More bank branches closed in Michigan than in 45 other states in the years following the most recent financial crisis.
United Bank of Michigan President and CEO Michael Manica believes the economy was already on track for a good year in 2017. But the election of Donald Trump as president and his pro-business policies should boost the U.S. and the West Michigan economies higher, Manica said. A slow-growth economy that continues “without any signs to become considerably more vibrant” would surprise Manica in 2017. The Grand Rapids-based United Bank has 12 offices in West Michigan — six in Kent County, four in Allegan County and one each in Ionia County and Ottawa County, where a Jenison branch opened earlier this year. The bank had total assets of $596.2 million as of Sept. 30, up 15.8 percent from a year earlier, and deposits totaling $444.4 million, a 10-percent increase.
After operating for years in rural communities to the north, ChoiceOne Bank wants to carve out a position in downtown Grand Rapids.
Not that it’s ever easy, but business owners have a greater array of options than ever when seeking financing for their companies. From private investor capital to bank debt, businesses with a good track record should have the ability to secure what they need, according to local finance professionals.