Fifth Third Bank’s planned closure of three branches in West Michigan, part of a far broader plan to jettison 100 of its more than 1,300 offices in 12 states, illustrates the situation banks face in adapting to the digital age.
GRAND RAPIDS — United Bank of Michigan plans to enter the Ottawa County market early next year with a new branch in Jenison, the first step of what could become a broader footprint expansion for the bank over the next few years.
As retail customers and small business clients increasingly conduct transactions online or through mobile applications on their smartphones or tablets, those who visit a branch office tend to do more than make a quick deposit or withdrawal. By redesigning and adapting the offices, PNC seeks to stay ahead of the changing times.
As Huntington Bank commits $5 million to extend its microlending initiative to West Michigan, the bank has also forged partnerships with organizations to work with prospective business borrowers in the region.
A $3 million follow-on venture capital investment provides growth funding for a Kalamazoo company that offers high-speed telecommunications services to businesses across the state.
After establishing a solid presence in the West Michigan market through acquisitions, Old National Bancorp Inc. wants to further build its franchise.
As many remain skeptical of crowdfunding’s ability to bolster growth among private-sector entrepreneurs, economic developers have found the fundraising model holds promise for public placemaking efforts statewide.
Private equity investments in Michigan are surging with the rest of the nation, as merger and acquisition activity remains strong and provides plenty of opportunity for prospective buyers.
A Petoskey-based venture capital firm looks to invest in 10 or more medical device startups over the next five years after closing last week on its third fund.
Credit unions would have greater flexibility in how they structure business loans if a proposed change in federal regulations takes effect as written.
HUDSONVILLE — Backed by a $15 million capital infusion from its owners and a newly expanded commercial lending team, West Michigan Community Bank aims to further grow market share after doubling in size in four years.
Community Shores Bank Corp. will seek to raise $6.4 million in needed capital in a stock offering to existing shareholders that would go to pay off debt, maintain operations and improve its capital position.
The venture capital industry’s success over the last decade in Michigan has created a significant challenge as the demand for funding in the next few years far outpaces the availability of capital, requiring a broader approach by managers creating new funds.
Despite an initial rush of publicity after it was passed in late 2013, entrepreneurs’ interest in securities-based crowdfunding under the Michigan Invests Locally Exemption (MILE) Act has waned throughout 2015.
The sale of the parent corporations for Founders Bank & Trust and The Bank of Holland are the latest deals in a merger trend across the banking industry in Michigan that M&A experts expect will only continue to occur in coming years.