Displaying items tagged: finance

HOLLAND — Raising nearly $21.6 million gives Shoulder Innovations Inc. the capital needed to scale up operations and bring new products to market.

ST. JOSEPH — The proposed acquisition of Edgewater Bancorp Inc. would give United Federal Credit Union greater expertise to further grow commercial lending.

ROCKFORD — Wolverine World Wide Inc. reported a strong performance from its e-commerce business in a third quarter earnings report Thursday, though quarterly and year-to-date revenue are down compared to last year.

Mercantile Bank’s move into Ohio with the opening of a Cincinnati mortgage lending office will allow the Grand Rapids-based bank to “put a flag down there,” bank officials say.

ChoiceOne Financial Service Inc. has reported significantly higher quarterly earnings following the completion of two acquisitions in the last year.

M&A deal flow that was dampened during the pandemic could soar in 2021, according to an annual outlook of executives and M&A professionals.

Independent Bank Corp. grew earnings in the third quarter against the “many challenges” of the COVID-19 pandemic.

ST. JOSEPH — United Federal Credit Union would broaden its footprint in Southwest Michigan with the planned acquisition of Edgewater Bancorp Inc.

HASTINGS — Mercantile Bank Corp. plans to sell a Hastings branch office to Lake Trust Credit Union as part of an ongoing initiative to shrink its office footprint.

For more than 45 years, Purple East has been a stalwart alternative lifestyle retailer in Grand Rapids, gaining a reputation for selling an assortment of clothing, glass pipes and smoking accessories.

The COVID-19 pandemic that slammed the economy this spring could generate more M&A deals in the months ahead.

HOLLAND — Costs from the COVID-19 pandemic lowered Macatawa Bank Corp.’s most recent quarterly earnings.

Kent County has added $3.5 million to a grant program providing financial assistance to small businesses ailing from the financial fallout of the COVID-19 pandemic.

Business and community leaders on Wednesday remembered Peter Secchia as a business leader and generous philanthropist who helped to shape West Michigan over the past several decades.

GRAND RAPIDS — Mercantile Bank Corp. recorded lower third quarter earnings amid what President and CEO Robert Kaminski Jr. called a “challenging operating environment” from the COVID-19 pandemic.

GRAND RAPIDS — An employee group has taken a majority ownership position in investment advisory firm Red Cedar Investment Management.

The 18 Michigan investors who invested in a Florida craft rum distiller are backing a fast-growing industry that offers plenty of opportunity.

A new capital fund seeded with state money got off to a quick start and has made investments in a half dozen young technology companies since launching two months ago.

GRAND RAPIDS — Grand Angels President Tim Parker has stepped down to run a community foundation in Wisconsin.

A Grand Rapids-based venture capital fund that will invest nationally in companies owned by minorities has secured commitments now totaling $6.25 million, with potentially millions more on the way.

Meijer Inc. recently invested $500,000 in Rende Progress Capital, a racial equity loan fund in Grand Rapids.

After taking a step back in the early months of the COVID-19 pandemic, angel investors say they are actively seeking deals, particularly in startups that are able to take advantage of the resulting economic disruptions.

Just 13 of the 80 venture capital professionals working in Michigan in 2019 were racial minorities. An equal number of all VC professionals in the state, or 16 percent, were women.

Securities regulators hope a change in the federal definition of accredited investors brings more people into the investor pool for startups and other companies seeking private capital, although it remains unclear whether it will significantly affect the flow of capital.

Huntington Bancshares Inc. has pledged to lend and invest $5 billion in Michigan over five years to support financial opportunities for businesses, consumers and community organizations.

KALAMAZOO — First National Bank of Michigan plans to open a new branch office in Lansing.

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

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.

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. 

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.