Lotus Bank has its eyes on opening a new branch in Metro Detroit over the next year as it works to keep up with its recent growth.
It will be the third branch for the Novi-based bank, which also has branches in Novi and Farmington Hills. The location hasn’t been selected yet but is expected to become a reality in 2015. That would allow the 7-year-old financial institution to keep up with the growth it's been experiencing in recent years.
"2013 was an exceptional year for the bank," says Neal Searle, president & CEO of
Lotus Bank. "We grew about 20 percent. We also surpassed $100 million in assets in April."
Lotus Bank is 80-percent owned by Indian-Americans and primarily serves that community in Metro Detroit. It grew by about 20 percent over the last year and is on track to repeat that number in 2014. Accordingly, the bank has hired three people, including a credit administrator and client service professionals. It has a staff of 20 employees and one intern, and is looking to hire a commercial lender right now.
Searle points out that Lotus Bank's growth is entirely organic. He credits traditional community banking practices that stress customer service as the fuel for the bank's growth. It's why he is bullish on the bank’s expansion plans and hiring prospects.
"We intend to continue to grow our staff as the market demands," Searle says.
Source: Neal Searle, president & CEO of Lotus Bank
Writer: Jon Zemke
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