Displaying items tagged: finance
Grand Rapids an outlier in bank branch openings
As much of the banking industry went in the opposite direction, Sparta-based ChoiceOne Bank opened branches starting in late 2018.
Backed by $5 million investment, UV Angel advances new technology
GRAND HAVEN — A $5 million private equity investment supports UV Angel’s move toward the marketplace with a new product that cleans the air in hospitals and other facilities.
Charter Capital advises UP bank in $42 million acquisition
GRAND RAPIDS — Charter Capital Partners represented Hancock-based Keweenaw Financial Corp., the parent company of Superior National Bank & Trust, in the $42 million acquisition of North Star Financial Holdings Inc.
Red Oak Capital plans fourth $50 million bridge loan fund
GRAND RAPIDS — Red Oak Capital Group LLC has formed another fund that seeks to raise $50 million through a public bond offering to make commercial real estate bridge loans.
Survey indicates soft industrial economy continues in West Michigan
A monthly survey shows West Michigan’s manufacturing sector remained slow in January, although a couple of key indexes improved slightly from the prior month.
ChoiceOne shares moving to Nasdaq exchange
SPARTA — Shares of ChoiceOne Financial Services Inc., the parent company of ChoiceOne Bank and Lakestone Bank & Trust, will begin trading Friday on The Nasdaq Capital Market under its present symbol “COFS.”
New Community Transformation Fund could serve as a national model for inclusion
Kwame Anku believes the New Community Transformation Fund forming in Grand Rapids could become a national model for driving greater economic inclusion in venture capital.
Backers hope new VC fund spurs more inclusive West Michigan economy
GRAND RAPIDS — The Right Place Inc.’s new venture capital fund plans to target investments toward an area of the economy where capital historically has flowed the least: startups and businesses owned by racial and ethnic minorities.
Grand Angels raises $11.7 million for third VC fund
GRAND RAPIDS — After completing fundraising at the end of 2019, Grand Angels has a couple of new deals in the works for its latest venture capital fund.
SEC considers modernizing accredited investor definition
If federal regulators want to increase the flow of capital to startups across the U.S., Tim Parker suggests they consider creating a new class of investor.
Q&A: David Brophy Director, Center for Venture Capital and Private Equity Finance at University of Michigan
Michigan’s venture capital industry made further progress in 2019 as investors put a record $771.6 million into 115 deals with state-based companies, according to Pitchbook and the National Venture Capital Association. Despite the industry’s growth, David Brophy says a lot more needs to happen to further build venture capital in Michigan to seed and grow more startups and attract more investors, particularly large institutional investors who can put money into Michigan-based funds. Brophy serves as director of the Center for Venture Capital and Private Equity Finance at the University of Michigan and is founder of the annual Midwest Growth Capital Symposium. He spoke with MiBiz about the status of venture capital in Michigan.
Independent Bank mortgage loans top $1 billion
GRAND RAPIDS — Independent Bank Corp. ended 2019 with a nearly 40-percent growth rate in quarterly earnings.
Macatawa Bank reports strong net income growth for fourth quarter
HOLLAND — Macatawa Bank Corp. grew net income 16 percent in the fourth quarter to $8.1 million, or 24 cents per diluted share, capping off a year of strong earnings growth.
Mercantile reports earnings, loan growth
GRAND RAPIDS — Mercantile Bank Corp. grew earnings for the fourth quarter and all of 2019.
Community Shores deal ‘makes a lot of sense’ for ChoiceOne
SPARTA — ChoiceOne Financial Services Inc. wasn’t actively looking to do another deal, but the parent company of ChoiceOne Bank saw an opportunity with Community Shores Bank Corp. that was too good to pass up.
VC firms invested $7 million in West Michigan firms during fourth quarter
West Michigan companies secured a collective $7 million in later-stage venture capital during the fourth quarter, as investments in Michigan reached a new high.
SalesPage acquires Wisconsin fintech firm
KALAMAZOO — SalesPage Technologies LLC made its second acquisition in seven months with a deal for SalesStation, a division of Milwaukee, Wisc.-based Celera Systems LLC.
ChoiceOne to acquire Community Shores Bank in $21.9 million deal
SPARTA — Five months after closing one acquisition, ChoiceOne Financial Services Inc. now plans to do another.
State allocates $7 million in funds to back early-stage entrepreneurs
An assortment of state-backed capital funds and initiatives to support business startups, innovation and entrepreneurs recently earned renewal in Lansing.
Banks reluctant to serve Michigan’s cannabis industry, but options exist
Conner McClain and his business partner at In Between Dreams LLC plan to open an indoor growing facility for medical marijuana early next year in Vicksburg.
Bank execs could face fewer deal prospects in 2020
Bank M&A may ease in 2020, as fewer executives surveyed by the trade publication Bank Director view the market as favorable for deals.
M&A Roundtable: Buyers continue chasing deals as limited inventory of quality sellers persists
ROUNDTABLE: The M&A market ended 2019 in good shape and professionals who work in the field expect dealmaking to remain strong in the new year.
Q&A: Matt Boersen Managing partner, Straight Path Wealth Management
Matt Boersen considers his new role as a director at the Washington, D.C.-based Certified Financial Planner Board of Standards Inc. as coming at a pivotal time for the industry. The CFP Board of Standards last fall enacted a “fiduciary standard” that requires financial advisers to act solely in a client’s best interest when providing advice. The 31-year-old Boersen was one of three new directors recently elected to four-year terms on the board of directors for the CFP Board of Standards, which sets professional standards for financial planners and administers the CFP certification. The financial planner and managing partner at Jenison-based Straight Path Wealth Management spoke with MiBiz about the changes and the perspective he brings to the board.
Blackford Capital invests in Cartridge World
GRAND RAPIDS — Private equity firm Blackford Capital Inc. purchased the U.S. brand licensing rights to Cartridge World, a franchised printing consumables brand.
PE-backed High Street Insurance makes first acquisition in Southeast Michigan
TRAVERSE CITY — Private equity-backed High Street Insurance Partners Inc. has acquired InPro Insurance Agency LLC, a full-service independent insurance agency in Troy, Mich.
U.S. Economic Outlook: Economists expect U.S. to avoid recession in 2020
Fears of a national recession in 2020 are largely unfounded. So insists Jim Robey, director of regional economic planning services at the Kalamazoo-based W.E. Upjohn Institute for Employment Research.
Michigan Economic Outlook: After ‘disappointing’ year, Michigan economy poised to grow in 2020
A combination of factors came together in 2019 to take a bite out of Michigan’s economy. The six-week General Motors strike, white-collar job cuts at GM and Ford early in 2019, a slowing manufacturing sector, and relatively flat auto sales collectively held back the state’s growth this year.
Greenleaf Trust exec: ‘Good case” for more stock market volatility in 2020
Investors approach 2020 with a little anxiety from concerns about the future of the U.S. economy that moved into a record period of expansion this past summer, plus the presidential election and other issues that create uncertainty. Nick Juhle, vice president and director of investment research, says investors view the stock market much as they did a year ago: with a sense of uncertainty about how long economic growth can last.
Grand Ventures portfolio company sold to VC-backed firm
GRAND RAPIDS — Grand Ventures’ portfolio company Sigstr of Indianapolis has been acquired by another growing venture capital-backed tech firm.
Charter Capital mezz fund invests in Ann Arbor firm
GRAND RAPIDS — Charter Growth Capital Fund has invested in All Star Driver Education LLC, an Ann Arbor provider in driver education.