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Sunday, 27 October 2013 22:16

MiBiz Growth Report: Oct. 28, 2013

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Oct. 28, 2013:

M&A: St. Joseph-based Honor Credit Union plans to merge with SIR Credit Union in the Upper Peninsula. The merger, which requires regulatory and member approval, would create a combined credit union that has nearly $550 million in assets and more than 50,000 members. Honor Credit Union has 12 offices in Southwest Michigan with 40,016 members and $469.9 million in assets as of June 30, according to a quarterly report filed with federal regulators. SIR Credit Union, with offices in Negaunee, Marquette and Gwinn, had 10,545 members and assets of $77.2 million.

M&A: The long-troubled Lansing-based Capitol Bancorp finally has a buyer: Talmer Bancorp of Troy. Talmer announced this month that it would buy Capitol's remaining assets out of bankruptcy, Crain’s Detroit Business reported. Capitol includes the Ann Arbor-based Michigan Commerce Bank, which has five West Michigan offices in Grand Rapids, Portage, Grand Haven, Holland and Muskegon. Talmer will pay $4.5 million in cash and deposit $2.5 million in an escrow account to cover post-petition administrative fees, Crain’s reported.

Expansion: Portage-based Kendall Electric purchased a lot at Site 36, the site of the former General Motors stamping plant in Wyoming. The company plans to build a new 100,000-square-foot facility at the industrial park. J.O. Galloup, a subsidiary of Kendall Electric and a distributor of industrial pipe and valves, will occupy the space and consolidate two current locations in the Grand Rapids area.

Expansion: Grand Rapids-based Meijer Inc. is acquiring properties for its expansion into Wisconsin, according to a report in BizTimes of Milwaukee. The retailer reportedly purchased 40 acres near Sussex for $5.3 million, 21.5 acres in Kenosha for $4.2 million, and three properties totalling 14.6 acres in Wauwatosa for $5.8 million. Meijer also has stores planned for Oak Creek, Grafton and Waukesha, the report stated.

Expansion: Zeigler Automotive Group’s Maserati store in Grandville has opened temporarily at the company's Fiat dealership while the build out of its adjacent new showroom and service center takes shape. The company currently has eight vehicles in stock, with six of them available at the store, said manager Ric Conkey. The store, which was announced in August, is expected to service customers within a three-hour drive, Zeigler executives said at the time. Conkey said the dealership expects to move six to 10 units per month.

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