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Finance

TRAVERSE CITY — Specialty and classic vehicle insurer Hagerty Inc. plans to reduce its workforce by 6 percent to cut costs and improve earnings.

Michigan Capital Network has named new leaders for angel investing groups in Grand Rapids and Detroit.

Eric Foster credits a 2015 report from Forbes.com that ranked Grand Rapids as 51st out of 52 markets in the U.S. economically for African Americans for helping to cement his idea to create Rende Progress Capital. 


Aforthcoming statewide coalition aims to leverage the effectiveness of Michigan’s community development financial institutions through a collaborative approach to lending and technical assistance.

Commercial lenders head toward the end of 2022 in an uncertain economic environment with rising interest rates and predictions for a mild U.S. recession in the second half of next year.

When he began leading commercial lending at Lake Michigan Credit Union in 2011, Jim Maskell occasionally found surprise among prospective clients.



MUSKEGON — A new branch office under construction in Muskegon will become the fifth location in the lakeshore market for Community Choice Credit Union, which plans to broaden its West Michigan presence in the years ahead.

Agroup of West Michigan growers is proposing a solution to solve two problems around equity and unentitled land assets that currently affect the state’s agricultural industry. 

Talent and labor availability, inflation, and supply chain disruptions are the biggest hurdles to growth for West Michigan executives, while many plan to turn to automation and price increases to mitigate those risks.


Troy-based accounting and advisory firm Rehmann plans to acquire Rivertown Finance LLC in Grand Rapids.

TRAVERSE CITY — Walstrom Marine Inc., a Harbor Springs-based yacht sales and service company and marina operator acquired last year by Continuum Ventures LLC in Grand Rapids, acquired Grand Bay Marine in Traverse City.

TiiCKER Inc., a Michigan-based financial technology firm that manages direct-to-shareholder marketing platforms and perks programs for publicly traded companies, has launched a new partnership with a global movie studio.



GRAND RAPIDS — The $100 million private equity fund created to invest in Michigan-based companies has completed its fundraising and now turns its attention to deploying the capital over the next few years.

For the next year, Huntington Bank can claim bragging rights in the Grand Rapids market after edging into the leading position for deposit market share that Fifth Third Bank has held for decades.

GRAND RAPIDS — Acrisure LLC’s latest global acquisition would help solidify the company’s footprint in the United Kingdom.


When an unknown fintech firm from Grand Rapids supplanted a hometown company in purchasing the naming rights for the home stadium of the NFL’s Pittsburgh Steelers, it kicked off a wave of miffed reactions from fans and commentators alike.

Business executives and M&A professionals in a recent survey offered cautious optimism for the market next year, despite rising interest rates and elevated expectations for a U.S. recession.

Grand Rapids-based venture capital fund Grand Ventures led a $3 million capital round for iink Payments, a Tampa, Fla.-based platform that expedites payments for property insurance claims.


GRAND RAPIDS — Lake Michigan Credit Union has launched a rebranding to create a common brand identity in Michigan and Florida using just its initials.

GRAND RAPIDS — Kalamazoo-based Consumers Credit Union has signed a sponsorship agreement with Van Andel Arena for the naming rights to a restaurant.

GRAND RAPIDS — New capital commitments from investors give Monroe Equity Partners LLC the financial backing to pursue a market niche that’s projected to offer plenty of opportunity in the next few years.


GRAND RAPIDS — Grand Rapids-based fintech and global insurance broker Acrisure LLC has acquired an Illinois company that helps small businesses obtain quotes and buy customized coverage online. 

GRAND RAPIDS — Strong interest from investors led Michigan Capital Network to expand the size of its new venture capital fund, the organization’s fourth since its inception.

A Q&A with Matt Jung, founder of Orange Dot Ventures LLC


GRAND RAPIDS — KeyBank intends to plant a flag in the West Michigan market with the opening of a downtown Grand Rapids office later this year or in early 2023.

HOLLAND — Independent Bank has opened a branch office in Holland at 12368 Riley St., off U.S.-31 near a Meijer Inc. store.

A new West Michigan private equity firm has kicked off with a pair of deals for direct-to-consumer products companies. 


GRAND RAPIDS — Crain Communications Inc. has acquired the Grand Rapids Business Journal from Troy-based Gemini Media LLC, publication executives announced today.

KENTWOOD — Montage Inc., a provider of protection plans for residential furniture, jewelry and watches, has sold to One80 Intermediaries Inc., a Boston-based specialty insurance broker.

WALKER — Keller Ford Inc. has sold to a southeast Michigan dealership group. 


The second investment by the New Community Transformation Fund — a recently formed Grand Rapids investment fund for minority entrepreneurs — went to a Texas fintech that relocated its headquarters to downtown Grand Rapids.

KALAMAZOO — Advia Credit Union has named longtime Chief Financial Officer Jeff Fielder as its next president and CEO.

GRAND RAPIDS — Three years after forming a fund to invest in companies needing growth capital, Charter Capital Partners LLC has begun preparing to start a larger, successor fund.


Business lending remained strong through midyear despite rising interest rates and economic uncertainty that’s generating worries about a potential recession, according to regional banking executives.

The new West Michigan regional president for Huntington Bank moved into the job with nearly three decades of experience in the market.

Leaders behind a Grand Rapids investment fund formed to support entrepreneurs of color hope a similar venture in Colorado becomes the first of multiple funds that replicate the model across the country.


KALAMAZOO — A new chief executive officer took over this month at Kalamazoo-based Consumers Credit Union.

Venture capital investing in Michigan reached an all-time high in 2021 for the amount invested, as the industry built further momentum, continued the growth trend of several years and as the state attracted more outside investors to participate in deals.

GRAND RAPIDS — Grand Rapids-based fintech company and global insurance broker Acrisure LLC has added to its cyber services business with two acquisitions.


Huntington Bancshares Inc. has named a veteran banking executive and longtime West Michigan resident to lead its regional division.

Venture capital investing in Michigan held up well through midyear compared to national trends, as the number of deals were essentially even while the amount invested nearly doubled.

Grand Rapids-based insurance broker and fintech Acrisure LLC signed a 15-year deal for the naming rights of the NFL Pittsburgh Steelers’ home stadium.


The mergers and acquisitions market enters the second half of 2022 facing a stack of issues that may affect deal flow and how transactions are structured.

Tim Spence takes the helm July 5 at Fifth Third Bancorp Inc., succeeding Greg Carmichael, who’s retiring as CEO and becomes executive chairman.

GRAND RAPIDS – Private equity firm Blackford Capital has sold Grand Equipment Co. in Hudsonville to Chicago-based investment firm Cognitive Capital Partners LLC.


MSU Federal Credit Union plans to add a second office in the Grand Rapids market.

Grand Rapids-based insurance brokerage and fintech Acrisure LLC has closed on a $725 million equity raise that will fund further global expansion.

Chicago-area insurance brokerage and financial services firm Alera Group has acquired West Michigan Insurance Inc., a Grand Rapids property and casualty agency.