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Michigan National Corporation Business Information, Profile, and History

27777 Inkster Road
P.O. Box 9065
Farmington Hills, Michigan 48333-9065
U.S.A.

History of Michigan National Corporation

Michigan National Corporation is a bank holding company for nationally and state-chartered commercial banks and federally-chartered savings and loan institutions. Its major subsidiaries operate in Michigan and California. In 1994, Michigan National's principal subsidiary, Michigan National Bank (MNB) had assets valued at $8.8 billion. It ranked as the 58th largest bank in the United States. MNB operated 189 branches and boasted one of the largest Automated Teller Machine (ATM) networks in Michigan, consisting of about 300 ATMs.

Michigan National Bank was founded in 1941, when Howard J. Stoddard consolidated six Michigan banks: First National Bank (Battle Creek), First National Bank (Grand Rapids), Lansing National Bank (Lansing), First National Bank (Marshall), First National Bank (Port Huron), and Saginaw National Bank (Saginaw). At the time, this was the second largest bank merger in the United States.

Stoddard, an innovative executive, earned a reputation for actively seeking out consumers and introducing many new services. Under his direction in 1946, MNB pioneered extended banking hours. Saturday banking was first offered in 1947, and Michigan's first drive-through window appeared in 1948. In 1955, MNB became the first Michigan bank to pay semi-annual interest on Certificates of Deposit. In 1960, it began offering "Full-Time" daily interest on savings accounts.

Stoddard's son, Stanford "Bud" Stoddard, who had begun working as a teller at age 14 during the 1940s, became president of MNB's flagship bank in Detroit in 1962. Following the elder Stoddard's sudden death in 1971, Stanford Stoddard moved into his father's office.

Regulatory changes led to the establishment of Michigan National Corporation in 1972. Prior to that year, Michigan state law did not permit banking institutions to own bank stocks, keeping statewide chains of affiliated banks from forming. The Stoddards, however, had circumvented the regulation by using employee pension funds (which were not subjected to the same regulatory prohibitions) and partnerships with investors to control related banks throughout the state. After regulatory modifications permitted the establishment of multiple-bank holding companies, Stoddard reorganized the MNB system establishing Michigan National Corporation.

The newly formed Michigan National Corporation, with Stanford Stoddard as president, immediately became the largest banking system in the state. Its five existing banks had a total of 360 offices. Stoddard led the company into an era of expansion. He worked to increase Michigan National's market share through the opening of new branches and by engaging in heavy promotion of innovative banking products such as mortgages for mobile homes. By 1981, Michigan National had grown to incorporate 27 affiliate banks.

Stoddard also pioneered the fields of credit cards and ATMs. Under his leadership, Michigan National developed one of the largest ATM networks in Michigan and became one of the leading credit card issuers in the nation.

The early 1980s, however, brought difficulties to Michigan National. The company purchased $200 million in bad loans from Oklahoma City's Penn Square Bank, which collapsed in 1982. As a result, Michigan National lost approximately one-third of its capital. In 1983, Michigan National failed to produce a profit. The U.S. Comptroller of the Currency expressed concern about the company's methods of accounting for its loans with Penn Square Bank and Continental Illinois Bank, and the negative attention led to regulatory sanctions. According to a report in Bankers Monthly, Michigan National returned to only modest profits in 1984.

In 1984, Stanford Stoddard resigned. The controversial resignation took place after charges of mismanagement were made by the U.S. comptroller, who accused Stoddard of having diverted bank money for his personal use. In addition, Stoddard faced Federal fraud charges claiming that he had leased a building in which he held partial ownership to Michigan National at rates higher than the market rate. Although Stoddard was initially convicted, the Federal fraud charge conviction was overturned and charges made by office of the comptroller were withdrawn. In addition, in 1993, Stoddard reached a $4 million settlement with Michigan National for damages suffered in the aftermath of his resignation.

Robert J. Mylod, former executive of Federal National Mortgage Association, became chairperson and chief executive officer of Michigan National in 1985. Immediately after attaining the office, Mylod faced multiple challenges including a hostile takeover attempt from a competitor, Comerica, Inc. His attempts to restore profitability included staff cuts and consolidating or selling some affiliate banks and branches. At the time Mylod took over, Michigan National's system of 700 ATMs and 340 branches was the largest in the state. Under his direction, 140 branches were closed, the number of ATM's was cut in half, and employment was pared from 7,000 to 6,300.

Mylod's struggle to boost profitability by controlling expenses led to an improvement in Michigan National's overall financial picture. As a result, in 1986 regulatory sanctions were removed. Mylod also increased efforts aimed at promoting services to the consumer and commercial markets and expanding the company's mortgage operations. Mylod's management team focused on developing the company's core business in four areas which were identified as commercial, consumer, investment, and mortgage banking. According to information published in Banker's Monthly, the company's mortgage portfolio increased from $500 million in 1985 to $6 billion in 1988.

