Displaying items tagged: finance
High Street Insurance eyes ‘fantastic’ growth opportunities in consolidating industry
The purchase of Ottawa Kent Insurance Agency Inc. comes as a Traverse City-based agency platform backed by private equity investors pursues a Midwest acquisition strategy.
New Acrisure joint venture leverages AI to serve nontraditional workers
CALEDONIA — Acrisure LLC has launched a joint venture to sell insurance coverage directly to consumers through a digital platform backed by artificial intelligence.
Shareholders approve ChoiceOne-County Bank merger
SPARTA — ChoiceOne Financial Services Inc.’s merger with Lapeer-based County Bank Corp. easily earned shareholder approvals this morning and now heads to a close next spring.
Ottawa Kent Insurance sells to PE-backed High Street
JENISON — Ottawa Kent Insurance Agency Inc. was acquired by Traverse City-based High Street Insurance Partners Inc., an insurance agency platform formed last year by Huron Capital Partners LLC, a Detroit-based private equity firm.
The revised statement of purpose from the Business Roundtable
Here is the revised text of the “Statement on the Purpose of a Corporation” issued by the Business Roundtable on Aug. 19:
Great Lakes VC funds increasingly look locally for deals
Grand Ventures I LP’s lead investment in a Chicago digital health company typifies what’s occurring in venture capital in Michigan and neighboring states: Funds based in the region are backing Great Lakes-based startups.
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Outlooks continue to show slower growth ahead for Michigan, U.S. economies
As U.S. economic growth slows, so too does Michigan’s economy.
Corporate executives look beyond shareholders
The Business Roundtable, an organization of leading U.S. corporate executives, last month issued a new version of its Statement on the Purpose of a Corporation.
GVSU professor: Beware of greenwashing in Business Roundtable’s revised corporate purpose statement
The latest version of the Business Roundtable’s Statement on the Purpose of a Corporation is intriguing, according to Tim Syfert, a clinical professor of business at Grand Valley State University’s Seidman College of Business.
Steelcase’s Keane: New statement shows businesses ‘lead the way in doing good’
Steelcase Inc. President and CEO James Keane was among the 181 chief executives in the U.S. that signed the Business Roundtable’s “Statement on the Purpose of a Corporation.” He offered his perspective on the document in emailed responses to MiBiz.
My Personal Credit Union rebrand as Bloom Credit Union
WYOMING — My Personal Credit Union of Wyoming changed its name to Bloom Credit Union.
Grand River Bank expands with east side location in GR
GRAND RAPIDS TOWNSHIP — Grand River Bank plans to open a new office on the east side of Grand Rapids by the middle of next year.
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BANKING: Banks and credit unions wait for federal law to become more cannabis-friendly
The legalization of cannabis in Michigan offers an emerging economic sector for banks and credit unions, but only if Congress enacts legislation to change existing federal law and allow them into the market.
ALL VERY HIGH: Risks, rewards, barriers-to-entry elevated for Michigan cannabis investors
GRAND RAPIDS — Brandon Kanitz walks through a cavernous area of a former auto-parts manufacturing plant, pointing out areas that in the months ahead will become growing rooms for marijuana plants.
Consumers Credit Union builds new Grand Rapids-area branch
Kalamazoo area-based Consumers Credit Union recently began construction on a new branch on 54th Street SW in Wyoming, its sixth office in the Grand Rapids area.
Perrigo reports progress on transformation plan
ALLEGAN — Perrigo Co. plc reaffirmed its 2019 earnings guidance and reported a slight decline in net sales resulting from unfavorable currency translations and exited businesses.
Traverse City insurance firm Hagerty sells minority stake
TRAVERSE CITY — Markel Corp., the Richmond, Va.-based holding company for various insurance, reinsurance, and investment operations, has acquired a minority stake in The Hagerty Group LLC, a Traverse City-based insurer of classic cars and high-end automobiles.
Charter Capital targets $100 million for new mezz fund
GRAND RAPIDS — A new mezzanine fund based in Grand Rapids seeks to raise $100 million to invest in growing companies, MiBiz has learned.
Chemical Bank merger closes, ChoiceOne deal awaits shareholder votes
As one bank merger affecting the West Michigan marketplace focuses on integration, another much smaller deal heads toward shareholder votes next month.
Red Oak Capital eyes third $50 million fund for commercial real estate bridge loans
GRAND RAPIDS — After closing on fundraising for one real estate investment fund for bridge loans, Red Oak Capital Group has begun preparing for another.
Stryker raises expectations for 2019 after ‘robust’ quarter
KALAMAZOO — Stryker Corp. raised its sales and earnings guidance for 2019 after what President and CEO Kevin Lobo called a “robust” second quarter.
Michigan retailers remain positive even amid sales dip in June
Michigan retailers reported a dip in sales during June, although they remain optimistic that business will pick up over the next few months, according to a monthly index released last week.
Grand River Bank parent company lists shares on OTCQX Best Market
GRANDVILLE — Shares of Grand River Commerce Inc., the parent company of Grand River Bank, began trading today on a financial market operated by OTC Markets Group Inc.
Macatawa Bank earnings up 20 percent for second quarter
HOLLAND — Macatawa Bank Corp. grew earnings by nearly 20 percent in the second quarter, maintaining the company’s strong financial performance.
Independent Bank reports higher earnings for second quarter
GRAND RAPIDS — Independent Bank Corp. recorded higher net income for the second quarter with double-digit loan growth.
Merger costs eat into ChoiceOne Financial’s quarterly earnings
SPARTA — Costs from a proposed merger cut into ChoiceOne Financial Services Inc.’s quarterly earnings.
West Michigan Community Bank to open new Grand Rapids office
GRAND RAPIDS — West Michigan Community Bank plans to open a new regional office in Grand Rapids Township.
FROM BASEMENT TO BOARDROOM: Manica succeeds father as CEO of United Bank
GRAND RAPIDS — Joe Manica’s first job at United Bank was building shelves in the basement as a teenager.
Backed by $40M investment, Vestaron pivots to commercialize biopesticide
KALAMAZOO — When Anna Rath signed on as CEO of Vestaron Corp. 15 months ago, the company was preparing to transition from a focus on R&D to commercializing a line of new environmentally friendly insecticides.
Chemical-TCF deal secures regulatory approval
Chemical Financial Corp.’s $3.6 billion acquisition of Wayzata, Minn.-based TCF Financial Corp. heads to a close Aug. 1 after receiving final federal regulatory approval.