From improving profitability after the recession to dealing with tougher federal regulations and competing against their much-larger counterparts, community banks today have plenty of challenges. Jim Bosserd sees that firsthand as president and CEO of Sparta-based ChoiceOne Financial Services Inc., the $498 million holding company for ChoiceOne Bank that has a dozen offices in West Michigan. Bosserd, who started his banking career in 1971, was recently elected chairman of the Community Bankers of Michigan. He spoke with MiBiz about community banks and how they are faring in today’s post-recession marketplace.
Huntington Bank wants to extend a new microloan program launched in Southeast Michigan to markets across the state as quickly as possible.
Relay Fund started looking to connect startup businesses raising capital with prospective investors via an online portal. Now, co-founder Jeff Lambert and his partners have decided to pivot from providing the conduit for those connections, a move driven by an emerging regulatory structure he considers too burdensome. Instead, the group plans to offer professional services to serve the growing crowdfunding movement.
Corporate executives expect an increase in dealmaking in the coming year and hold a brighter view of the U.S. economy than they have since before the recession, even amid some lingering uncertainty.
Venture capital investing just had one of its most active periods ever in Michigan. During the third quarter, 15 companies statewide collectively received nearly $28.6 million in investments.
Crowdfunding has a role in raising needed capital for biotech startups, although even advocates of the practice say there are limits on how far it can go.
Founders of a new venture capital firm in Kalamazoo want to raise $15 million for their initial fund to invest in startup companies that are working to develop and commercialize concepts for medical devices.
The U.S. Small Business Administration (SBA) wants to drive more loan activity but in smaller amounts by waiving fees for its primary lending program.
As West Michigan’s public companies have been involved in recent deals totalling in excess of $12 billion, it’s further evidence that the region is competing in a global market. That was one key takeaway from the panel discussion at the inaugural MiBiz M&A, Deals and Dealmakers Awards.
The hand of John Kerschen, managing director of M&A advisory firm The Charter Group in Grand Rapids, has been in 85 transactions in his 17 years at the company, representing a total transaction value of more than $500 million.
When it comes down to the nitty-gritty of making a big deal, the heads of the parties in question may or may not be at the table, and the same goes for their bankers.
Crystal Flash Energy President Tom Fehsenfeld has been finding a promising climate for acquisitions across Michigan lately. In the last 20 months, Crystal Flash acquired six companies — four of them in the last 12 months. These six acquisitions added nearly $70 million in revenue to the petroleum and fuels wholesale distribution firm, more than $50 million of which occurred in the last year.
Martin Stein’s first deal didn’t work out too well.
When faced with plans for a redevelopment project that just “didn’t feel right,” 616 Development LLC founder Derek Coppess knew it was time to get creative.
One of Muskegon’s biggest cheerleaders happens to be a developer who owns one of the largest portfolios of property being redeveloped in the city’s downtown.
In striking a merger deal in late 2012, two competing Grand Rapids-based architectural firms determined they could be more competitive and more profitable together than they could as separate entities.