Displaying items tagged: banking

Even as financial stocks tumbled, Michigan bankers and venture capitalists said they’re operating “business as usual” on Monday, the first business day since the collapse of Silicon Valley Bank.

Prices in Michigan’s cannabis industry plummeted in 2022, leading to some closures and layoffs, and could fall even further in 2023 as more players enter the business.

GRAND RAPIDS — Lake Michigan Credit Union has launched a rebranding to create a common brand identity in Michigan and Florida using just its initials.

KALAMAZOO — Advia Credit Union has named longtime Chief Financial Officer Jeff Fielder as its next president and CEO.

Business lending remained strong through midyear despite rising interest rates and economic uncertainty that’s generating worries about a potential recession, according to regional banking executives.

KALAMAZOO — A new chief executive officer took over this month at Kalamazoo-based Consumers Credit Union.

Huntington Bancshares Inc. has named a veteran banking executive and longtime West Michigan resident to lead its regional division.

Tim Spence takes the helm July 5 at Fifth Third Bancorp Inc., succeeding Greg Carmichael, who’s retiring as CEO and becomes executive chairman.

MSU Federal Credit Union plans to add a second office in the Grand Rapids market.

A proposal by a trio of federal agencies would bring major banking industry regulations into the modern digital age as banking is increasingly done electronically instead of in branch offices.

Krista Flynn, who started this week in a new role as Midwest regional executive for commercial banking at PNC Bank, discusses the current lending environment in what she describes as relatively volatile economic conditions.

PNC Bank has named Krista Flynn as its new executive leading commercial banking in the Midwest.

Huntington Bancshares Inc.’s acquisition last year of Detroit-based TCF Financial Corp. created the second-largest bank operating in Michigan for deposit market share and with more branch offices than any other bank. The Columbus, Ohio-based Huntington, which also now ranks among the 20 largest banks in the U.S., has since worked to integrate TCF.

GRAND RAPIDS — Independent Bank Corp. has recorded lower earnings so far this year as mortgage originations and refinancings slowed.

GRAND RAPIDS — Mercantile Bank Corp.’s earnings declined in the first quarter from a year earlier as refinancing for home mortgages decreased and reduced fee income.

A Traverse City-based credit union plans to enter the West Michigan market with the planned opening of three branches in Holland, Zeeland and Muskegon, along with several more in the years ahead.

GRAND RAPIDS — Independent Bank Corp.’s earnings declined in the final three months of 2021 but grew overall for the year.

HOLLAND — Macatawa Bank Corp. recorded lower fourth quarter earnings that partly resulted from reduced fee income as fewer federal Paycheck Protection Program loans were forgiven.

SPARTA — ChoiceOne Financial Services Inc. recorded higher earnings for 2021, benefitting from mergers that the bank completed in 2019 and 2020.

GRAND RAPIDS — Mercantile Bank Corp. recorded strong earnings in 2021 with loan growth that President and CEO Robert Kaminski Jr. called “nothing short of stellar.”

KALAMAZOO — The chief executive officer at Consumers Credit Union plans to retire in mid-2022 after 38 years.

Gov. Gretchen Whitmer has joined 20 other governors in urging Congress to enact legislation that would enable more banks and credit unions to serve the growing cannabis industry.

PETOSKEY — Mercantile Bank Corp. has expanded further in the northern Lower Peninsula with the opening of a lending office in Northern Michigan.

HOLLAND TWP. — Macatawa Bank Corp.’s third-quarter earnings grew slightly from a year earlier amid strong deposit growth.

SPARTA — ChoiceOne Financial Services Inc. reported strong earnings growth over the third quarter from a year earlier that included merger-related expenses.

GRAND RAPIDS — Independent Bank Corp. recorded lower third-quarter earnings from a year earlier, though year-to-date profits have grown by more than 28 percent.

GRAND RAPIDS — Mercantile Bank Corp. recorded strong loan growth in the third quarter with an earnings increase of more than 40 percent from a year earlier.

SPARTA — ChoiceOne Financial Services Inc. has raised $32.5 million in capital through a private placement of subordinate debt.

Union Bank plans to move its corporate office to a new facility now under construction in Grand Rapids Township.

GRAND RAPIDS — Independent Bank Corp.’s earnings declined in the second quarter from the prior year, largely because of lower non-interest income and higher non-interest expenses.