Displaying items tagged: 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
Sunday, 07 June 2020 17:00

‘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.

Published in Finance
Sunday, 07 June 2020 13:00

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.

Published in Finance

Thursday, 28 May 2020 16:22

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.

Published in Finance
Sunday, 24 May 2020 18:50

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.

Published in Finance
Sunday, 24 May 2020 18:40

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.

Published in Finance

Sunday, 24 May 2020 18:35

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. 

Published in Finance
Thursday, 14 May 2020 16:44

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. 

Published in Finance
Thursday, 14 May 2020 12:51

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.

Published in Finance

Monday, 11 May 2020 16:08

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.

Published in Finance
Sunday, 10 May 2020 18:54

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.

Published in Finance
Thursday, 07 May 2020 12:20

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.

Published in Finance

Thursday, 30 April 2020 17:58

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.

Published in Finance
Wednesday, 29 April 2020 10:59

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.

Published in Finance
Sunday, 26 April 2020 17:51

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.

Published in Finance

Sunday, 26 April 2020 17:33

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.

Published in Finance
Friday, 24 April 2020 04:50

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.

Published in Finance
Wednesday, 22 April 2020 08:25

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.

Published in Finance

Tuesday, 14 April 2020 17:15

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.

Published in Finance
Monday, 13 April 2020 05:04

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.

Published in Finance
Sunday, 12 April 2020 18:41

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.

Published in Finance

Sunday, 12 April 2020 18:37

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.

Published in Finance
Thursday, 09 April 2020 05:39

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.

Published in Finance
Monday, 06 April 2020 05:40

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.

Published in Finance

Monday, 06 April 2020 04:45

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.

Published in Finance
Sunday, 29 March 2020 17:15

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.

Published in Finance
Sunday, 29 March 2020 17:00

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.

Published in Finance

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