Michigan law puts tight controls around the expansion of banks. There is an absolute ban on the bank holding companies that are familiar throughout the rest of the country; no bank can open a branch farther than 25 miles from its home office, or in a town where another bank is already established. The rules are so strict that the recent acquisitions made by a crew of young businessmen known as "the Parsons Group" seem a blatant invitation to the bank examiners. In the past three years, Donald H. Parsons, 37, and his 15...
To continue reading:
or
Log-In
