Just back in Michigan. Number of for sale signs greatly decreased over last year. Talked with two banker friends. State is not about to rocket forward but is doing better. Michigan Commerce should benefit and is located in one of the better demographic areas of the state although I do not know the geographic extent of their past lending.
I asked about Reid's reputation. Got a few comments about family employment and perhaps some adverse decisions driven by that. Should still be highly motivated by ownership stake.
The FDIC Call reports (sent Excel file to subscribers more than 2 weeks ago) show that Michigan Commerce was break-even in Q4. Tier 1 capital levels at Michigan Commerce increased sequentially from 2.49% in Q3
to 2.61% in Q4. I expect that we'll see Michigan Commerce solidly profitable in 2013. The problem area is no longer in Michigan. The problems are in Arizona and Nevada for Capitol.