Displaying items tagged: finance
Consumers Energy to sell bank subsidiary in $960 million deal
JACKSON — CMS Energy Corp. plans to sell a Utah-based bank that specializes in home improvement lending nationwide.
Sleeping Giant Capital marks first year with investment, developing students
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.
Branch acquisitions to expand Horizon Bank’s Michigan reach
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.
Share increase positions ChoiceOne Bank for potential acquisitions
Raising the number of authorized shares by 25 percent gives ChoiceOne Financial Services Inc. greater ability to pursue another acquisition should the opportunity arise.
Consumers Credit Union expands along lakeshore with Muskegon office
MUSKEGON — Consumers Credit Union has started construction on a new office in Muskegon that will expand its presence along the lakeshore.
Honor Credit Union to add Wyoming office after ATL acquisition
Honor Credit Union will add an office in the Grand Rapids area with the planned acquisition of the smaller ATL Federal Credit Union.
New $30M VC fund aims to get medical devices to market
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.
Comerica economists forecast ‘significant expansion,’ though supply chain problems are limiting growth
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.
Michigan banking groups back federal cannabis bill
Federal legislation advancing through Congress this session could lead to more banks serving marijuana-related businesses in the U.S. and Michigan.
Michigan VC industry focuses on cultivating more diversity in staff, investments
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.
Commercial real estate lending remains solid as some sectors outperform others
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.
Edgewater Bank, UFCU complete merger
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.
Independent Bank quarterly earnings soar with strong mortgage market
GRAND RAPIDS — Independent Bank Corp.’s first quarter soared from a year earlier, driven in part by a strong mortgage market.
Grand Rapids PE firm sees opportunity in hotel supplier
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.
Report: Venture capital investments cut in half during pandemic
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.
Macatawa Bank Q1 gains spurred by mortgages
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.
Community Shores acquisition helps boost ChoiceOne’s Q1 earnings
SPARTA — ChoiceOne Financial Services Inc.’s quarterly earnings nearly doubled from a year earlier following an acquisition last fall.
Mercantile Bank reports ‘extremely strong’ start to 2021
GRAND RAPIDS — Strong income from mortgage lending helped to push Mercantile Bank Corp.’s earnings higher for the first quarter.
High Street Partners insurance brokerage acquired by Boston PE firm
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.
Survey: Federal tax increases among top concerns for M&A sector
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.
Grow Michigan Fund II eyes $100M with increased focus on minority-owned businesses
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 names new Grand Rapids market president
First National Bank of Michigan has named Mike Hollander as Grand Rapids market president.
West Michigan industrial sector continues rebound with national, global trends
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.
MiBiz roundtable: M&A experts forecast strong deal flow in post-pandemic rebound
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 approve TCF, Huntington merger
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.
Acrisure closes $3.4B capital raise to support growth, tech investments
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.
Blackford Capital completes merger of interior design companies
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.
Huntington, TCF merger could mean opportunities for competitors
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.
Grand Angels and affiliates reorganize to accommodate growth, promote diversity
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 completes 2020 with a flurry of M&A activity, corporate changes
The Shyft Group was busy in 2020 — and a couple of major deals were only part of the dizzying year.