The Federal Deposit Insurance Corp. on Oct. 1 approved the federal deposit insurance application of de novo Bloomfield Township, Mich.-based Mi Bank.

Organizers of Mi Bank plan to apply to the Federal Reserve Bank of Chicago for approval to form MiCommunity Bancorp Inc. as a regulated bank holding company.

MiCommunity Bancorp also needs the Michigan state regulator's approval to open for business, American Banker reported Oct. 4

Mi Bank, formerly known as MiCommunity Bank, would be the state's first new bank since 2009. The proposed state nonmember bank will be located at 3707 W. Maple St. in Bloomfield Township.