Even though business lending is still not at pre-recession levels, some banks in the West Michigan market saw continued growth and increased commercial activity over the last year.
Venture capitalists cut more deals in Michigan in 2013 than in any other year on record, although the dollar amount of their investments declined sharply from the prior year.
Venture capitalists put more than $58 million into 26 Michigan companies in the fourth quarter of 2013, as yearly deal volumes reached a new high.
A new state law designed to make it easier for Michigan investors to put money into Michigan companies provides Thell Woods the final element he needs to launch a crowdfunding portal in Kalamazoo.
Troy-based Talmer Bancorp Inc., the company that recently acquired Michigan Commerce Bank and renamed it Talmer West Bank, now plans to become a public corporation.
Amid questions from a New York City activist about its residential lending practices and a potential class-action lawsuit, Mercantile Bank Corp. says it is open to making changes should federal regulators seek to impose conditions before approving a $151.5 million merger with Firstbank Corp.
The $151.5 million merger between Mercantile Bank Corp. and Firstbank Corp. gained shareholder approval this morning and now awaits a decision by federal regulators.
Completing a $16.5 million stock sale brings Monarch Community Bank a step closer to embarking on an ambitious growth strategy to extend the bank’s footprint across West Michigan.
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.
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.
Citing the need to improve the access to local capital for startup businesses, John Mueller wants to revive angel investing in Kalamazoo.
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.