Displaying items tagged: finance
MSU’s student-led VC fund offers new hands-on learning
EAST LANSING — With a new investment fund at Michigan State University, students can gain experience on either side of the venture capital industry. The Student Venture Capital Fund offers students with an idea for a business or an innovation “priceless” experience in seeking capital and pitching to prospective investors, said Jeff Wesley, the executive director of Red Cedar Ventures at MSU.
Rose Street Advisors acquires HRM Innovations
Rose Street Advisors LLC of Kalamazoo has acquired HRM Innovations LLC, a human resources consulting and training firm.
Indiana credit union to acquire New Buffalo Savings Bank
South Bend, Ind.-based Teachers Credit Union plans to acquire New Bancorp Inc., the parent company of New Buffalo Savings Bank.
Michigan VC industry makes gains in diversity, still ‘room for improvement’
As Michigan’s venture capital industry made further gains in 2018, it made some progress on one front that’s been the focus of attention the last few years: Diversity. Statistics tucked into the Michigan Venture Capital Association’s 2019 research report show an uptick over five years in investments into startups companies led by women and minorities.
FLYOVER NO MORE: National VC group’s event recognizes Midwest growth
The amount of venture capital invested in the Midwest grew at a compound annual rate of 17 percent from 2013 to 2018, the third highest in the U.S., behind the West Coast at 28 percent and the Mid-Atlantic region at 22 percent. The growth rate was one of the reasons the National Venture Capital Association and the University of California Berkeley chose Ann Arbor as the place to launch a new education program, VC University LIVE, on May 15-17 at the University of Michigan Ross School of Business.
Macatawa Bank reports strong start to 2019
Macatawa Bank Corp. recorded strong earnings growth for the first three months of 2019.
Blackford Capital exits Custom Profile, creates ESOP to take company ‘to its next chapter’
WALKER — Seven years after buying Custom Profile Inc., Blackford Capital Inc. was ready for an exit. In seeking to sell the company, the Grand Rapids-based Blackford Capital evaluated a variety of options. Those options included finding a strategic buyer, a deal with another private equity firm, or selling to Custom Profile’s management and employees under an employee stock ownership plan.
Merger costs flatten ChoiceOne earnings for the first quarter
Merger-related expenses flattened quarterly earnings for ChoiceOne Financial Services Inc.
Independent Bank reports higher earnings to start 2019
Independent Bank Corp. got off to what President and CEO Brad Kessel called a “solid start” in 2019 with slightly higher earnings.
Woman-backed Michigan VC fund raises $4.5 million to date
A venture capital fund led by women investors to back women-owned startups has raised $4.5 million so far toward a $20 million goal. Belle Michigan Impact Fund LP has attracted 57 investors to date, including its first institutional investor in Toronto-based Canadian Imperial Bank Corp.
United Federal Credit Union to buy former Whirlpool offices for new HQ
United Federal Credit Union plans to buy a former Whirlpool Corp. office building in St. Joseph for its new corporate headquarters.
Mercantile Bank continues streak of growth in earnings, loans
Mercantile Bank Corp. began 2019 with higher earnings and strong loan growth that it expects to continue through the year.
Michigan firms raised record $385 million in VC in 2018
Venture capital funds based in Michigan more than doubled the amount they invested in startups in 2018, although the money went to fewer companies.
New report details insurance industry growth in Michigan
The insurance industry in Michigan grew by double digits over a 13-year period and remains poised to grow even more with the cluster of talent based in the state. Those were among the conclusions in a new report that for the first time offers a broad look at the state’s insurance industry, which in 2018 accounted for 4.6 percent of Michigan’s gross domestic output, directly employed more than 80,000 people, and supported another 58,000 jobs indirectly through the purchase of goods and services.
New firm tailors commercial lending services to small credit union
PORTAGE — In the past, First United Credit Union would consider doing a business loan when a member asked about it. Now, after signing on last year with a Portage firm, the small Grandville credit union takes a slightly more proactive approach toward business lending to members.