Michigan National's net income rose 36 percent in 1987. The number of nonperforming loans (non-accruing and renegotiated loans) dropped to 1.54 percent of total loans, compared with 1.97 percent in 1986. Return on equity, another measure of bank performance, was reached 14 percent, up from nine percent in 1985. By the end of 1988, return on equity had risen further to 17.18 percent. Michigan National's total earnings of $93.2 million in 1988 set a company record.

Despite these successes, the late 1980s also brought new challenges. In 1988, a change in Michigan's banking regulations allowed for mergers between Michigan banks and banks in other states. The new climate again raised the risk of hostile takeover and brought new rivals into the state. According to a statement made by Michigan National at the time, "Michigan laws that allow reciprocal interstate banking with contiguous states and nationwide interstate banking have enlarged the banking market and heightened competitive forces." Michigan National took advantage of the regulatory changes by purchasing banks in California and Texas. Other acquisitions, however, yielded disappointing results. Michigan National purchased an investment advisory company and a commercial lending company, both of which sustained losses and were folded.

By establishing itself as a strong commercial lender, Michigan National found itself in a difficult position when the national economy suffered a downturn at the end of the 1980s. The company had increased commercial real estate lending by 73 percent during the last three years of the decade and suffered from the financial woes of its customers. According to a report in the Detroit News, commercial real estate accounted for 70 percent of Michigan National's bad loans. In addition, Michigan National had made risky loans to out-of-state commercial ventures.

In order to offset losses from commercial real estate loans, Michigan National sold its credit card operations. The sale resulted in a pre-tax gain of $225 million, a figure representing more than half the corporation's profits in 1989. Although the move drew controversy and criticism, Mylod defended it. According to his own projections, the credit card business faced increased competition not only among banks but from new corporate competitors such as General Motors Corp. Mylod expected the increased competition to lead to a reduction or elimination of annual fees making credit card operations less profitable. By the early 1990s, some industry analysts conceded that Mylod's predictions had proved correct.

Another controversy occurred when Michigan National moved into new headquarters in Farmington Hills, Michigan, in 1989. The $30 million, 240,000-square-foot structure, built to accommodate 1,150 workers included athletic and dining facilities. In light of the company's poor profit picture, some critics regarded the building as excessive.

Michigan National turned to fee-generating services in an attempt to bolster profits. According to a Forbes report, in 1991 Michigan National spent $252 million to purchase mortgage servicing rights to a large group of mortgages. Under the agreement, Michigan National would collect and process mortgage payments on behalf of other lenders for a fee. The servicing rights were purchased with the expectation that Michigan National would collect processing fees over the long-term duration of the mortgages. When interest rates subsequently fell to 30-year lows, homeowners refinanced in droves. As a result, the potential income to be generated from processing fees was lost.

Other types of fee-generating activities, such as credit card processing and personal investment advising, were also explored. In 1991, Michigan National was the nation's 14th largest processor of credit-card purchases, processing retail charges totaling $3.2 billion. Personal investing services were conducted by a subsidiary, Independence One Capital Management. Independence One used "pattern recognition" models to make investment decisions based on past market behavior.

Another attempt to expand fee income involved the purchase of a Dallas-based software producer, BancA Corp. BancA's software package, POWER 1, was first used by Michigan National in 1989 to streamline commercial credit operations. POWER 1 provided the tools necessary for portfolio management and tracking customer profitability. The software enabled users to reduce expenses by implementing a uniform policy, working more efficiently with a reduced staff, and improving loan quality by weeding out applications that failed to meet pre-specified criteria. However, slower than expected software sales led to the 1993 decision to sell BancA's products to Andersen Consulting.

In 1993, Michigan National was ranked at the bottom of a list of Michigan's 18 largest banks. Rankings were made using standard industry measurements such as return on equity and growth in earnings per share. Moreover, according to an analysis made by Keefe, Bruyette & Woods, Michigan National's return on assets placed it last among U.S. banks with assets over $10 billion. While disgruntled stockholders began pushing for the sale of the company, Mylod insisted that the organization was committed to remaining independent.

Michigan National's earnings in 1993 fell to $23.8 million, down from the $66.1 million reported in 1992. A Memorandum of Understanding was then issued by the Office of the Comptroller of Currency, calling for Michigan National to review and improve its management structure, institute better policies for controlling risk management, and analyze its mortgage banking business.

