The man who oversaw the shutdown of several community banks in Macomb County has announced that he is stepping down on Friday.
Ken Ross, head of the Michigan Office of Financial and Insurance Regulation, will be departing after three years in the OFIR, a post he was appointed to by former governor Jennifer Granholm in 2008.
Since October 2009, three Macomb County banks — Warren Bank, Citizens State Bank of New Baltimore and Lakeside Community Bank in Sterling Heights — were shut down by the OFIR and seized by the FDIC.
In addition, Port Huron-based Citizens First Savings Bank, with branch offices in Chesterfield Township and Shelby Township, was closed in April 2010 due to a shaky financial foundation.
In February, Hamtramck-based Peoples State Bank was closed, as were its locations in Madison Heights, Warren, Sterling Heights, Farmington Hills, Fenton, Grosse Pointe Woods and Troy.
Each step of the way, Ross provided oversight of the process.
OFIR has been housed in the Michigan Department of Energy, Labor and Economic Growth, which is being reorganized by Gov. Rick Snyder. According to Crain’s Detroit Business, Gov. Snyder’s press secretary said Ross’ position probably will continue, and the office will be housed in the new Michigan Department of Licensing and Regulatory Affairs.
The governor’s office is looking at potential replacements for Ross and hopes to fill the position soon.
In a news release, Snyder said Ross for three years has “carried out the functions of the position with integrity and an extensive understanding of the complex issues facing the financial-service industry. We wish him well as he moves forward in his professional life and appreciate his service to the state of Michigan.”
