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Displaying items by tag: finance

Sunday, 30 August 2020 17:54

Pandemic slows insurance M&A activity, though deals still flowing

Since forming two years ago, High Street Insurance Partners Inc. grew steadily through acquisitions.

Published in Finance
Friday, 28 August 2020 12:25

New $50 million VC fund aims to keep businesses local for next generation

KALAMAZOO — A new $50 million venture capital fund that organizers launched in Kalamazoo seeks to offer opportunity to a new generation of business executives while keeping established businesses local.

Published in Finance
Sunday, 30 August 2020 16:45

Fifth Third CEO on pandemic driving digital banking: ‘It’s going to stick’

The COVID-19 pandemic that shut down much of the economy in March had all businesses scrambling to maintain operations — if they were allowed to stay open — and keep employees safe. Banks closed their branch lobbies and directed customers to use drive-thru lanes or digital banking to handle transactions. 

Published in Finance

Monday, 17 August 2020 15:11

Comerica outlook shows nearly 41% GDP decline in Michigan for Q2

Michigan’s economy fell further than the nation as a whole in the second quarter and could take three years to return to the peak of late 2019, according to a new economic outlook from Comerica Inc.

Published in Finance
Monday, 17 August 2020 11:25

Blackford Capital closes on Ellison Bakery sale

Grand Rapids-based private equity firm Blackford Capital has closed on the sale of Ellison Bakery, a maker of cookies and other baked goods that’s headquartered in Fort Wayne, Ind.

Published in Finance
Sunday, 16 August 2020 18:10

Consumers CU plans further growth in GR, lakeshore markets

The opening of a new branch in Wyoming and construction of another office in Walker are part of a broader regional growth plan for Consumers Credit Union.

Published in Finance


Monday, 10 August 2020 15:26

Chemical Bank offices take on TCF name

Former Chemical Bank offices statewide now carry the TCF National Bank name.

Published in Finance
Tuesday, 04 August 2020 14:55

West Michigan Community Bank continues Grand Rapids-area expansion

West Michigan Community Bank has extended its Grand Rapids-area footprint with a new office in Grand Rapids Township.

Published in Finance
Sunday, 02 August 2020 18:50

Finance, banking sectors among early adopters of AI

The software platform behind a new tech startup backed primarily by West Michigan investors learns about users and offers them ideas on what to buy next.

Published in Finance

Sunday, 02 August 2020 17:00

New diversity-focused VC fund seeks $5M locally before making national pitch

GRAND RAPIDS — A new venture capital fund to invest in businesses owned by racial and ethnic minorities looks to secure financial backing locally before reaching out nationally for investors.

Published in Finance
Sunday, 02 August 2020 16:20

Bracing for more economic fallout, West Michigan banks boost loan-loss reserves

Given how hard the economy fell in the second quarter, earnings for West Michigan-based banks held up relatively well, although they were primarily lower than a year earlier as banks set aside more in reserve to cover potential future loan losses.

Published in Finance
Thursday, 30 July 2020 10:22

Lambert & Co. CEO launches Detroit fintech firm backed by West Michigan investors

A financial technology startup launched in Detroit and backed primarily by West Michigan investors stems from what Jeff Lambert calls 20 years of frustration from a disconnect between public companies and individual shareholders.

Published in Finance


Tuesday, 28 July 2020 16:49

ChoiceOne boosts earnings after recent acquisitions

An acquisition last fall helped ChoiceOne Financial Services Inc. report quarterly earnings that tripled from a year ago.

Published in Finance
Tuesday, 28 July 2020 11:24

Independent Bank reports higher Q2 earnings, larger reserve for loan losses

Independent Bank Corp. has reported higher second quarter earnings with a larger reserve to cover loan losses.

Published in Finance
Friday, 24 July 2020 10:22

Report shows fewer VC deals, higher investment statewide in Q2

A smaller number of venture capital deals were reported across Michigan in the second quarter, though the amount invested increased from a year earlier.

Published in Finance

Friday, 24 July 2020 09:50

Macatawa Bank reports lower Q2 earnings related to COVID-19 challenges

Macatawa Bank Corp. reported lower earnings for the second quarter after raising a reserve to cover potential future loan losses.