Some of Michigan National's profit woes were directly related to its high expenses. According to report a in Forbes, Michigan National's efficiency ratio, expressed as a percentage of expenses to revenue, stood at 77 percent. The figure was much higher than other banks in Michigan, which posted efficiency ratios averaging about 63 percent. Efficiency ratios at some of the nation's stronger banks were reported at less than 60 percent. In order to help reduce expenses and improve the corporation's profitability, Michigan National's management decided to refocus attention on its core businesses in Michigan. As a result, Michigan National began divesting itself of its diverse holdings. In 1993, some bank holdings in Texas were sold to the Lockwood Banc Group, Inc. for $16.7 million. Michigan National also announced plans to sell its remaining Texas affiliates.

As Michigan National entered 1994, its primary focus continued to be in mortgage banking and financial institutions. The company's Independence One Mortgage Corporation originated and serviced residential mortgage loans through 23 offices in ten states. Its servicing portfolio totaled $8.9 billion. Other operating subsidiaries included: Independence One Bank of California (IOBOC), a savings and loan association with five branches and three business lending offices. IOBOC had assets totaling $757 million. Its primary market was in Southern California. First Collateral Services, Inc. (FCSI), a mortgage warehouse lender and subsidiary of IOBOC, also operated in California. Independence One Brokerage Services, Inc. (IOBSI), a broker-dealer established to assist clients in achieving their financial goals, was licensed to do business in 13 states. Independence One Capital Management Corporation provided investment advice and managed assets of more than $6.5 billion. Executive Relocation Corporation (ERC) served Fortune 500 firms and assisted in relocating employees throughout the United States.

The fastest growing segment of Michigan National's loan portfolio, consumer loans, increased to $596.6 million in 1993, up $78.6 million over the previous year. In addition, consumer deposits grew. According to the company's 1993 annual report, checking and savings deposits increased from $192 million to $2.2 billion. Debit card processing provided another rising source of income. Michigan National reported that it handled approximately 75 percent of point-of-sale transactions in Michigan. Fees generated from debit card activities increased 74 percent in 1993 and were projected to continue to swell.

Continuing its tradition of innovation, Michigan National, in partnership with Microsoft Corp., introduced an electronic home banking system in 1994. Michigan National was one of only three banks across the nation to offer the new services. Using Microsoft's program Microsoft Money 3.0, users could access "Bank On-Line," which permitted them to review transactions, balance checkbooks, and communicate with the bank. "Pay On-Line" users could pay bills electronically. A third electronic service, "Quote On-Line" enabled investors to track stocks and keep a watchful eye on the value of their investment portfolios.

Despite its efforts, bank profitability remained marginal, and Michigan National announced further cost cutting measures including the closing of 12 additional branches. In a display of dissatisfaction, one-third of the company's shareholders voted against the slate of directors at the company's annual meeting held in 1994. Some demanded that the organization be sold. In June, the company announced that it planned to sell its mortgage subsidiary, Independence One Mortgage.

Michigan National reported some improvement in the second quarter of 1994. The company's quarterly net income increased to $63.3 million, compared with $8.9 million in the same quarter the previous year. Mylod attributed the improvement to refocused efforts in the Michigan market, higher net interest margins, lower mortgage servicing amortization, improved asset quality, and better performance in consumer and commercial banking sectors.

Amid much speculation about whether Michigan National's management would sell or merge the company, Mylod remained adamant in his commitment to independence. According to a published statement, the corporation claimed, "Our vision is to remain a strong, independent financial services company which is able to provide shareholders with a competitive return on their investment."

Principal Subsidiaries: Michigan National Bank; Independence One Bank of California; First Collateral Services, Inc.; Independence One Brokerage Services, Inc.; Independence One Mortgage Corporation; Independence One Capital Management Corporation; Executive Relocation Corporation.

Related information about Michigan

pop (2000e) 9 938 400; area 151 579 km²/58 527 sq mi. State in NC USA, divided into 83 counties; split into two peninsulas by L Michigan and L Huron; the ‘Great Lake State’ or the ‘Wolverine State’; 26th state admitted to the Union, 1837; settled by the French, 1668; ceded to the British, 1763; handed over to the USA in 1783 and became part of Indiana Territory; Territory of Michigan established, 1805; boundaries greatly extended in 1818 and 1834; capital, Lansing; other chief cities, Detroit, Grand Rapids, Warren, Flint; the Montreal, Brule, and Menominee Rivers mark the Wisconsin border; the border with Canada is formed by the St Clair R (between L Huron and L St Clair) and the Detroit R (between L St Clair and L Erie); 99 909 km²/38 565 sq mi of the Great Lakes lie within the state boundary; highest point Mt Curwood (604 m/1982 ft); the upper peninsula and N part of the lower peninsula are mainly forested, containing several state parks; a major tourist area; the S part of the state is highly industrialized; motor vehicles and parts, machinery, cement, iron and steel (second in the country for iron ore production); corn and dairy products.

