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Michigan's Savings
Bank Act provides for the organization and operation of Michigan
state-chartered savings banks. Savings banks are not subject to
the provisions of Michigan's Business
Corporation Act as they are banking corporations organized under
the Savings Bank Act, not general corporations or limited liability
companies. Savings banks may either be mutual in form or owned by
shareholders. By statute, savings banks are required to meet an
asset test that requires a specified level of their assets be in
mortgage related loans and investments. For purposes of this listing
the savings banks are all state-chartered and currently operating.
State banks, national banks, federal savings banks, and federal
savings and loan associations are not listed.
Due to the small number of records, a Search Criteria page is not
provided for Active State-Chartered Savings Banks. |