GRAND RAPIDS — United Bank will become the latest entry into the downtown banking market with the planned opening of a new office later this year.
Among the commercial and industrial borrowers at Lake Michigan Credit Union, about one-third are expanding or buying new equipment that’s needed to grow their businesses.
MIDLAND — For the third time in two years, Chemical Financial Corp. wants to have more shares on hand to as it pursues additional acquisitions.
GRAND RAPIDS — Three years after opening a local lending office, Horizon Bank plans to begin developing a branch network in the Grand Rapids market.
GRAND RAPIDS — A strong marketplace combined with recent consolidation involving community banks lured Level One Bank from its base in suburban Detroit to the Grand Rapids market.
Here is the MiBiz Growth Report for June 27, 2016.
• M&A: German company Kion Group AG, an industrial truck, material handling and logistics automation equipment manufacturer, plans to acquire Dematic Corp. for approximately $2.1 billion in what executives described as a “landmark” transaction. The deal values the logistics and automation firm, whose North American operations are based in Grand Rapids, at an enterprise value of $3.25 billion, according to a joint statement. Dematic generated $1.8 billion in revenues and $166 million in adjusted earnings before interest and taxes during the calendar year 2015. Kion Group will acquire Dematic from funds managed by New York City private equity firm AEA Investors LP and the Ontario Teachers Pension Plan. The deal, which is expected to close in the fourth quarter pending regulatory approval, also carves out “certain liabilities,” according to a statement.
After operating for years in rural communities to the north, ChoiceOne Bank wants to carve out a position in downtown Grand Rapids.