click here to read the whole Article (external link)
Michigan Heritage Bancorp Postpones Special Meeting of Shareholders
BLOOMFIELD HILLS, Mich., Sept. 11 /PRNewswire-FirstCall/ -- Michigan Heritage Bancorp, Inc. (OTC Bulletin Board: MHBC - News) announced today that it has postponed until October 6, 2009 the previously announced special meeting of shareholders which was scheduled to be held on September 14, 2009 at 2:00 p.m. local time at the offices of Dykema Gossett PLLC, legal counsel for Michigan Heritage Bancorp, located at 39577 Woodward Avenue, Suite 300, Bloomfield Hills, Michigan for shareholders of record on August 7, 2009. The special meeting is now scheduled to be held on October 6, 2009 at 2:00 p.m. local time at the same location (the offices of Dykema Gossett PLLC in Bloomfield Hills). The purpose of this meeting is to seek approval of a proposal to dissolve Michigan Heritage Bancorp in accordance with relevant law and pursuant to a plan of dissolution. Based on preliminary estimates of the vote count, the company believes that substantially more votes are in favor of the proposal to dissolve the company than against it; however, at this time, the number of votes cast does not constitute a quorum. The company has postponed the special meeting to provide an opportunity for additional stockholders to vote on the proposal. The company intends to continue to solicit votes and proxies in favor of the dissolution during the postponement. During this time, stockholders will continue to be able to vote their shares for or against the proposal, or to change previously cast votes.The company has delivered to its s...Click here to read the whole Article (external link)
Michigan Heritage Bancorp Announces Special Meeting of Shareholders
BLOOMFIELD HILLS, Mich., Sept. 8 /PRNewswire-FirstCall/ -- Michigan Heritage Bancorp, Inc. (OTC Bulletin Board: MHBC - News) today announced that it has called a special meeting of shareholders to be held on September 14, 2009 at 2:00 p.m. local time at the offices of Dykema Gossett PLLC, legal counsel for Michigan Heritage Bancorp, or the Company, located at 39577 Woodward Avenue, Suite 300, Bloomfield Hills, Michigan, for shareholders of record on August 7, 2009. The purpose of this meeting is to seek approval of a proposal to dissolve Michigan Heritage Bancorp in accordance with relevant law and pursuant to a plan of dissolution. In April 2009, Michigan Heritage Bank, the sole subsidiary of the Company was closed by the Michigan Office of Financial and Insurance Regulation and the Federal Deposit Insurance Corporation was named as receiver. As a result, the board of directors of the Company has determined that it is in the best interest of the shareholders to dissolve the Company and liquidate its remaining assets.The Company has delivered to its shareholders a proxy statement in connection with the solicitation of proxies by the board of directors for the special meeting of shareholders to which this communication relates. The proxy statement contains important information that shareholders should read before making any voting decision including a copy of the plan of dissolution. The proxy statement and proxy may be obtained for free by contacting Dykema Gossett at (248) 203-0734.As describe...Click here to read the whole Article (external link)
New Bank Failures: Week of May 4
Stock quotes in this article: SNV , USB , MHBC , ...Click here to read the whole Article (external link)
New Bank Failures: Week of May 4
Stock quotes in this article: SNV , USB , MHBC , ...Click here to read the whole Article (external link)
New Bank Failures: Week of April 27
Stock quotes in this article: SNV , USB , MHBC , ...Click here to read the whole Article (external link)
Regulators Seize Three Banks, Thrift
State and federal regulators Friday closed three failing banks and one savings and loan, bringing the total number of failed U.S. banking institutions during 2009 to 29. The Federal Deposit Insurance Corp. estimated the combined cost to its insurance fund from the four bank and thrift failures was $698 million. TheStreet.com's Bank Failure Map for an interactive summary of all previous bank and thrift failures during 2008 and 2009. The Georgia Department of Banking and Finance took over American Southern Bank of Kennesaw, Ga. and appointed the FDIC receiver. The FDIC arranged for Bank of North Georgia to assume all of the failed bank's retail deposits. Bank of North Georgia is a subsidiary of Synovus Financial Corp.. The Office of Thrift Supervision closed First Bank of Idaho of Ketchum, Idaho. The FDIC was appointed receiver and sold the failed thrift's retail deposits to U.S. Bank (held by U.S. Bancorp). Next, the California Department of Financial Institutions took over First Bank of Beverly Hills of Calabasas, Calif. and placed it in FDIC receivership. With no buyer lined up for the failed bank, the FDIC made arrangements for a payout of all insured deposits. Lastly, the Michigan Office of Financial and Insurance Regulation shuttered Michigan Heritage Bank of Farmington Hills, Mich. The FDIC was appointed receiver, and sold all of Michigan Heritage Bank's retail deposits to Level One Bank, also headquartered in Farmington Hills. Michigan Heritage Bank was a subsidiary of Michigan Heritage Bancorp. Georgia Leads in Bank Failu...Click here to read the whole Article (external link)
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