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 — West Michigan Community Bank plans to open a new regional office in Grand Rapids Township.
Commercial bankers say clients’ demand for credit remains strong, although borrowers in West Michigan are carefully watching what’s ahead for the economy.
After issuing a steady string of interest rate increases over the last three years, the Federal Reserve could start lowering rates again in the coming months in a move to keep the economy growing, making borrowing a little cheaper for businesses.
The $8 million in capital West Michigan Community Bank just raised will go to support further growth and perhaps develop another branch location in the Grand Rapids area.
Interest rates likely will rise again in 2019. How much and how often remains the question following the latest quarter-point increase in the federal funds rate last week by the Federal Open Market Committee (FOMC), which for two years has been raising interest rates from historic lows reached a decade ago during the Great Recession.
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.
HUDSONVILLE — After assembling a team of veteran commercial lenders, West Michigan Community Bank is putting more focus on growing in the greater Grand Rapids area.
Bankers say they hear it regularly from their clients: It’s gotten awfully hard to find good talent these days.