Displaying items tagged: finance
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.
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.
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.
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.
‘TREMENDOUS WIN:’ Tetra Therapeutics’ sale offers healthy returns for investors, validation for local ecosystem
GRAND RAPIDS — Tetra Therapeutics Inc.’s sale to a Japanese pharmaceutical company provides a final pathway toward bringing to market potential new drugs to treat Alzheimer’s disease and a form of autism, as well as generates a handsome return for financial backers.
Q&A: Jelena McWilliams Chairman, Federal Deposit Insurance Corp.
The FDIC intends to keep providing regulatory flexibility to banks as they navigate the economic recession brought on by the COVID-19 pandemic. The federal regulatory agency wants banks to remain agile and do what they can to support consumers and small business owners during the crisis, according to FDIC Chairman Jelena McWilliams. McWilliams, who began a six-year term on the FDIC Board of Directors in June 2018, previously served as executive vice president, chief legal officer, and corporate secretary for Fifth Third Bank in Cincinnati, Ohio.
FROM OUR ADVERTISERS
Independent Bank raises $40 million through debt offering
GRAND RAPIDS — Independent Bank Corp. raised $40 million in a debt offering that comes amid the economic downturn and uncertainty from the COVID-19 pandemic.
Reporter's Notebook: Banker beware
In a recent conference call, the president and CEO of Detroit-based TCF Financial Corp. — the parent company of what remains known in Michigan as Chemical Bank — voiced a simple ethic that all businesses, no matter their industry or their size, must keep in mind in the COVID-19 pandemic.
Parent company of Grand River Bank plans $7.5M raise to ‘buttress’ existing resources
GRANDVILLE — The parent company for Grand River Bank wants to raise $7.5 million to provide a cushion for the economic downturn brought on by the COVID-19 pandemic.
TCF Financial execs discuss pandemic response, merger integration
TCF Financial Corp. approved more than 16,000 U.S. Small Business Administration Paycheck Protection Program loans for $2 billion, all while adapting to the COVID-19 pandemic as most non-branch employees transitioned to working from home.
Comerica estimates Michigan to lose nearly one-third of state output in second quarter
Michigan’s hard-hit economy will record a major dive for the second quarter from the effects of the COVID-19 pandemic, losing nearly one-third of its output, before partially recovering in the third quarter.
State analysts say revenue shortfall to exceed $3B this year
Michigan is facing a more than $3 billion shortfall for the state’s general fund and school aid budget in the fiscal year that ends Sept. 30, according to analyses by state fiscal agencies.
FROM OUR ADVERTISERS
Comerica projects W-shaped economic pattern in wake of COVID-19 mitigation policies
Comerica Inc. now projects a “W-shaped pattern” for U.S. economic performance with a steep decline in Real GDP for the second quarter, a partial rebound in the third and a small decline to end the year.
ChoiceOne-Community Shores deal progresses toward ‘likely’ third quarter close
In mid-2018, executives and directors at Community Shores Bank Corp. began to study “strategic alternatives” to grow the bank.
PE-backed High Street Insurance Partners acquires 3 agencies
TRAVERSE CITY — High Street Insurance Partners, a private equity-backed agency platform, recently completed three acquisitions, including two deals in West Michigan.
Independent Bank to close 8 branch offices this year, increases loan-loss provisions
GRAND RAPIDS — Independent Bank Corp. plans to close eight branch offices later this year as consumers increasingly use online and mobile banking, but could open new locations elsewhere in the state.
Report: Michigan’s reliance on federal funding limits state spending options
Michigan has gradually grown more reliant on federal funding to support state operations, creating “limited discretion over budgetary choices” as it’s forced to make cuts during the coronavirus pandemic, according to analysts.
MSU Foundation to manage state-backed $5.5M pre-seed fund
The Michigan Economic Development Corp. plans to put $3 million into a capital fund that will invest in early-stage technology companies.
Michigan’s VC industry soars in 2019; pandemic cools outlook for 2020
The number of angel investors expanded again, the average size of Michigan-based venture capital funds increased, and even if you exclude major deals as one-time outliers, the amount invested last year still grew.
Macatawa Bank reports lower first quarter earnings
HOLLAND — Earnings at Macatawa Bank Corp. declined for the first quarter, largely from higher a loan-loss provision because of the COVID-19 pandemic.
Mercantile Bank in ‘extremely solid’ position to weather economic turbulence
GRAND RAPIDS — Mercantile Bank Corp. reported lower earnings to start 2020 and sits in an “extremely solid” condition for the economic downturn brought on by the COVID-19 pandemic.
Northern Initiatives to increase small business lending with $2 million infusion from state
The state plans to provide up to $2 million to a Marquette-based small business lender to increase activity across the state.
Venture capital pours record $2.06 billion into Michigan companies in 2019
Venture capital firms invested a record amount into Michigan-based companies in 2019, led by a Plymouth-based automotive technology company that accounted for three-quarters of the total.
VC, PE firms steer companies through crisis
The COVID-19 pandemic that dismantled daily routines and hammered the economy has forced investors to pivot along with the companies they back financially.
Reporter's Notebook: Sports training app developer soars during shutdown
Jason Mejeur sees his business as one of the outliers right now in the economic carnage from the COVID-19 pandemic.
Michigan’s top SBA lender temporarily halts applications for SBA’s COVID-19 relief program
Huntington Bank has temporarily stopped taking application from companies seeking a U.S. Small Business Administration loan to get them through the economic hardship caused by the COVID-19 pandemic.
Grand Power receives $700K investment to support growth
GRAND HAVEN — A new investment from private equity owner Blackford Capital gives Grand Haven-based portfolio company Grand Power Systems Inc. capital needed to support growth.
GVSU economist: Coronavirus-caused recession will be bigger than 2008-09
The COVID-19 pandemic will take a fast bite of more than $3 billion out of West Michigan’s economic output, driving the region into recession along with the rest of the country.
Banks leverage new flexibility to help businesses get through pandemic
Small businesses that have been slammed by the coronavirus pandemic and expect to have difficulty making commercial loan payments should call their bankers now to work out possible adjustments.
Crisis could slow exits, but owners need to keep planning
The COVID-19 pandemic that’s swept the nation adds a new issue for business succession and transition planning.