Tag: Michigan banking

Busted! Michigan bank’s PPP loan to Monofrax LLC results in $2M settlement – DOJ

Posted on March 12, 2025March 12, 2025 by Michael Hardy

Monofrax LLC, a New York firm with foreign ownership, will pay nearly $2 million to settle claims of improperly securing a COVID-19 relief loan. The company exceeded eligibility requirements, highlighting ongoing scrutiny of pandemic relief fraud by federal authorities.

Thumb Bank Completes Landmark Merger with Freeland State Bank

Posted on November 25, 2024November 25, 2024 by Michael Hardy

Thumb Bancorp has completed its merger with Freeland State Bank, effective November 15, 2024. This strategic move enhances Thumb Bank & Trust’s services and boosts its assets to approximately $650 million. The merger will improve service offerings for customers while maintaining a commitment to community-driven banking across Michigan.

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