Displaying items tagged: finance

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.

GRAND RAPIDS — Independent Bank Corp.’s earnings declined in the final three months of 2021 but grew overall for the year.

HOLLAND — Macatawa Bank Corp. recorded lower fourth quarter earnings that partly resulted from reduced fee income as fewer federal Paycheck Protection Program loans were forgiven.

A new Southern California sports and entertainment venue will take its namesake from a Grand Rapids-based insurance broker and financial technology firm.

SPARTA — ChoiceOne Financial Services Inc. recorded higher earnings for 2021, benefitting from mergers that the bank completed in 2019 and 2020.

Grand Rapids accounting firm Beene Garter LLP has merged into Troy-based Doeren Mayhew.

GRAND RAPIDS — Mercantile Bank Corp. recorded strong earnings in 2021 with loan growth that President and CEO Robert Kaminski Jr. called “nothing short of stellar.”

If it’s money that matters most when people look for work or to relocate for a new job, then West Michigan may be at a disadvantage in competing for the coveted talent needed to drive economic growth.

HASTINGS — Hastings Mutual Insurance Co. President and CEO Joseph Babiak plans to retire on March 31.

GRAND RAPIDS — Insurance and employee benefits agency Lighthouse Group has acquired Gales Agency from Shelby State Bank.

Jerry VanderLugt sees Wall Street with further volatility in 2022. The founder and principal of JVL Wealth Strategies LLC, which recently moved to a new office in Wyoming, VanderLugt spoke with MiBiz about the market in the new year, the prospect of rising interest rates and higher inflation, and where investors are looking to put their money these days.

Gun Lake Investments started 2022 with a permanent CEO in place and plans to become more active in the market.

KALAMAZOO — The chief executive officer at Consumers Credit Union plans to retire in mid-2022 after 38 years.

Michigan’s economy and jobs are expected to continue to recover in 2022 from the deep downturn last year resulting from the COVID-19 pandemic.

The latest coronavirus variant to emerge in a nearly two-year pandemic creates further uncertainty for the U.S. economy in 2022, although economists generally expect continued strong growth.

The new year could bring a continued acceleration of M&A in the banking industry.

Auxo Investment Partners reached further into the rail industry with the acquisition of Ferrovia Services LLC, an Auburn, Ala.-based railroad vegetation management company.

Fox Motors has gained a foothold in the metro Detroit market by acquiring two longtime Farmington Hills-based dealerships.

Hiring a new business development director who’s based in Grand Rapids is part of Michigan Women Forward’s goal to build a larger West Michigan market presence for business lending and support for female-owned businesses and entrepreneurs of color.