Displaying items by tag: finance

GRAND RAPIDS — Acrisure LLC has hired a new chief financial officer who comes from The Walt Disney Co. and will play a key role in helping the company grow beyond the core insurance business.

GRAND RAPIDS TWP. — Relocating its headquarters closer to Grand Rapids will give Union Bank a bigger presence in a market that’s been generating growth for a few years.

The path that Jeff Williams charted years ago was designed to ensure that Grand Wealth Management LLC continues well past his eventual retirement.

SPARTA — ChoiceOne Financial Services Inc. has raised $32.5 million in capital through a private placement of subordinate debt.

ADA — Century Technology Group Inc. continues to add to its portfolio of technology-focused companies with the acquisition of a Grand Haven-based emerging tech and media firm.

An additional $6.5 million state investment gives pre-seed fund Michigan Rise more capital to back a strong pipeline of startup companies.

TRAVERSE CITY — The $3.1 billion deal to combine Hagerty Insurance Group LLC with Aldel Financial Inc. would create a publicly traded company that expects to maintain significant growth.

Union Bank plans to move its corporate office to a new facility now under construction in Grand Rapids Township.

TRAVERSE CITY — Specialty auto insurer Hagerty Group LLC will combine with special purpose acquisition company Aldel Financial Inc. in a $3 billion deal that would make Hagerty a publicly traded company once the merger closes.

Two local community banks are following the industry’s deeper push into digital banking that has accelerated since the onset of the COVID-19 pandemic last year.

Businesses that received a federal Paycheck Protection Program loan and are growing or intend to seek financing for an expansion should apply for loan forgiveness as soon as possible, according to bankers.

A statewide loan fund that provides growth capital to rapidly growing businesses expects to start doing deals soon after agreements with its initial investors have been finalized.

GRAND RAPIDS — Dick DeVos has announced plans to step down as president of The Windquest Group.

GRAND RAPIDS — Michigan Capital Network plans to form a fourth venture capital fund.

GRAND RAPIDS — Independent Bank Corp.’s earnings declined in the second quarter from the prior year, largely because of lower non-interest income and higher non-interest expenses.

SPARTA — ChoiceOne Financial Services Inc. reported higher second-quarter earnings as the economic recovery from the COVID-19 pandemic continues.

GRAND RAPIDS — Sports technology firm MaxOne LLC announced this week that it has raised $3.5 million in capital, which includes an investment from professional basketball star Chris Paul.

GRAND RAPIDS — Mercantile Bank Corp. more than doubled earnings for the second quarter as growth in commercial and residential mortgage lending remained strong.

The $22 billion merger with TCF Financial Corp. brought new leadership for Huntington Bancshares Inc. in West Michigan that’s focused on retaining talent and customers while executing a massive corporate pledge to small businesses and underserved markets.

BALDWIN — A surge in deposits led a small community bank serving rural markets north of Grand Rapids to raise $15 million that will go to support growth and maintain regulated capital ratios.

Several West Michigan credit unions and community lenders received a combined $13.2 million in federal funding that they can use to assist underserved businesses and individuals affected by the COVID-19 pandemic.

As an investor and acquirer of small businesses, Steve Barnes is scouting a market that appears to hold plenty of opportunity.

Lake Michigan Credit Union will gain a larger presence along Florida’s Gulf Coast with the acquisition of a community bank.

United Bank of Michigan plans to expand to the lakeshore market with the opening of a branch office next year in Holland.

JACKSON — CMS Energy Corp. plans to sell a Utah-based bank that specializes in home improvement lending nationwide.

KALAMAZOO — The Western Michigan University management professors behind an investment fund that looks to cultivate and support a new generation of entrepreneurs hope to complete fundraising by the end of 2021.

Buying 14 offices in the central and northern Lower Peninsula from TCF Bank provides a broader stage for Horizon Bancorp Inc.’s further expansion in Michigan.

Raising the number of authorized shares by 25 percent gives ChoiceOne Financial Services Inc. greater ability to pursue another acquisition should the opportunity arise.

MUSKEGON — Consumers Credit Union has started construction on a new office in Muskegon that will expand its presence along the lakeshore.

Honor Credit Union will add an office in the Grand Rapids area with the planned acquisition of the smaller ATL Federal Credit Union.