As executives crafted a deal that would create the third-largest bank based in Michigan, the term “merger of equals” became not just a catchphrase but a guiding principle.
An Indiana bank plans to expand its presence in West Michigan with the recent opening of a commercial lending office in Grand Rapids and the planned acquisition of a community bank in East Lansing.
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.
Citing the need to improve the access to local capital for startup businesses, John Mueller wants to revive angel investing in Kalamazoo.
West Michigan baby boomers who’ve recently sold their companies are looking to stay connected to the business world even in retirement, but they’re not looking for daily responsibility. Instead, they’re putting some of their retirement cash to work by investing in startups, private equity and family offices — and in some cases, they’re also helping mentor the next generation of entrepreneurs.
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.