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Sunday, 26 April 2015 23:02

MiBiz Growth Report: April 27, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for April 27, 2015:

• M&A: Federal regulators approved Chemical Financial Corp. acquisition of Lake Michigan Financial Corp. Shareholders at the privately-held Lake Michigan Financial vote April 27 to consider the deal, which would give the Midland-based Chemical Financial (Nasdaq: CHFC) $8.7 billion in combined total assets and $6.9 billion in combined deposits. The acquisition would make Chemical Financial the seventh-largest bank in Michigan based on deposit market share. In reviewing the deal, the Federal Reserve Board said the deal would not hurt competition in the Holland-area baking market, where Lake Michigan Financial’s The Bank of Holland holds a 22.4 percent share of deposits, ranking No. 1 in the market.

• M&A: Pennock Health Services becomes part of Spectrum Health on May 1. The two finalized a deal this month where Spectrum Health would take on ownership of the Hastings health system, which would become known as Spectrum Health Pennock. As part of the agreement, Spectrum Health committed $46 million in capital to Pennock and agreed to maintain essential services in Hastings over the next decade. The Grand Rapids-based Spectrum Health, which presently has 11 hospitals in the region, also committed to making a $10 million contribution to the Pennock Foundation, which will integrate into the Spectrum Health Foundation and continue to direct its funds locally in the Hastings area. Spectrum Health also committed to a nine-month planning process for a new hospital for Pennock – a process that began before the two started discussions months ago – which “will be data-driven and include physicians hospital leaders, and patients,” according to a statement.

• Development: Rockford Construction plans to develop Fulton Place — a 112-unit, three-building, mixed-use development targeted at Grand Valley State University students — after securing a final parcel of land for the project. Fulton Place will be built along West Fulton Street between Lexington Avenue and Seward Avenue near GVSU’s Pew Campus. The market-rate apartments and townhomes will be joined by approximately 10,000 square feet of ground-floor retail and on-site parking with both a two-story parking deck and street-level parking. Construction will begin in May and is expected to be completed by the start of the 2016-17 school year.

• Development: Partners Horizon Group Properties Inc. (OTC: HGPI), a Norton Shores-based developer of factory outlet shopping centers, and Tennessee-based CBL & Associates Properties Inc. (NYSE: CBL) have broken ground on two different projects in the southern U.S., according to a pair of statements. In mid-April, the companies broke ground on the second phase of The Outlet Shoppes at Atlanta, a 33,000-square-foot expansion in Georgia that is expected to open for the 2015 holiday shopping season. The two companies are also developing a similar expansion near Louisville, Ky. for the second phase of the Outlet Shoppes of the Bluegrass. The 53,400-square-foot expansion will also be open for the 2015 holiday shopping season. Horizon has developed eight total outlet shopping centers nationwide and has three more planned, according to its website.

Read 1236 times Last modified on Thursday, 07 May 2015 10:53

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