Tierney brings wealth of experience to Community Bankers of Michigan

Michael Tierney, a former banker, was hired in June to lead the Community Bankers of Michigan. Tierney takes over the position of CBM president and CEO from Judi Sullivan this month..Tierney would like to see Michigan add five new community banks over the next few years. The recent reduction of the regulatory de novo period to three from seven years will help a lot with his goal. "I know because I was talking to investors," he said. "Nobody wants to tie up their money for seven years, some are willing to do so for three years. I think that's a major step on the part of the FDIC to pave the path for people to start new banks.".In 2010, Tierney left a position with a community bank holding company to form Bluewater Bank Group, with the goal of buying struggling banks during the recession. The group raised nearly $250 million in capital, but the venture didn't pan out..Instead, he joined Troy, Mich.-based Flagstar Bank, which pursued a similar strategy. He served as Midwest market president before becoming CEO in 2012..Retiring in 2014, he was asked for suggestions for the role at CBM by a friend. He had one: himself. "What I bring to the job is a lot of banking experience. What I don't bring is a lot of association experience," Tierney said. "Fortunately we have a very strong staff here that knows how to handle the association's duties.".Tierney started with Comerica Bank in the 1970s where he was asked to lead a charter — Comerica's first out-of-state acquisition — in San Jose, Calif., in 1990. Tierney led the bank from three branches and $500 million in assets to 50 branches and $1 billion in assets, mostly through acquisitions, as he integrated it with Comerica..After a brief stint at Chase in 2006, he joined PSB Group Inc., Madison Heights, Mich., where he was president and CEO from 2006 to 2010..He has a bachelor of business administration in finance and financial management services from Central Michigan University, Mount Pleasant, and an MBA from the University of Detroit Mercy..Outgoing CBM President and CEO Judi Sullivan plans to retire this month after 12 years in the role. Before that, she worked for Central Michigan University, the Mount Pleasant Chamber of Commerce and the Michigan Bankers Association. She has a Bachelor of Science degree in business and retail management from Michigan State University, East Lansing.