Michigan (pronounced ) is a Midwestern state of the United States, located in the east north central portion of the country. It was named after Lake Michigan, the word 'Michigan' itself being a French derivative of the Ojibwe misshikama (read "mish-ih-GAH-muh"), meaning "big lake" (compare kitchikama, meaning "Great Lake" - pronounced "gitch-ih-GAH-ma," or "Gitchee-Gumee" as rendered by Longfellow).

Bounded by four of the five Great Lakes, plus Lake Saint Clair, Michigan has the longest freshwater shoreline in the United States, the longest total shoreline after Alaska (including island shorelines)"Does Michigan have the longest coast line in the United States?" The Upper Peninsula (U.P.) is separated from the Lower Peninsula by the Straits of Mackinac, a five-mile channel that joins Lake Huron to Lake Michigan. The Great Lakes that border Michigan are Lake Erie, Lake Huron, Lake Michigan and Lake Superior.

History

Michigan was home to various Native Americans centuries before colonization by Europeans. When the first European explorers arrived, the most populous and influential tribes were Algonquian peoples - specifically, the Ottawa, the Anishnabe (called "Chippewa" in French, after their language, "Ojibwe"), and the Potawatomi. Other First Nations people in Michigan, in the south and east, were the Mascouten, the Miami, and the Wyandot, who are better known by their French name, "Huron".

Michigan was explored and settled by French voyageurs in the 17th century. The first European settlement was made in 1641 on the site where Father (or Père, in French) Jacques Marquette established Sault Sainte-Marie in 1668.

Saint-Ignace was founded in 1671, and Marquette in 1675. That same year, La Salle built Fort Miami at present-day St. Joseph.

In 1701, French explorer and army officer Antoine de la Mothe Cadillac founded Le Fort Ponchartrain du Détroit or ?Fort Ponchartrain on-the-Strait? on the strait between Lakes St. Clair and Erie, known as the Detroit River. Cadillac had convinced King Louis XIV's chief minister, Louis Phélypeaux, Comte de Pontchartrain, that a permanent community there would strengthen French control over the upper Great Lakes and repel British aspirations.

The hundred soldiers and workers who accompanied Cadillac built a 200-square-foot palisade and named it Fort Pontchartrain. Under the 1763 Treaty of Paris, Michigan and the rest of New France passed to Great Britain.

Detroit was an important British supply center during the American Revolutionary War, but most of the inhabitants - almost all of them - were either Aboriginal people or French Canadians. When Quebec was split into Lower and Upper Canada in 1790, Michigan was part of Kent County, Upper Canada, and held its first democratic elections in August 1792, to send delegates to the new provincial parliament at Newark, (Now Niagara-on-the-Lake). Under terms negotiated in the 1794 Jay Treaty, Britain withdrew from Detroit and Michilimackinac in 1796. However, questions remained over the boundary for many years and the United States did not have uncontested control of the Upper Peninsula and Drummond Island until 1818 and 1847, respectively.
During the War of 1812, Michigan Territory (effectively consisting of Detroit and the surrounding area) was captured by the British and nominally returned to Upper Canada until the Treaty of Ghent, which implemented the policy of "Status Quo Ante Bellum" or "Just as Things Were Before the War." Subsequent to the findings of that commission in 1817, control of the Upper Peninsula and of islands in the St. Clair River delta was transferred from Ontario to Michigan in 1818, and Drummond Island (to which the British had moved their Michilimackinac army base) was transferred in 1847.

The population grew slowly until the opening of the Erie Canal in 1825, which brought a large influx of settlers. A state government was formed in 1836, although Congressional recognition of the state languished because of a boundary dispute with Ohio, with both sides claiming a 468 square mile (1,210 km²) strip of land that included the newly incorporated city of Toledo on Lake Erie and an area to the west then known as the "Great Black Swamp." Ultimately, Congress awarded the "Toledo Strip" to Ohio, and Michigan, having received the western part of the Upper Peninsula as a concession, formally entered the Union on January 26, 1837.

Thought to be useless at the time, the Upper Peninsula was soon discovered to be a rich and important source of lumber, iron, and copper, which would become the state's most sought-after natural resources. Geologist Douglass Houghton and land surveyor William Austin Burt were among the first to document and discover many of these resources, which led to a nation-wide increase of interest in the state.
Michigan's economy underwent a massive change at the turn of the 20th century. The birth of the automotive industry, with Henry Ford's first plant in the Highland Park enclave of Detroit, marked the beginning of a new era in transportation.

