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JENISON — Ottawa Kent Insurance Agency Inc. was acquired by Traverse City-based High Street Insurance Partners Inc., an insurance agency platform formed last year by Huron Capital Partners LLC, a Detroit-based private equity firm.
Here is the revised text of the “Statement on the Purpose of a Corporation” issued by the Business Roundtable on Aug. 19:
Steelcase Inc. President and CEO James Keane was among the 181 chief executives in the U.S. that signed the Business Roundtable’s “Statement on the Purpose of a Corporation.” He offered his perspective on the document in emailed responses to MiBiz.
The latest version of the Business Roundtable’s Statement on the Purpose of a Corporation is intriguing, according to Tim Syfert, a clinical professor of business at Grand Valley State University’s Seidman College of Business.
Grand Ventures I LP’s lead investment in a Chicago digital health company typifies what’s occurring in venture capital in Michigan and neighboring states: Funds based in the region are backing Great Lakes-based startups.
WYOMING — My Personal Credit Union of Wyoming changed its name to Bloom Credit Union.
The legalization of cannabis in Michigan offers an emerging economic sector for banks and credit unions, but only if Congress enacts legislation to change existing federal law and allow them into the market.
GRAND RAPIDS — Brandon Kanitz walks through a cavernous area of a former auto-parts manufacturing plant, pointing out areas that in the months ahead will become growing rooms for marijuana plants.
GRAND RAPIDS TOWNSHIP — Grand River Bank plans to open a new office on the east side of Grand Rapids by the middle of next year.
Kalamazoo area-based Consumers Credit Union recently began construction on a new branch on 54th Street SW in Wyoming, its sixth office in the Grand Rapids area.
TRAVERSE CITY — Markel Corp., the Richmond, Va.-based holding company for various insurance, reinsurance, and investment operations, has acquired a minority stake in The Hagerty Group LLC, a Traverse City-based insurer of classic cars and high-end automobiles.
GRAND RAPIDS — A new mezzanine fund based in Grand Rapids seeks to raise $100 million to invest in growing companies, MiBiz has learned.
As one bank merger affecting the West Michigan marketplace focuses on integration, another much smaller deal heads toward shareholder votes next month.
GRAND RAPIDS — After closing on fundraising for one real estate investment fund for bridge loans, Red Oak Capital Group has begun preparing for another.
KALAMAZOO — Stryker Corp. raised its sales and earnings guidance for 2019 after what President and CEO Kevin Lobo called a “robust” second quarter.
Michigan retailers reported a dip in sales during June, although they remain optimistic that business will pick up over the next few months, according to a monthly index released last week.
GRANDVILLE — Shares of Grand River Commerce Inc., the parent company of Grand River Bank, began trading today on a financial market operated by OTC Markets Group Inc.
HOLLAND — Macatawa Bank Corp. grew earnings by nearly 20 percent in the second quarter, maintaining the company’s strong financial performance.
GRAND RAPIDS — Independent Bank Corp. recorded higher net income for the second quarter with double-digit loan growth.
SPARTA — Costs from a proposed merger cut into ChoiceOne Financial Services Inc.’s quarterly earnings.
GRAND RAPIDS — West Michigan Community Bank plans to open a new regional office in Grand Rapids Township.
KALAMAZOO — When Anna Rath signed on as CEO of Vestaron Corp. 15 months ago, the company was preparing to transition from a focus on R&D to commercializing a line of new environmentally friendly insecticides.
GRAND RAPIDS — Joe Manica’s first job at United Bank was building shelves in the basement as a teenager.
GRAND RAPIDS — Mercantile Bank Corp. today reported strong results for the second quarter, setting up the second half of 2019 for continued growth.
Initially seeded with state money seven years ago to provide financing to growing Michigan-based businesses, Grow Michigan LLC expects to begin seeking investors for a second fund totaling nearly $60 million.
After issuing a steady string of interest rate increases over the last three years, the Federal Reserve could start lowering rates again in the coming months in a move to keep the economy growing, making borrowing a little cheaper for businesses.
Commercial bankers say clients’ demand for credit remains strong, although borrowers in West Michigan are carefully watching what’s ahead for the economy.
GRAND RAPIDS — Securing a top rating for financial stability could boost business for a West Michigan company that underwrites product liability insurance coverage for the cannabis industry.
The idea sounds simple: Create a $150 million to $200 million fund supported by foundations and university endowments to back venture capital investors in the Great Lakes states.
GRAND RAPIDS — When advisers begin to prepare a business for a transition and sale, they also need to prepare the entrepreneur for what’s next.
Northpointe Bancshare Inc. raised $25 million in capital through a private placement of common stock with Castle Creek Capital LLC, a private equity firm based in Rancho Santa Fe, Calif., north of San Diego.
MUSKEGON — As angel investing maintains a growth trajectory in Michigan, Muskegon Angels LLC pivoted this year to keep investments close to home. The Muskegon angel group now looks to invest in local companies that need capital or financing. Muskegon Angels will continue to invest in startups, as long they’re based in Muskegon or in a neighboring county.
Federal legislation could remove a big barrier for fledgling cannabis businesses by allowing the nation’s banks to legally serve the industry. Even as more than 30 states have legalized medical marijuana and 10 now allow its recreational use — including Michigan, on both counts — marijuana remains illegal under federal law.
Jeff Korzenik became interested in how businesses can successfully hire ex-offenders “almost by accident.” He credits sending his children to public magnet schools in Chicago with opening his eyes to the challenges different groups of people face.
EAST LANSING — With a new investment fund at Michigan State University, students can gain experience on either side of the venture capital industry. The Student Venture Capital Fund offers students with an idea for a business or an innovation “priceless” experience in seeking capital and pitching to prospective investors, said Jeff Wesley, the executive director of Red Cedar Ventures at MSU.