Letter to the Community from the Board of Directors of Lotus Bank
Letter to the Community from the Board of Directors of Lotus Bank!
In 2007, Michigan's economy was on the ropes. Our biggest industry was on the verge of bankruptcy, and the banking industry was running for its life. At Lotus Bank we took a different approach, investing our money where our hearts were, we opened our new bank and constructed a headquarters in Novi, Michigan, representing an investment of almost $14 Million.
Lotus Bank was founded by a group of Indian-American investors, with a vision for a community bank serving both the area’s rapidly expanding Indian population, as well as all entrepreneurs, businesses and individuals in our Community
As local entrepreneurs themselves, the Indian families that founded Lotus Bank believed in the people and prosperity of this region. And in 2008, when many others were closing up shop, Lotus Bank was working to build relationships and lending money when almost no one else would.
Our faith in the community has been rewarded, as the Bank has weathered the challenges of the market and prospered. This year, we opened our first branch location in Farmington Hills in a perfect location to serve the community. We plan to continue that expansion strategy in the coming years in communities that are both business-centric and Indian-centric.
As of December 31, 2012, Lotus Bank has grown to $82 million in total assets, $58 million in total loans and $70 million in total deposits. 2012 was an excellent year for the Bank, with 11% growth in loans, 18% growth in assets and 17% growth in deposits. The Bank achieved a 2.6% return on assets and a 17% return on equity in 2012 – all exceptional in the industry.
Recently, sensationalized reports in the media have attempted to tarnish the name of Lotus Bank and its connection to our community.
Nothing can be further from the truth. Our success is rooted in our community, and it would be silly to think we would abandon the vision that has made us successful.
We built this institution to serve the Indian Community, we support the Indian Community, and we are part of the Indian Community. The Indian community comprises over 80% of our directors, and over 80 percent of our shareholders and approximately 25% of our commercial and personal banking customers.
Above all, we built this bank to last and we will defend our reputation vigorously.
We invite you to come in and experience Lotus Bank for yourself. We are confident that you will see the difference. Lotus Bank – Banking Redefined tm. Call (248) 735-1000 to schedule your own personal tour of all that Lotus Bank has to offer.
Lotus Bank Board of Directors