Law and government

Lansing is the state capital and is home to all three branches of state government. The legislative branch consists of the bicameral Michigan Legislature, with a House of Representatives and Senate. The Constitution of Michigan of 1963 provides for voter initiative and referendum (Article II, § 9,Article II, § 9 of state constitution defined as "the power to propose laws and to enact and reject laws, called the initiative, and the power to approve or reject laws enacted by the legislature, called the referendum. only the trustees of the University of Michigan, Michigan State University, and Wayne State University are chosen in general elections.

Michigan was the first state in the Union to abolish the death penalty, in 1846. Chardavoyne has suggested that the abolitionist movement in Michigan grew as a result of enmity towards the state's neighbor, Canada, which under British rule made public executions a regular practice.lists.compar.com/cuadpupdate/2005-March/000115.html

Politics

As with other Rust Belt states, the Republican Party dominated Michigan until the Great Depression. In 2004, John Kerry carried the state over George W. Villages, by contrast, have limited home rule, in that they are not completely autonomous from the county and township in which they are located.

There are two types of township in Michigan: general law township and charter.

Geography

Michigan consists of two peninsulas that lie between 82°30' to about 90º30' west longitude, and are separated by the Straits of Mackinac.

The state is bounded on the south by the states of Ohio and Indiana, sharing both land and water boundaries with both. then a land boundary with Wisconsin and the Upper Peninsula, that is principally demarcated by the Menominee and Montreal rivers; then water boundaries again, in Lake Superior, with Wisconsin and Minnesota to the west, capped by Ontario to the north. The northern boundary then runs completely through Lake Superior, from the western boundary with Minnesota to a point north of and around Isle Royale, thence travelling southeastward through the lake in a reasonably straight line to the Sault Ste. Michigan also shares a water boundary with the Canadian First Nation reserve of Walpole Island.

Michigan encompasses 58,110 square miles (150,504 km²) of land, 38,575 square miles (99,909 km²) of Great Lakes waters and 1,305 square miles (3,380 km²) of inland waters. Only the state of Alaska has more territorial water and Michigan is well ahead of third ranked Florida which has 11,827.77 square miles (30,633.8 km²).www.infoplease.com/ipa/A0108355.html
At a total of 97,990 square miles (253,793 km²), it is the largest state east of the Mississippi River (inclusive of its territorial waters). The Porcupine Mountains, which are the oldest mountains in North America, rise to an altitude of almost 2,000 feet above sea level and form the watershed between the streams flowing into Lake Superior and Lake Michigan. The state's highest point is Mount Arvon at 1,979 feet (603 m). The peninsula is as large as Connecticut, Delaware, Massachusetts, and Rhode Island combined, but has less than 330,000 inhabitants, who are sometimes called "Yoopers" (from "U.P.'ers") and whose speech (the "Yooper dialect") has been heavily influenced by the large number of Scandinavian and Canadian immigrants who settled the area during the mining boom of the late 1800's.

The Lower Peninsula, shaped like a mitten, is 277 miles (446 km) long from north to south and 195 miles (314 km) from east to west and occupies nearly two-thirds of the state's land area. The highest point in the Lower Peninsula is not definitely established but is either Briar Hill at 1,705 feet (520 m), or one of several points nearby. Ironwood, in the far western Upper Peninsula, lies 630 highway miles (1,015 km) from the Toledo, Ohio suburb of Lambertville in the Lower Peninsula's southeastern corner. Keweenaw, Whitefish, and the Big and Little Bays De Noc are the principal indentations on the Upper Peninsula, while the Grand and Little Traverse, Thunder, and Saginaw bays indent the Lower Peninsula. The state has numerous large islands, the principal ones being the Manitou, Beaver, and Fox groups in Lake Michigan; Isle Royale and Grande Isle in Lake Superior; Marquette, Bois Blanc, and Mackinac Islands in Lake Huron; and Nebish, Sugar, and Drummond Islands in St. Mary's River (see also Islands of Michigan).

The state's rivers are small, short and shallow, and few are navigable. The principal ones include the Au Sable, Thunder Bay, Cheboygan, and Saginaw, all of which flow into Lake Huron; and the St. Joseph, Kalamazoo, Grand, and Escanaba, which flow into Lake Michigan. Metropolitan Detroit/Ann Arbor/Flint/Windsor is also the world's largest international metropolitan area.

The state is home to several national parks, including: Isle Royale National Park, Keweenaw National Historical Park, Pictured Rocks National Lakeshore, Sleeping Bear Dunes National Lakeshore, and Father Marquette National Memorial. As of 2000, the state had the 8th largest population in the Union.

As of 2004, the state had a foreign-born population of 594,700 (5.9% of the state population).

