Displaying items tagged: finance

JACKSON — CMS Energy Corp. plans to sell a Utah-based bank that specializes in home improvement lending nationwide.

KALAMAZOO — The Western Michigan University management professors behind an investment fund that looks to cultivate and support a new generation of entrepreneurs hope to complete fundraising by the end of 2021.

Buying 14 offices in the central and northern Lower Peninsula from TCF Bank provides a broader stage for Horizon Bancorp Inc.’s further expansion in Michigan.

Raising the number of authorized shares by 25 percent gives ChoiceOne Financial Services Inc. greater ability to pursue another acquisition should the opportunity arise.

MUSKEGON — Consumers Credit Union has started construction on a new office in Muskegon that will expand its presence along the lakeshore.

Honor Credit Union will add an office in the Grand Rapids area with the planned acquisition of the smaller ATL Federal Credit Union.

GRAND RAPIDS — A venture capital firm that invests in medical device technologies wants to raise $30 million for a new fund to support portfolio companies progressing with commercializing their innovations.

Michigan’s economy should record “significant expansion” in 2021 after last year’s decline from the COVID-19 pandemic, although a global shortage of computer chips is “choking off” auto production during a period of high demand, according to a new economic outlook.

Federal legislation advancing through Congress this session could lead to more banks serving marijuana-related businesses in the U.S. and Michigan.

Michigan’s venture capital industry made modest strides in the last few years to create greater diversity within its ranks and in the number of startups run by women or minorities that receive investments.

Bank lending for commercial real estate and development held steady through the first quarter as some sectors experienced high demand and others remained somewhat soft as the COVID-19 pandemic surpassed a year.

ST. JOSEPH — Edgewater Bank branches become part of United Federal Credit Union next week following federal regulatory and shareholder approvals of a merger between the two.

GRAND RAPIDS — Independent Bank Corp.’s first quarter soared from a year earlier, driven in part by a strong mortgage market.

The COVID-19 pandemic that’s battered the hospitality industry generates an opportunity for Grand Rapids private equity firm Blackford Capital to grow a recently merged portfolio company.

Venture capital investors in Michigan backed more startup companies in 2020 than ever before, though the amount they put into deals declined by half in a year when the COVID-19 pandemic altered deal flow.

HOLLAND — Macatawa Bank Corp. reported higher earnings for the first quarter as gains on mortgages tripled from a year earlier and more than offset lower interest income.

SPARTA — ChoiceOne Financial Services Inc.’s quarterly earnings nearly doubled from a year earlier following an acquisition last fall.

GRAND RAPIDS — Strong income from mortgage lending helped to push Mercantile Bank Corp.’s earnings higher for the first quarter.

TRAVERSE CITY — A Boston private equity firm has acquired Traverse City-based High Street Insurance Partners Inc., an insurance brokerage platform company formed in 2018 that has since acquired two-dozen agencies across the U.S.

Experts view the mergers and acquisitions market and U.S. economy with slightly more optimism than six months ago, although the prospect of corporate and other federal tax increases has them concerned about the resulting effects on deal flow.

A statewide loan fund to provide growth capital to Michigan small businesses expects to start closing deals by the end of the month after securing state support.

First National Bank of Michigan has named Mike Hollander as Grand Rapids market president.

West Michigan’s industrial economy entered the second quarter trending along with the global and national economic recoveries from the effects of the COVID-19 pandemic.

Mergers and acquisitions should remain strong through 2021 — driven by several factors affecting deal flow — although finding a good deal may come with a high price for buyers.

Shareholders at TCF Financial Corp. and Huntington Bancshares Inc. on Thursday backed the planned $22 billion merger between the two banks. The deal remains on track to close in the second quarter, pending federal regulatory approvals.

GRAND RAPIDS — Acrisure LLC has closed on a $3.4 billion capital raise, most of which came from the sale of senior preferred stocks to a consortium of investors.

A Boston interior design, procurement and project management firm owned by Grand Rapids-based Blackford Capital completed a merger that led to the creation of a new company serving the North American hospitality market.

While Huntington Bancshares Inc. and TCF Financial Corp. executives say a planned merger between the two companies will create a Midwest banking powerhouse, some experts view it as an opportunity for competitors to gain both business and talent.

A restructuring for Grand Angels in 2021 aims to create understanding about angel investing and greater diversity among investors and their deals.

The Shyft Group was busy in 2020 — and a couple of major deals were only part of the dizzying year.