fbpx

Finance

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.

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

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.

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.

Employers competing for talent in a tough labor market across the region used larger pay raises in 2021 than in previous years, according to an annual wage and salary survey. 

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.

GRAND RAPIDS — Michigan Capital Network has further expanded its angel investment network across the state with the addition of Saginaw-based BlueWater Angels.

GRAND RAPIDS — Regional economic development organization The Right Place Inc. recently announced new partnerships that would bring its services and expertise to Mason and Mecosta counties in West Michigan.

DETROIT — Vertically integrated cannabis company Gage Growth Corp. has secured a $55 million senior secured term loan to support retail acquisitions in Michigan and provide working capital.

Individuals investing in Michigan-based businesses could seek a credit on the state’s income tax under legislation proposed in Lansing.

recovering U.S. economy and readily available capital to finance deals are expected to drive M&A activity even higher in 2022.

Given all that’s occurred in the past 20 months, Krista Flynn considers the present lending environment a pleasant surprise.

Borrowing could cost a little more in 2022 should the Federal Reserve follow expectations and begin raising interest rates.

GRAND RAPIDS — Bell’s Brewery Inc.’s announcement last week that it’s selling to the parent company of New Belgium Brewing Co. sent shockwaves through Michigan’s craft beverage industry. It also represents the latest in a series of high-profile deals involving Michigan craft beverage companies.

A hot M&A market should get even hotter in the coming year, according to the results of law firm Dykema Gossett PLLC’s latest annual M&A outlook survey.

Gov. Gretchen Whitmer has joined 20 other governors in urging Congress to enact legislation that would enable more banks and credit unions to serve the growing cannabis industry.

GRAND RAPIDS — A venture capital fund that plans to invest in minority-owned businesses has named Ollie Howie as its first managing director.

The first managing director of a venture capital fund that plans to invest in businesses owned by people of color sees an opportunity to pioneer an initiative for greater economic diversity in West Michigan.

PETOSKEY — Mercantile Bank Corp. has expanded further in the northern Lower Peninsula with the opening of a lending office in Northern Michigan.

GRAND RAPIDS — Private equity firm Blackford Capital has added to its holdings in the hospitality sector with the acquisition of ID Collaborative Inc., a Greensboro, N.C.-based interior design firm.

NORTON SHORES — Nichols Paper & Supply Co., a Norton Shores-based distributor of paper, industrial packaging and sanitary supplies, has been acquired by a New Jersey-based distributor with deep experience in food service packaging and janitorial supplies.

HOLLAND TWP. — Macatawa Bank Corp.’s third-quarter earnings grew slightly from a year earlier amid strong deposit growth.

SPARTA — ChoiceOne Financial Services Inc. reported strong earnings growth over the third quarter from a year earlier that included merger-related expenses.

GRAND RAPIDS — Independent Bank Corp. recorded lower third-quarter earnings from a year earlier, though year-to-date profits have grown by more than 28 percent.

GRAND RAPIDS — Private equity firm Auxo Investment Partners has entered the railroad business with the acquisition of maintenance company Genesis Rail Services LLC.

Gov. Gretchen Whitmer seeks to inject $200 million into Michigan technology startups using federal pandemic relief funds.

CrossLiner Inc. secured a $2 million venture capital investment in the third quarter that will help the company move closer to the marketplace with a new cardiac catheterization device.

GRAND RAPIDS — Mercantile Bank Corp. recorded strong loan growth in the third quarter with an earnings increase of more than 40 percent from a year earlier.

Comerica Inc. economists have lowered their expectations for U.S. economic growth next year while raising the forecasted inflation rate in their latest outlook.

Some of the smallest banks in Michigan’s market recorded the biggest growth rates in deposits during a recent 12-month period of the COVID-19 pandemic.

Two recent exits involving portfolio companies create momentum for the investment arm of dental insurer Delta Dental of Michigan.

Michigan cannabis companies should be able to readily secure the insurance coverage they need, but they face a lack of choice in the market compared to other industries.

Local roads, fire departments, parks and development projects are just some of the ways that Michigan municipalities allowing retail recreational cannabis sales are spending their first yearly allocation of cannabis excise tax revenue.

ANN ARBOR — Michigan-based cannabis company Skymint Inc. has acquired 3Fifteen Cannabis in a deal that broadens the company’s position across the state.

WALKER — Greatland Corp., which provides tax reporting services to businesses nationwide, has acquired a New York firm that provides W-2 and 1099 preparation forms and software.

GALESBURG — Indiana-based fiber optic provider MetroNet, which services clients across the U.S., announced on Wednesday that it has acquired Southwest Michigan-based fiber optic internet provider CTS Telecom Inc.

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.

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.

The path that Jeff Williams charted years ago was designed to ensure that Grand Wealth Management LLC continues well past his eventual retirement.

SPARTA — ChoiceOne Financial Services Inc. has raised $32.5 million in capital through a private placement of subordinate debt.

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.