The five largest reported ancestries in Michigan are: German (20.4%), African American (14.2%), Irish (10.7%), English (9.9%), Polish (8.6%). People of Nordic (especially Finnish), British (notably Cornish), and French ancestry have a notable presence in the Upper Peninsula. Metro Detroit has many residents of Polish and Irish descent, and is home to the largest Arab community in the United States. African-Americans form a majority of the population of the city of Detroit and of several other cities, including Flint, Southfield and Benton Harbor.

Religion

The religious affiliations of the people of Michigan are:

Christian ? 15%

Michigan has a higher percentage of Muslims (who live mainly in the Detroit area) and a higher percentage of Reformed Christians (concentrated in the western part of the state) than any other American state.

Economy

The Michigan economy is a leader in information technology, life sciences, and advanced manufacturing. From the 2003 Study "Contributions of the Automotive Industry to the U.S. Economy" University of Michigan and the Center for Automotive Reseach

Michigan has been able to manage recent economic hardships brought on by the severe stock market decline following the September 11, 2001 attacks which caused a pension and benefit fund crisis for many American companies including General Motors, Ford, and DaimlerChrysler. From 1997 to 2004, Michigan was listed as the only state to top the 10,000 mark for the number of major new developments, led by Metro Detroit.MEDC (2005) Michigan #2 in the Nation for New Corporate Facilities and Expansions in 2004 Globeinvestor.com PR NEWS WIRE

Even though Michigan is known as the birthplace of the automobile industry, its diverse economy leads in many other areas. Michigan has a booming biotechnology and life sciences corridor.MEDC 2006.

Pfizer makes Michigan one of its largest global employment locations; As leading research institutions, the University of Michigan and Michigan State University are both important partners in the State's economy. Commercial PortsState of Michigan Detroit Metropolitan Airport is one of the nation's most recently expanded and modernized airports with six major runways and large aircraft maintainace facilities capable of servicing and repairing the Boeing 747. Some of the major industries/products/services include automobiles (General Motors, Ford, Daimler-Chrysler), Amway, cereal (Kellogg's), information technology, computer software (Compuware, IBM), pharmaceuticals (Pfizer), medical products (Stryker), aerospace systems equipment (Smith Aerospace, Eaton Aerospace), military equipment (General Dynamics, Raytheon), lasers (Rofin-Sinar), financial services (Quicken Loans, Comerica, National City Bank), energy equipment (DTE Energy), fuel cells (Next Energy) seating (Lear), copper, iron, furniture (Steelcase, Herman Miller, Haworth, and La-Z-Boy).

Michigan has a thriving tourist industry, with destinations such as Traverse City, Mackinac Island, Ludington, Muskegon, Saugatuck, the Upper Peninsula, Frankenmuth, and Detroit, drawing vacationers, hunters, and nature enthusiasts from across the United States and Canada. Michigan has more than 90 native species of trees, more than all of Europe combined.

The Bureau of Economic Analysis estimates that Michigan's gross state product in 2004 was $372 billion.www.bea.gov/bea/newsrel/gspnewsrelease.htm Per capita personal income in 2003 was $31,178 and ranked twentieth in the nation.

Michigan's flat tax rate on personal income is 3.90 percent gives it one of the lowest top brackets in the nation. I-675 in Saginaw.

Interstate 69 enters the state near the Michigan-Ohio-Indiana border, and it extends to Port Huron and provides access to the Blue Water Bridge crossing into Sarnia, Ontario.

Interstate 94 enters the western end of the state at the Indiana border, and it travels east to Detroit and then northeast to Port Huron and ties in with I-69.

Interstate 96 runs east-west between Detroit and Muskegon.

U.S. State Highways

Include: US 12, US 10, US 223, US 23, US 127, US 27, US 31, US 131, US 2, US 41, US 45, US 141.

Major bridges include the Ambassador Bridge, Blue Water Bridge, Mackinac Bridge, and International Bridge.

Important cities and towns

The following are the largest metropolitan areas in Michigan, along with their 2000 population and 2000 national ranking (according to the 2000 census and the census bureau's 2003 definitions of "Metropolitan Statistical Area" and "Micropolitan Statistical Area"):

Detroit-Warren-Livonia, population 4,452,557 (9th)
Grand Rapids-Wyoming, population 740,482 (63rd)
Lansing-East Lansing, population 447,728 (99th)
Flint, population 436,141 (104th)
Ann Arbor, population 322,895 (140th)
Kalamazoo-Portage, population 314,866 (146th)
Holland-Grand Haven, population 238,314 (172nd)
Saginaw-Saginaw Township North, population 210,039 (188th)
Muskegon-Norton Shores, population 170,200 (219th)
Niles-Benton Harbor, population 162,453 (231st)

