Displaying items by tag: Mercantile Bank Corp

GRAND RAPIDS — The West Michigan venture capital fund that intends to invest in growing, minority-owned businesses has garnered attention from interested parties who want to replicate the model elsewhere in the U.S.

GRAND RAPIDS — The venture capital fund formed a year ago in Grand Rapids to invest in minority-owned businesses has netted $8.5 million in commitments from investors and aims to hit $10 million this year.

GRAND RAPIDS — Mercantile Bank Corp. ended 2020 with higher quarterly earnings despite the ongoing costs and economic turbulence from the COVID-19 pandemic.

ST. JOSEPH — The proposed acquisition of Edgewater Bancorp Inc. would give United Federal Credit Union greater expertise to further grow commercial lending.

Here is the MiBiz Growth Report for October 25, 2020.

HASTINGS — Mercantile Bank Corp. plans to sell a Hastings branch office to Lake Trust Credit Union as part of an ongoing initiative to shrink its office footprint.

GRAND RAPIDS — Mercantile Bank Corp. recorded lower third quarter earnings amid what President and CEO Robert Kaminski Jr. called a “challenging operating environment” from the COVID-19 pandemic.

A Grand Rapids-based venture capital fund that will invest nationally in companies owned by minorities has secured commitments now totaling $6.25 million, with potentially millions more on the way.

The opening of a new branch in Wyoming and construction of another office in Walker are part of a broader regional growth plan for Consumers Credit Union.

GRAND RAPIDS — A new venture capital fund to invest in businesses owned by racial and ethnic minorities looks to secure financial backing locally before reaching out nationally for investors.

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.

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. 

The sheer volume of small businesses that have sought federal relief loans illustrates the depth and scope of the economic pain brought on by the COVID-19 pandemic.

GRAND RAPIDS — Mercantile Bank Corp. reported lower earnings to start 2020 and sits in an “extremely solid” condition for the economic downturn brought on by the COVID-19 pandemic.

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.

GRAND RAPIDS — Mercantile Bank Corp. grew earnings for the fourth quarter and all of 2019.

Bank M&A may ease in 2020, as fewer executives surveyed by the trade publication Bank Director view the market as favorable for deals.

GRAND RAPIDS — Mercantile Bank Corp. maintained solid growth and earnings through the third quarter.

GRAND RAPIDS — A new mezzanine fund based in Grand Rapids seeks to raise $100 million to invest in growing companies, MiBiz has learned.

As one bank merger affecting the West Michigan marketplace focuses on integration, another much smaller deal heads toward shareholder votes next month.

GRAND RAPIDS — Mercantile Bank Corp. today reported strong results for the second quarter, setting up the second half of 2019 for continued growth.

Mercantile Bank Corp. began 2019 with higher earnings and strong loan growth that it expects to continue through the year.

GRAND RAPIDS — Steady growth led Mercantile Bank Corp. to proceed with an addition at its corporate headquarters. Rising on the south side of the headquarters building at Leonard Street and U.S. 131 in Grand Rapids, the three-story, 25,000-square-foot addition will enable Mercantile Bank to bring together commercial banking teams and support staff — lenders, treasury and credit analysts — at one location.

Mercantile Bank Corp. recorded strong earnings and loan growth to end 2018, a trend executives expect should continue into 2019.

The Michigan Strategic Fund steered additional money into two capital funds that support high-tech startups and growing small businesses in the state.

The Invest Michigan Pre-Seed Fund II received $3 million to invest in startups through loans or equity. Grow Michigan LLC will receive $9.6 million for a second mezzanine-style fund that will provide loans to growing small businesses.

Mercantile Bank Corp. grew third quarter earnings by more than 20 percent compared to a year ago.

Private equity firm Auxo Investment Partners has completed its fifth acquisition in 13 months with a deal for a Warren-based stamping manufacturer.

GRAND RAPIDS — Manufacturer Midway Rotary Die Solutions has sold to a West Michigan-based private equity firm.

Mercantile Bank Corp. today reported higher earnings for the second quarter and first half of 2018.