Displaying items tagged: finance
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.
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.
Buoyed by strong second quarter, Mercantile Bank expects solid second half of 2019
GRAND RAPIDS — Mercantile Bank Corp. today reported strong results for the second quarter, setting up the second half of 2019 for continued growth.
United Bank names Joe Manica as new CEO
GRAND RAPIDS — Joe Manica took over this month as president and CEO at United Bank.
SalesPage acquires Advisor Atlas
KALAMAZOO — SalesPage Technologies LLC acquired Advisor Atlas, a data provider to asset management and financial services firms.
Top rating could boost new liability insurance carrier for cannabis industry
GRAND RAPIDS — Securing a top rating for financial stability could boost business for a West Michigan company that underwrites product liability insurance coverage for the cannabis industry.
Amid economic concerns, borrowing remains strong for short-term projects
Commercial bankers say clients’ demand for credit remains strong, although borrowers in West Michigan are carefully watching what’s ahead for the economy.
West Michigan bankers react to potential for Fed rate decreases
After issuing a steady string of interest rate increases over the last three years, the Federal Reserve could start lowering rates again in the coming months in a move to keep the economy growing, making borrowing a little cheaper for businesses.
Grow Michigan eyes $50M in private investment for second mezz fund
Initially seeded with state money seven years ago to provide financing to growing Michigan-based businesses, Grow Michigan LLC expects to begin seeking investors for a second fund totaling nearly $60 million.
State Farm to cut 247 jobs in Kalamazoo area
PORTAGE — Auto insurer State Farm plans to eliminate 247 jobs in Kalamazoo County with the planned closing of an operations center by Aug. 31.
Concept for regional fund to back Great Lakes VC investors faces key hurdles
The idea sounds simple: Create a $150 million to $200 million fund supported by foundations and university endowments to back venture capital investors in the Great Lakes states.
MiBiz Growth Report: June 24, 2019
Here is the growth report for June 24, 2019.