The census bureau also consolidates some of the above metro areas into "Combined Statistical Areas". These areas are listed below along with their 2000 population and 2000 national ranking (according to the 2000 census and the census bureau's definition of "Combined Statistical Area"):

Detroit-Warren-Flint, population 5,357,538 (8th)
Grand Rapids-Muskegon-Holland, population 1,254,661 (34th)
Lansing-East Lansing-Owosso, population 519,415 (60th)
Saginaw-Bay City-Saginaw Township North, population 320,196 (79th)

The largest municipalities in Michigan are (according to the 2000 census):

Detroit, population 951,270 (also known as "Motor City", Motown, "Hockeytown", and "The D")
Grand Rapids, population 197,800 ("The Furniture City")
Warren, population 138,247
Flint, population 124,943 (The birthplace of General Motors, also known as "The Vehicle City")
Sterling Heights, population 124,471
Lansing population 119,128, (the state capital)
Ann Arbor population 114,024, (the home of the University of Michigan, also known as "A²", "A-squared", "Tree Town", "Ace Deuce")
Livonia, population 100,545
Dearborn, population 98,000 (headquarters of the Ford Motor Company; birthplace of Henry Ford)
Clinton Township, population 95,648

Other important cities include:

Battle Creek ("Cereal City U.S.A.")
Bay City (major port on the Saginaw River)
East Lansing (home of Michigan State University)
Holland (Home of the Michigan Dutch)
Kalamazoo ("The Mall City", "Celery City")
Marquette (largest city in the Upper Peninsula with 19,661 people).
Midland (headquarters of the Dow Chemical Company and the Dow Corning Corporation)
Port Huron (major international crossing and home of the Blue Water Bridge)

Sault Ste. Benton Harbor is the poorest city in Michigan, with a per capita income of $8,965.

Education

Colleges and universities

Adrian College
Albion College
Alma College
Andrews University
Aquinas College
Ave Maria College
Ave Maria School of Law
Baker College
Calvin College
Calvin Theological Seminary
Center for Humanistic Studies
Central Bible College
Central Michigan University
Cleary University
College for Creative Studies
Concordia University

Cornerstone University
Cranbrook Academy of Art
Davenport University
Detroit Baptist Theological Seminary
Eastern Michigan University
Ecumenical Theological Seminary
Ferris State University
Finlandia University
Grace Bible College
Grand Rapids Theological Seminary
Grand Valley State University
Great Lakes Christian College
Hillsdale College
Hope College
Kalamazoo College
Kendall College of Art and Design

Kettering University
Kuyper College
Lake Superior State University
Lawrence Technological University
Lewis College of Business
Madonna University
Marygrove College
Michigan Jewish Institute
Michigan State University
Michigan Technological University
Michigan Theological Seminary
Northern Michigan University
Northwood University
Oakland University
Olivet College
Puritan Reformed Theological Seminary
Rochester College
Sacred Heart Major Seminary

SS. Cooley Law School
University of Detroit Mercy
University of Michigan System
- University of Michigan-Ann Arbor
- University of Michigan-Dearborn
- University of Michigan-Flint
Walsh College of Accountancy and Business
Wayne State University
Western Michigan University
Western Theological Seminary
William Tyndale College
Yeshiva Beth Yehudah Gedolah

Community colleges and technical schools

American College of Computer and Information Sciences
Alpena Community College
Bay de Noc Community College
Bay Mills Community College
Delta College
Ellis College of NYIT
Glen Oaks Community College
Gogebic Community College
Grand Rapids Community College
Henry Ford Community College
ITT Technical Institute - Canton, Grand Rapids, and Troy
Jackson Community College

Kalamazoo Valley Community College
Kellogg Community College
Kirtland Community College
Lake Michigan College
Lansing Community College
Macomb Community College
Mid-Michigan Community College
Monroe County Community College
Montcalm Community College
Mott Community College
Muskegon Community College
National Institute of Technology - Southfield and Wyoming

North Central Michigan College
Northwestern Michigan College
Oakland Community College
Olympia Career Training Institute - Grand Rapids and Kalamazoo

Ross Medical Education Center - Saginaw, Flint, Grand Rapids, Brighton, Muskegon, Redford, Warren, Port Huron, Lansing, Ann Arbor

Saint Clair County Community College
Schoolcraft College
Southwestern Michigan College
University of Phoenix - Detroit and Grand Rapids
Washtenaw Community College
Wayne County Community College
West Shore Community College

Professional sports teams

Most major league sports teams in Michigan are located in Metro Detroit, with the Detroit Tigers baseball team (MLB), Detroit Lions football team (NFL), and Detroit Red Wings ice hockey team (NHL) located within the city of Detroit. The Detroit Pistons men's basketball team of NBA and the Detroit Shock women's basketball team of the WNBA play at the Palace of Auburn Hills. (The Pistons played at Detroit's Cobo Arena until 1978, and at Pontiac's Silverdome until 1988.) The Detroit Lions played at Tiger Stadium in Detroit until 1974, then moved out to the Pontiac Silverdome in Pontiac before moving back to Detroit's Ford Field in 2002. The Arena Football League's Grand Rapids Rampage is the state's other "major league" sports team. Professional hockey got its start in Houghton, Michigan in the U.P., when the Portage Lakers were formed.

