LANSING, Mich. (WMN) – Range Bank is converting from a national bank to a state-chartered bank, which will bring local support and oversight to the bank and its consumers.
The Michigan Department of Insurance and Financial Services (DIFS) will take over supervisory duties for the bank. This will be the 74th bank supervised by DIFS.
“Range Bank has served its customers for more than 130 years, and this transition will benefit the institution and its customers through local support, consultation, and supervision provided by regulators who live and work in their communities and are committed to Michigan’s consumers and economy,” said DIFS Director Anita Fox. “This conversion is a testament to the strong work of the DIFS team and its dedication to Michigan financial intuitions and consumers. The banking industry in Michigan remains strong and the industry is poised to support community needs as we emerge from the pandemic.”
Range bank was founded on June 13, 1887 and has served as an independent community bank with offices in Marquette, Dickinson and Houghton counties in Michigan and in Brown County, Wisconsin.
Charter conversions aren’t common, DIFS says local supervision of Range Bank will allow for more attention to be paid to local and state economics and trends and clearer communication between the bank and supervisor. Range bank will also have lower costs on annual assessments as a state-chartered bank. Deposits held at Range Bank will still be federally insured up to $250,000 by the FDIC.
“We pride ourselves on providing exceptional support and supervision to Michigan’s banks, especially through the challenges of the past 15 months,” said Director of DIFS’ Office of Banking Aaron Luetzow. “DIFS has staff based throughout Michigan, including the Upper Peninsula, so employees and customers of Range Bank can have confidence that they will be supported by a team of dedicated and local Michiganders.”
The Office of the Comptroller of the Currency, the primary regulator of banks chartered under the National Bank Act (12 USC 1 et seq.), formerly supervised range bank.
Consumers with questions or concerns that cannot be resolved directly with a financial institution should contact DIFS Monday through Friday from 8 a.m. to 5 p.m. at 877-999-6442 or file a complaint at Michigan.gov/DIFScomplaints.