Published in Finance
Thursday, 23 July 2020 16:42

TCF Bank $1B loan program for minority-owned biz to extend into West Michigan

TCF Bank’s pledge to lend $1 billion over five years to minority- and women-owned businesses extends into West Michigan, where the company’s market leader in Grand Rapids says the effort will require leveraging community partnerships.

Published in Finance
Tuesday, 21 July 2020 12:16

Mercantile Bank beefs up loan-loss reserves to brace for weaker economy

GRAND RAPIDS — Mercantile Bank Corp. reported lower earnings for the second quarter, partly from increasing loan-loss reserves in light of “weakened economic conditions” resulting from the COVID-19 pandemic.

Published in Finance

Sunday, 19 July 2020 18:34

Survey: After slowdown, M&A activity expected to rebound over the next year

The M&A market that slowed in the first half of 2020 with the onset of the COVID-19 pandemic should rebound well over the next 12 months as deals that got put on hold go forward, according to a midyear survey by law firm Dykema Gossett PLLC.

Published in Finance
Sunday, 19 July 2020 17:17

CDFI helps bridge financing gap for Native entrepreneurs

DOWAGIAC — After they prepared for the opening of the Four Winds Casino in New Buffalo, the leaders of the Pokagon Band of Potawatomi years ago sought ways to use the revenues to assist tribal citizens to achieve self-sufficiency.

Published in Finance
Thursday, 09 July 2020 10:36

FormulaFolios to maintain Grand Rapids HQ after deal with PE-backed Brookstone Capital Management

GRAND RAPIDS — FormulaFolios Investments LLC plans to merge with Brookstone Capital Management in Chicago in a deal that will create an investment adviser firm with more than $6.5 billion in assets.

Published in Finance

Wednesday, 01 July 2020 09:59

ChoiceOne completes acquisition of Community Shores Bank

ChoiceOne Financial Services Inc. closed today on the $20.8 million acquisition of Community Shores Bank Corp.

Published in Finance
Sunday, 21 June 2020 18:02

Capital raises bring pair of Genesis Innovation-backed startups closer to market

GRAND RAPIDS — New capital investments involving existing investors will bring two health care startups backed by Genesis Innovation Group LLC closer to the market.

Published in Finance
Sunday, 21 June 2020 16:28

Indiana credit union eyes additional Michigan expansion after New Buffalo deal

NEW BUFFALO — The largest credit union in Indiana looks to further expand in the Michigan market after acquiring the parent company of New Buffalo Savings Bank.

Published in Finance

Sunday, 21 June 2020 16:06

Groups say their assistance with Kent County relief fund merits compensation

  GRAND RAPIDS — In partnering on a $25 million small business relief fund, Kent County and the Grand Rapids Area Chamber of Commerce want to tap a number of community and entrepreneurial support organizations to get the word out to companies and provide volunteers to vet grant applicants. 

Published in Finance
Thursday, 18 June 2020 17:26

Muskegon County loan program latest in COVID-19 business relief

Grand Rapids Opportunities for Women and the Community Foundation for Muskegon County have teamed up for a new aid fund for small businesses directly affected by the COVID-19 pandemic.

Published in Finance
Wednesday, 17 June 2020 17:02

Community Shores shareholders approve merger with ChoiceOne, deal to close in Q4

SPARTA — The planned $21.9 million merger of Community Shores Bank Corp. into ChoiceOne Financial Services Inc. heads to a close after earning shareholder approval.

Published in Finance

Tuesday, 09 June 2020 14:08

Fed makes changes to Main Street Lending program to broaden appeal to businesses

Changes by the Federal Reserve Board should draw greater interest to the new $600 billion Main Street Lending Program for small and mid-sized businesses hurt financially by the COVID-19 pandemic.

Published in Finance
Sunday, 07 June 2020 17:45

Restrictions in Fed’s Main Street Lending Program could limit appeal

The Federal Reserve Bank’s $600 billion Main Street Lending Program promises to offer small and mid-sized businesses hurt financially by the COVID-19 pandemic with another option to access credit and operating capital. 

Published in Finance
Sunday, 07 June 2020 17:35

Commercial lenders discuss effects of pandemic on West Michigan businesses, banking industry

Bankers across the region have been focused on working with small business clients to secure loans from the federal Paycheck Protection Program, as well providing payment deferrals and adjusting loans for business borrowers hit hard by the COVID-19 pandemic. 

Published in Finance

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