Other notable sports teams include:

Club	Sport	League
Alpena Ice Diggers	Ice hockey	North American Hockey League
Flint Generals	Ice hockey	United Hockey League
Grand Rapids Griffins	Ice hockey	American Hockey League
Kalamazoo Wings	Ice Hockey	United Hockey League
Marquette Rangers	Ice Hockey	North American Hockey League
Muskegon Fury	Ice hockey	United Hockey League
Plymouth Whalers	Ice hockey	Ontario Hockey League
Port Huron Flags	Ice hockey	United Hockey League
Saginaw Spirit	Ice hockey	Ontario Hockey League
Traverse City North Stars	Ice hockey	North American Hockey League
Lansing Lugnuts	Baseball	Minor League Baseball, Midwest League
Great Lakes Loons	Baseball	Minor League Baseball, Midwest League
Kalamazoo Kings	Baseball	Minor League Baseball
Traverse City Beach Bums	Baseball	Minor League Baseball
West Michigan Whitecaps	Baseball	Minor League Baseball, Midwest League
Michigan Mayhem	Basketball	Continental Basketball Association
Grand Rapids Rampage	Arena football	Arena Football League
Battle Creek Crunch	Indoor football	Great Lakes Indoor Football League
Motor City Reapers	Indoor football	Great Lakes Indoor Football League
Muskegon Thunder	Indoor football	Great Lakes Indoor Football League
Port Huron Pirates	Indoor football	Great Lakes Indoor Football League
Detroit Demolition	Football	Independent Women's Football League
Detroit Ignition	Soccer	Major Indoor Soccer League
Kalamazoo Kingdom	Soccer	USL Premier Development League
Michigan Bucks	Soccer	USL Premier Development League
Michigan Hawks	Soccer	W-League
Michigan Phoenix	Soccer	Women's Premier Soccer League
West Michigan Edge	Soccer	USL Premier Development League
West Michigan Firewomen	Soccer	W-League

Trivia

Michigan is simultaneously known for its cities, supported by heavy industry, and its pristine wilderness, home to more than 11,000 lakes. The clang and clamor of Metro Detroit's crowded thoroughfares and busy factories stand in vivid counterpoint to the tranquility found in virtually every corner of the state.

An individual from Michigan is called a "Michiganian" or "Michigander"."Michiganian or Michigander?" Michigan is nicknamed the "Great Lakes State", and also the "Wolverine State", from a nickname earned during the Toledo War.

Michigan has over 130 lighthouses, the most of any U.S. state. See Lighthouses in the United States.

Michigan has the most registered boats (over 1 million) of any state in the Union.

Michigan is home to the Soo Locks, the world's busiest lock system, and the Mackinac and Ambassador Bridges, each formerly the world's longest suspension bridge. This is a paraphrase of a statement made by British architect Sir Christopher Wren about his influence on London.

State song: My Michigan (official since 1937, but disputed amongst Michiganders, see Michigan's State Songs)
State bird: American Robin (since 1931)
State animal: Wolverine (traditional, though not codified)
State game animal: White-tailed Deer (since 1997)
State fish: Brook Trout (since 1965)
State reptile: Painted Turtle (since 1995)
State fossil: Mastodon (since 2000)
State flower: Apple Blossom (adopted in 1897, official in 1997)
State wildflower: Dwarf Lake Iris (since 1998). Known as Iris lacustris, it is a federally-listed threatened species.
State tree: White Pine (since 1955)
State stone: Petoskey stone (since 1965). It is composed of fossilized coral (Hexagonaria pericarnata) from long ago when the middle of the continent was covered with a shallow sea.
State gem: Isle Royale greenstone (since 1973). Also called chlorastrolite (literally "green star stone"), the mineral is found on Isle Royale and the Keweenaw peninsula.
State soil: Kalkaska Sand (since 1990), ranges in color from black to yellowish brown, covers nearly a million acres (4,000 km²) in 29 counties.

References

Footnotes

Additional topics

Company HistoryFinance: Holding Companies

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