Displaying items by tag: Independent Bank
Given how hard the economy fell in the second quarter, earnings for West Michigan-based banks held up relatively well, although they were primarily lower than a year earlier as banks set aside more in reserve to cover potential future loan losses.
Independent Bank Corp. has reported higher second quarter earnings with a larger reserve to cover loan losses.
GRAND RAPIDS — Mercantile Bank Corp. reported lower earnings for the second quarter, partly from increasing loan-loss reserves in light of “weakened economic conditions” resulting from the COVID-19 pandemic.
The Federal Reserve Bank’s $600 billion Main Street Lending Program promises to offer small and mid-sized businesses hurt financially by the COVID-19 pandemic with another option to access credit and operating capital.
GRAND RAPIDS — Independent Bank Corp. raised $40 million in a debt offering that comes amid the economic downturn and uncertainty from the COVID-19 pandemic.
GRAND RAPIDS — Independent Bank Corp. plans to close eight branch offices later this year as consumers increasingly use online and mobile banking, but could open new locations elsewhere in the state.
Small businesses that have been slammed by the coronavirus pandemic and expect to have difficulty making commercial loan payments should call their bankers now to work out possible adjustments.
Two locally-based banks — Mercantile Bank and West Michigan Community Bank — plan to close the lobbies of bank branches to customers starting Wednesday.
GRAND RAPIDS — Goodrich Quality Theaters Inc., a Grand Rapids-based chain of 30 movie theaters in five states, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Western District of Michigan.