Displaying items by tag: Mercantile Bank Corp

GRAND RAPIDS — Closing on its first acquisitions should provide private equity firm Auxo Investment Partners momentum as it pursues additional deals in an active M&A market.

Higher interest rates during 2017 haven’t acted as a damper on commercial lending in West Michigan, although some lenders are seeing borrowers moving to fixed-rate business loans.

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.

Mercantile Bank Corp. today reported net income of $7.3 million, or 45 cents per share, for the second quarter with strong loan growth that’s projected to continue through the year.

Bankers in West Michigan and nationwide could get some regulatory relief this year.

Over the past decade, many small business owners put off expansions or capital equipment purchases for as long as they could.

Mercantile Bank Corp.’s net income dipped in the first quarter, the result of one-time events.

Here is the MiBiz Growth Report for March 6, 2017:

• M&A: American Grease Stick Co. of Muskegon was acquired last year by 3 Rivers Capital, a Pittsburgh, Pa.-based private equity firm. A manufacturer of branded automotive fluid transfer lines and related products for the automotive aftermarket industry, AGS has operations in Muskegon and the U.K. The company, which was founded in 1931, sells products through a variety of aftermarket retailers, including Advanced Auto Parts, AutoZone and Pep Boys, according to a statement. 3 Rivers purchased the company for $10 million from the Rosen family, according to a report in the Pittsburgh Business Times. The deal was backed by $9.75 million in subordinated debt and an equity co-investment from PNC Mezzanine Capital. JP Morgan Chase also provided debt financing for the transaction. Metz Lewis Brodman Must O’Keefe LLC of Pittsburgh served as legal counsel to 3 Rivers Capital. The sellers worked with investment banker Stout Risius Ross Inc. of Chicago.

Mercantile Bank Corp. plans to open a commercial loan office in Troy that will eventually grow to a full-service branch.

Mercantile Bank Corp. today reported higher earnings to end 2016, driven by strong loan growth.

Of all the issues Greg Carmichael deals with each day, trust and reputation are the ones that concern him the most.

Mercantile Bank Corp. grew earnings by nearly 7 percent in the third quarter while recording strong loan growth.

GRAND RAPIDS — The recently announced leadership transition at Mercantile Bank Corp. has been in the works for years and should provide continuity going from one CEO to another, executives say.

Citing decisions to restructure leasing and make tenant improvements on their own, the owners of a major Grand Rapids development today asked the state for administrative approval to amend its loan agreement.

Two large bank mergers affecting the Michigan market are progressing, with one securing shareholder approval and another awaiting a vote in the coming weeks.

Stock prices of West Michigan’s publicly traded companies tumbled on Friday as Wall Street succumbed to the uncertainty caused by the U.K.’s decision to exit the European Union.

Here is the MiBiz Growth Report for May 16, 2016: 

• M&A: Indianapolis-based The XLerate Group, a portfolio company of Detroit-based private equity firm Huron Capital Partners LLC, has acquired Jenison-based Grand Rapids Auto Auction. The deal represents the second acquisition in a year for The XLerate Group, which acquired Schoolcraft-based Greater Kalamazoo Auto Auction in May 2015. XLerate provides dealer-to-dealer auto auctions for used vehicles. Grand Rapids Auto Auction, located at 2380 Port Sheldon Ct., provides used vehicle remarketing to fleet and leasing companies and dealers in Michigan, Illinois and Ohio. Terms of the deal were undisclosed. Through the acquisition, XLerate now has local auto auctions that operate 17 physical and mobile sites in Michigan, South Carolina, California, Texas, Wisconsin and Florida.

Following a two-year preparation process, Crystal Flash has successfully transitioned to a 100-percent employee-owned company.

Here is the MiBiz Growth Report for May 2, 2016.

• M&A: Brad Davis and Lynne Bosgraaf, both formerly executive team members at Grand Haven-based Light Corp., have acquired Ram Electronics Inc., a manufacturer in Fruitport of printed circuit boards, custom wire harnesses and other components. The deal came about as Ram’s previous owner, Don Neidlinger, looked to retire. Zeeland-based Rua Associates LLC advised Davis and Bosgraaf on the deal, the terms of which were not disclosed. The executives partnered with Mercantile Bank Corp. to structure a loan through the Michigan Economic Development Corp.’s collateral support program. The program provides collateral to fund down payments on expansions or mergers and acquisitions.
• M&A: Lansing-based Neogen Corp., a manufacturer of food and animal safety products, acquired Brazil-based Deoxi Biotecnologia Ltda, an operator of an animal genomics laboratory, according to a statement. Terms of the deal were not disclosed. Deoxi’s management and staff will remain with the company.

When Mike Price and his colleagues formed Mercantile Bank Corp. nearly 20 years, they faced a vastly different landscape versus what exists today.

Two former office furniture executives hope to leverage their collective experience as they start on a new business venture in West Michigan.

Mercantile Bank Corp. today reported higher earnings and strong lending growth for the first quarter.

A pair of deals would give Chemical Financial Corp. and Huntington Bancshares Inc. larger footprints in Michigan and could renew the momentum for bank M&A in the state.

Orion Construction Inc. and The Gilmore Collection broke ground today on the long-planned Venue Tower project that will bring 88 new apartments and a music venue to the corner of Fulton Street and Monroe Avenue in Grand Rapids.

Chairman and CEO Mike Price told investors that the Grand Rapids-based Mercantile Bank (Nasdaq: MBWM) remains open to M&A, and even a transaction similar to the $151.5 million “merger of equals” it completed in July 2014 with the former Firstbank Corp.

Mercantile Bank Corp. recorded strong earnings growth for 2015, the first full year of results following the merger with the former Firstbank Corp.