Displaying items tagged: finance

Tim Spence takes the helm July 5 at Fifth Third Bancorp Inc., succeeding Greg Carmichael, who’s retiring as CEO and becomes executive chairman.

GRAND RAPIDS – Private equity firm Blackford Capital has sold Grand Equipment Co. in Hudsonville to Chicago-based investment firm Cognitive Capital Partners LLC.

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 to add a second office in the Grand Rapids market.

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.

Grand Rapids-based insurance brokerage and fintech Acrisure LLC has closed on a $725 million equity raise that will fund further global expansion.

Chicago-area insurance brokerage and financial services firm Alera Group has acquired West Michigan Insurance Inc., a Grand Rapids property and casualty agency.

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.

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.

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.

Lending to the commercial real estate sector remained strong through the first quarter, particularly for manufacturing and multifamily residential developments.

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.

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.

Angel investing in Michigan rebounded well in 2021 as the amount invested neared — and deal flow exceeded — pre-pandemic levels.

PNC Bank has named Krista Flynn as its new executive leading commercial banking in the Midwest.

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.

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.

GRAND RAPIDS — Independent Bank Corp. has recorded lower earnings so far this year as mortgage originations and refinancings slowed.

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.

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.

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.

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. 

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.

CALEDONIA — Aspen Surgical Products Inc. has received additional capital from Boston-based Audax Private Equity to support further growth.

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.

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.

The Federal Reserve made the first of what’s expected to become multiple interest rate increases this year.

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.

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.

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.