Displaying items by tag: Independent Bank
Some of the smallest banks in Michigan’s market recorded the biggest growth rates in deposits during a recent 12-month period of the COVID-19 pandemic.
Two local community banks are following the industry’s deeper push into digital banking that has accelerated since the onset of the COVID-19 pandemic last year.
Michigan small businesses were approved for more than $1.5 billion in federal loans during the first two weeks of the new Paycheck Protection Program the U.S. Small Business Administration launched earlier this month.
Here is the MiBiz growth report for August 31, 2020.
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.