ChoiceOne seizes growth opportunity in deal for SE Michigan community bank
SPARTA — ChoiceOne Financial Services Inc.’s proposed $89 million merger with a similarly sized community bank in Lapeer began last summer when Kelly Potes struck up a conversation with his counterparts.
PLAN EARLY AND OFTEN: Advisers say business succession, transition takes years of prep
Craig Hecker had thought about his eventual departure from his family business for a decade or more. A few years before he sold, he began preparing. He spent time “making sure everything was up to date and in good shape,” and even paid off the company’s debt.
Business owners hold the keys to succession planning — if they take action
Some business exits go smoothly; others, not so much. The key for business owners approaching the time when they’re poised to move on is to plan early and often, and to thoroughly think through their approach to the process.
Avoiding ‘nightmare’ succession scenarios requires pre-planning, advisers say
Life happens. So does death. Professional advisers say business owners need to prepare for what happens to their companies in the event they’re taken out of commission by a sudden life-changing event — such as an illness or injury that leaves them incapacitated or debilitated, or worse. Even if an owner experiences a personal crisis that takes him away from the business for an extended period, it can have crushing effects on the company, especially without prior planning, advisers say.
Boomer retirements force emphasis on government succession planning
Jennifer Orme applied to be the human resources director for the city of Holland after hearing about the job on Facebook. The city’s next request took her by surprise: They asked her to send in a hard copy of her resume.
ChoiceOne plans ‘strategic merger of equals’ with SE Michigan bank
Sparta-based ChoiceOne Financial Services Inc. plans to merge with Lapeer-based County Bank Corp. in a deal that would create a bank with a combined $1.28 billion in assets.
Real estate bridge loan fund picks up traction
GRAND RAPIDS — A capital fund providing commercial real estate bridge loans raised more than $11 million from investors in its first few months and closed on transactions with three borrowers. Red Oak Capital GP LLC of Grand Rapids continues to close monthly on investments from new investors en route to a goal of raising $50 million through a bond offering by the end of 2019, with two six-month extensions if needed. The capital raised goes to a national fund that provides senior lines of credit for commercial real estate deals that do not yet qualify for bank financing.
Lake Michigan Credit Union eyes future expansion in Florida
GRAND RAPIDS — Nearly a year after closing on the acquisition of a community bank on Florida’s Gulf Coast, Lake Michigan Credit Union could extend its footprint further in the Sunshine State. By following members who are migrating south for the warmer climate in retirement, the Grand Rapids-based Lake Michigan Credit Union is presently looking at other community banks in Florida, said President and CEO Sandra Jelinski.
Cannabis firm Green Peak Innovations raises $30 million in latest round
A Mid Michigan medical marijuana company plans to expand after raising more than $30 million in capital.
Cultivate(MD) VC fund invests in Virginia-based medical device firm
Cultivate(MD) Capital Fund II LP, a venture capital fund operated by Grand Rapids-based Genesis Innovation Group, invested in Embody Inc., a Norfolk, Va. company that developed a collagen-based micro-fiber implant for Achilles’ heel and rotator cuff repairs.
Grand Angels grows statewide network with new Detroit affiliate
Grand Angels’ formation of an affiliate investment group in Detroit brings more capital and investors into the field to support startup companies in Michigan.
ITB Packaging eyes global growth to meet growing demand
HOLLAND — The $6.7 million that ITB Packaging LLC raised from private investors will go to support developing new production equipment and expanding into markets outside of the U.S. In the years ahead, the company aims to accelerate growth, penetrate new product markets such as consumer goods, electronics and the beverage industry, and establish production for overseas customers in Mexico and Europe. The first step is to complete in-house development on the next generation of automated production equipment to produce the packaging dividers.
Independent Bank reports higher earnings for fourth quarter
Independent Bank Corp. this week reported net income of $9.9 million, or 41 cents per diluted share, for the fourth quarter of 2018.
Chemical Financial, TCF Financial plan $3.6 billion ‘merger of equals’
Chemical Financial Corp. would extend further across the Midwest with the proposed merger with Wayzata, Minn.-based TCF Financial Corp.
Macatawa Bank reports higher fourth quarter, 2018 earnings
Macatawa Bank Corp. nearly tripled earnings for the fourth quarter.