Displaying items tagged: finance
Despite recent progress, diversity gap remains in venture capital
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.
Investors welcome new SEC accreditation rule — whether it expands capital remains unclear
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 announces $5 billion lending and investment plan in Michigan
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.
First National Bank of Michigan to open Lansing branch
KALAMAZOO — First National Bank of Michigan plans to open a new branch office in Lansing.
Pandemic slows insurance M&A activity, though deals still flowing
Since forming two years ago, High Street Insurance Partners Inc. grew steadily through acquisitions.
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.
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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.
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.
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.
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.
Chemical Bank offices take on TCF name
Former Chemical Bank offices statewide now carry the TCF National Bank name.
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.
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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.
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.
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.
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.
ChoiceOne boosts earnings after recent acquisitions
An acquisition last fall helped ChoiceOne Financial Services Inc. report quarterly earnings that tripled from a year ago.
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.
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.
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.
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.
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.
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.
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.
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.
ChoiceOne completes acquisition of Community Shores Bank
ChoiceOne Financial Services Inc. closed today on the $20.8 million acquisition of Community Shores Bank Corp.
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.
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.
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.
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.