Displaying items tagged: finance
Incoming Fifth Third Bank CEO sees ‘excellent tailwinds’ in West Mich. market amid economic disruptions
Tim Spence takes the helm July 5 at Fifth Third Bancorp Inc., succeeding Greg Carmichael, who’s retiring as CEO and becomes executive chairman.
Blackford Capital sells Hudsonville construction equipment dealer amid recent exits
GRAND RAPIDS – Private equity firm Blackford Capital has sold Grand Equipment Co. in Hudsonville to Chicago-based investment firm Cognitive Capital Partners LLC.
Lawmakers, administration reach compromise on investment tax credit bill
State lawmakers have reached a compromise on a bill that would allow taxpayers to claim an income tax credit on their investment in a Michigan-based small business.
MSU Federal Credit Union plans second Grand Rapids-area branch
MSU Federal Credit Union plans to add a second office in the Grand Rapids market.
Acrisure to bring back 700 employees to downtown Grand Rapids office
GRAND RAPIDS — Acrisure LLC is set to bring back roughly 700 employees to its new downtown Grand Rapids office under a flexible in-person work plan that’s likely to boost downtown activity while marking a positive step for commercial office space.
Insurance brokerage Acrisure closes on $725 million equity raise
Grand Rapids-based insurance brokerage and fintech Acrisure LLC has closed on a $725 million equity raise that will fund further global expansion.
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Lighthouse Group owner acquires West Michigan Insurance Inc. as industry consolidation continues
Chicago-area insurance brokerage and financial services firm Alera Group has acquired West Michigan Insurance Inc., a Grand Rapids property and casualty agency.
Federal agencies propose ‘long overdue’ changes to equitable lending rules as banking moves virtual
A proposal by a trio of federal agencies would bring major banking industry regulations into the modern digital age as banking is increasingly done electronically instead of in branch offices.
GR software firm specializing in wire transfer fraud protection raises $12.5M
CertifID LLC, a Grand Rapids company that developed software to protect money wire transfers in real estate transactions, has closed on $12.5 million in growth capital.
Greenleaf Capital invests $10M to scale up Kalamazoo fund for entrepreneurs; new committee to focus on women in leadership
A Kalamazoo-based investment fund that also looks to cultivate and support a new generation of entrepreneurs who want to own a business will use a $10 million investment to scale operations.
Industrial, multifamily residential remain ‘darlings’ for commercial real estate lending
Lending to the commercial real estate sector remained strong through the first quarter, particularly for manufacturing and multifamily residential developments.
Kalamazoo cannabis Ch. 11 filing tests federal bankruptcy process
AKalamazoo cannabis company’s recent Chapter 11 bankruptcy filing will test some particularly murky legal waters and could potentially set a legal precedent for other cannabis-related businesses facing insolvency.
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Video Q&A: West Mich. banking veteran discusses lending environment amid economic volatility
Krista Flynn, who started this week in a new role as Midwest regional executive for commercial banking at PNC Bank, discusses the current lending environment in what she describes as relatively volatile economic conditions.
Report: 2021 angel investing neared or exceeded pre-pandemic levels
Angel investing in Michigan rebounded well in 2021 as the amount invested neared — and deal flow exceeded — pre-pandemic levels.
Flynn named Midwest regional executive of commercial banks for PNC
PNC Bank has named Krista Flynn as its new executive leading commercial banking in the Midwest.
Huntington Bank CEO ‘very bullish’ on regional economy as company integrates TCF
Huntington Bancshares Inc.’s acquisition last year of Detroit-based TCF Financial Corp. created the second-largest bank operating in Michigan for deposit market share and with more branch offices than any other bank. The Columbus, Ohio-based Huntington, which also now ranks among the 20 largest banks in the U.S., has since worked to integrate TCF.
Macatawa Bank’s Q1 earnings dip from last year
Lower fee income resulting from reduced home mortgage originations and the federal government’s Paycheck Protection Program loans caused Macatawa Bank Corp.’s earnings to decline in the first quarter from a year earlier.
Independent Bank Q1 earnings dip with slower mortgage activity
GRAND RAPIDS — Independent Bank Corp. has recorded lower earnings so far this year as mortgage originations and refinancings slowed.
Huntington Bank to soon name West Michigan regional president
Huntington Bancshares Inc. expects to soon name a new leader for its West Michigan market following the recent departure of former regional president Krista Flynn.
App-based GR bike repair startup among latest Michigan VC investments
A Grand Rapids startup seeks to do for bicycling what Uber and Lyft have done for transportation or DoorDash, Instacart and similar ventures have done for food and retail delivery.
Mercantile Q1 earnings decline amid drop in mortgage banking income
GRAND RAPIDS — Mercantile Bank Corp.’s earnings declined in the first quarter from a year earlier as refinancing for home mortgages decreased and reduced fee income.
Tribally owned GLI takes full operating control of technology firm with new investment
GRAND RAPIDS — Gun Lake Investments assumed full operating control through a new investment in Dallas, Texas-based Hall Technologies LLC, a designer and producer of professional audio/visual systems.
Traverse City-based credit union plans West Michigan expansion in former TCF branches
A Traverse City-based credit union plans to enter the West Michigan market with the planned opening of three branches in Holland, Zeeland and Muskegon, along with several more in the years ahead.
Aspen Surgical Products receives additional capital from Boston PE firm
CALEDONIA — Aspen Surgical Products Inc. has received additional capital from Boston-based Audax Private Equity to support further growth.
Inflation, interest rates, global conflict complicate M&A outlook
After an active dealmaking year in 2021 that was fueled by private equity, the M&A outlook for 2022 is slightly more clouded as inflation grows to 40-year highs, the Federal Reserve begins bumping up interest rates and Russia’s invasion of Ukraine disrupts financial markets.
MiBiz on WOOD-TV8: The Fed begins to steadily increase interest rates to combat inflation
The Federal Reserve last week began the first of what’s expected to be several quarter-point interest rate increases to help curb inflation that’s running at a 40-year high.
Fed’s first of several interest rate increases targets inflation as economy remains strong
The Federal Reserve made the first of what’s expected to become multiple interest rate increases this year.
Tax cut plans come as Michigan’s business tax climate ranks favorably
Michigan’s business tax climate ranks comparatively well to other states, and business advocates say election-year tax cuts proposed in Lansing could further improve that standing.
MiBiz on WOOD-TV8: Highlights from the 2022 M&A Deals and Dealmakers Awards
MillerKnoll Inc., Bell’s Brewery Inc. and Huntington Bank were among the top award-winning deals in this year’s MiBiz M&A Deals and Dealmaker Awards.
GR venture capital fund makes first investment, shows ‘strong pipeline’
A $500,000 investment from a venture capital fund supporting companies operated by minorities and people of color will help advance Anthony Chang’s vision for a network of advanced cancer treatment clinics across the U.S.