Displaying items by tag: finance
Acrisure appoints former Disney executive as new CFO
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.
Union Bank eyes ‘huge opportunity’ for GR-area market share with new HQ
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.
Grand Wealth Management provides key lessons in succession planning
The path that Jeff Williams charted years ago was designed to ensure that Grand Wealth Management LLC continues well past his eventual retirement.
ChoiceOne Bank raises $32.5 million to support growth plans, shareholder value
SPARTA — ChoiceOne Financial Services Inc. has raised $32.5 million in capital through a private placement of subordinate debt.
Century Technology Group adds third tech company to portfolio with latest acquisition
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.
$6.5M state investment in Michigan Rise to fuel more startup funding
An additional $6.5 million state investment gives pre-seed fund Michigan Rise more capital to back a strong pipeline of startup companies.
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Reporter's Notebook: Hagerty’s $3B merger showcases Michigan’s insurance sector
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 planning new headquarters in Grand Rapids Township
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 to go public in $3 billion SPAC merger
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 community banks embrace digitization trend with new products, investments
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.
Banks willing to work with potential borrowers still carrying PPP loan debt
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.
Latest Grow Michigan fund fills capital niche for growing businesses
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.
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Dick DeVos to step down as president of The Windquest Group
GRAND RAPIDS — Dick DeVos has announced plans to step down as president of The Windquest Group.
Michigan Capital Network aims to raise $25M for fourth VC fund
GRAND RAPIDS — Michigan Capital Network plans to form a fourth venture capital fund.
Independent Bank earnings dip in latest quarter
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.
ChoiceOne reports higher quarterly earnings amid ‘signs of economic recovery’
SPARTA — ChoiceOne Financial Services Inc. reported higher second-quarter earnings as the economic recovery from the COVID-19 pandemic continues.
NBA star Chris Paul among latest investors in GR-based sports tech firm
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.
Mercantile Bank more than doubles quarterly earnings as lending remains strong
GRAND RAPIDS — Mercantile Bank Corp. more than doubled earnings for the second quarter as growth in commercial and residential mortgage lending remained strong.
Retaining clients, talent top priorities for Huntington execs after TCF merger
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 bank raises $15M to support growth
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.
West Michigan lenders receive $13.2M in federal funds to help underserved businesses, individuals
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.
GR Venture Capital scours market for small biz investments, acquisitions
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 continues Florida expansion with planned acquisition
Lake Michigan Credit Union will gain a larger presence along Florida’s Gulf Coast with the acquisition of a community bank.
United Bank plans first lakeshore branch in Holland
United Bank of Michigan plans to expand to the lakeshore market with the opening of a branch office next year in Holland.
Consumers Energy to sell bank subsidiary in $960 million deal
JACKSON — CMS Energy Corp. plans to sell a Utah-based bank that specializes in home improvement lending nationwide.
Sleeping Giant Capital marks first year with investment, developing students
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.
Branch acquisitions to expand Horizon Bank’s Michigan reach
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.
Share increase positions ChoiceOne Bank for potential acquisitions
Raising the number of authorized shares by 25 percent gives ChoiceOne Financial Services Inc. greater ability to pursue another acquisition should the opportunity arise.
Consumers Credit Union expands along lakeshore with Muskegon office
MUSKEGON — Consumers Credit Union has started construction on a new office in Muskegon that will expand its presence along the lakeshore.
Honor Credit Union to add Wyoming office after ATL acquisition
Honor Credit Union will add an office in the Grand Rapids area with the planned acquisition of the smaller ATL Federal Credit Union.