Federal legislation advancing through Congress this session could lead to more banks serving marijuana-related businesses in the U.S. and Michigan.
Michigan’s venture capital industry made modest strides in the last few years to create greater diversity within its ranks and in the number of startups run by women or minorities that receive investments.
Bank lending for commercial real estate and development held steady through the first quarter as some sectors experienced high demand and others remained somewhat soft as the COVID-19 pandemic surpassed a year.
GRAND RAPIDS — Independent Bank Corp.’s first quarter soared from a year earlier, driven in part by a strong mortgage market.
The COVID-19 pandemic that’s battered the hospitality industry generates an opportunity for Grand Rapids private equity firm Blackford Capital to grow a recently merged portfolio company.
Venture capital investors in Michigan backed more startup companies in 2020 than ever before, though the amount they put into deals declined by half in a year when the COVID-19 pandemic altered deal flow.
SPARTA — ChoiceOne Financial Services Inc.’s quarterly earnings nearly doubled from a year earlier following an acquisition last fall.
GRAND RAPIDS — Strong income from mortgage lending helped to push Mercantile Bank Corp.’s earnings higher for the first quarter.
TRAVERSE CITY — A Boston private equity firm has acquired Traverse City-based High Street Insurance Partners Inc., an insurance brokerage platform company formed in 2018 that has since acquired two-dozen agencies across the U.S.
A statewide loan fund to provide growth capital to Michigan small businesses expects to start closing deals by the end of the month after securing state support.
Experts view the mergers and acquisitions market and U.S. economy with slightly more optimism than six months ago, although the prospect of corporate and other federal tax increases has them concerned about the resulting effects on deal flow.
West Michigan’s industrial economy entered the second quarter trending along with the global and national economic recoveries from the effects of the COVID-19 pandemic.
Mergers and acquisitions should remain strong through 2021 — driven by several factors affecting deal flow — although finding a good deal may come with a high price for buyers.
Shareholders at TCF Financial Corp. and Huntington Bancshares Inc. on Thursday backed the planned $22 billion merger between the two banks. The deal remains on track to close in the second quarter, pending federal regulatory approvals.
GRAND RAPIDS — Acrisure LLC has closed on a $3.4 billion capital raise, most of which came from the sale of senior preferred stocks to a consortium of investors.
While Huntington Bancshares Inc. and TCF Financial Corp. executives say a planned merger between the two companies will create a Midwest banking powerhouse, some experts view it as an opportunity for competitors to gain both business and talent.
A restructuring for Grand Angels in 2021 aims to create understanding about angel investing and greater diversity among investors and their deals.
The two acquisitions ChoiceOne Financial Services Inc. closed over a 15-month period tripled the size of the Sparta-based bank holding company.
Greg Williams was looking for a company that could move global insurance brokerage Acrisure LLC into the world of artificial intelligence.
Hannah Lawrence remembered the car ride home after closing on the acquisition of her first business — a moment of brief panic.
As the COVID-19 pandemic was just starting to set in last spring, Jeff Lambert jotted down the words “positively legendary” on a sticky note.
As the economy abruptly ground to a halt last spring under COVID-19 restrictions, Jeff Ott stayed busy.
The team at Grand Rapids-based private equity firm Auxo Investment Partners has a saying that every deal has to die once before it closes.
Since launching in July 2019, the Charter Growth Capital Fund has made five investments and raised $31 million to make minority investments in growing, middle-market companies that need growth capital.
GRAND RAPIDS — The West Michigan venture capital fund that intends to invest in growing, minority-owned businesses has garnered attention from interested parties who want to replicate the model elsewhere in the U.S.
The $91 million Northpointe Bancshares Inc. netted in a private stock placement will help support further growth through mid-decade.
HOLLAND — Macatawa Bank Corp. increased earnings in the fourth quarter, although full-year results declined from the prior year.
Independent Bank Corp. posted strong earnings growth during 2020 based in part on a strong mortgage pipeline and despite pandemic-related challenges.
GRAND RAPIDS — The venture capital fund formed a year ago in Grand Rapids to invest in minority-owned businesses has netted $8.5 million in commitments from investors and aims to hit $10 million this year.
Huntington Bancshares Inc. intends to close 198 branch offices — about half of which are based in Meijer Inc. stores in Michigan — after completing the proposed $22 billion acquisition of Detroit-based TCF Financial Corp.
GRAND RAPIDS — Mercantile Bank Corp. ended 2020 with higher quarterly earnings despite the ongoing costs and economic turbulence from the COVID-19 pandemic.
The $15 million Sturgis Bancorp Inc. raised through a debt offering will go to support further growth across Southwestern Michigan.
The latest state effort to provide financial aid to Michigan small businesses and entertainment venues that are ailing from the COVID-19 pandemic and resulting restrictions has a relatively short application window based on previous demand.
TRAVERSE CITY — Insurance brokerage High Street Insurance Partners Inc. has acquired two more agencies, adding to the firm’s existing market presence in the eastern U.S. and expanding it into the Pacific Northwest.
ADA — Century Technology Group LLC looks to reload by pursuing acquisitions of technology companies that it can grow.
John Ruther joined the Grand Rapids office of O’Keefe Consulting LLC in July as managing director. The company, based in Bloomfield Hills, offers a range of services including turnaround and restructuring consulting, corporate finance and litigation support. Ruther spoke with MiBiz about his view that some of the business practices that employers adopted in the pandemic — remote work and accelerating the use of automation — will remain in place in 2021 and beyond.
Wall Street dealt with its share of volatility in 2020, a year with a deep decline at the outset of the pandemic followed by a later rebound. Citing volatility in the stock market over the last few years, some investors have shifted toward safety in managing their money. Susan Vogel-Vanderson, the managing director for Fifth Third Private Bank in West Michigan, hopes the new year brings some certainty to financial markets. A trusts and estates attorney, Vogel-Vanderson also is monitoring what could happen to tax rates in 2021 under the Biden administration, particularly if Democrats take control of the U.S. Senate after the Georgia runoffs.
A new $200 million fund to support growing businesses in Michigan intends to direct half of the capital it raises to financing minority-owned companies.
GRAND RAPIDS — The new managing partner for Grand Angels looks to tap his statewide contacts to build a bigger presence among early-stage investors.
The Chicago-area insurance brokerage firm that acquired Grand Rapids-based Lighthouse Group intends to look for other deals in Michigan.
Compared to a year ago, fewer bankers expect their institutions to make an acquisition in the next 12 months, as they focus on navigating through the financial fallout of the COVID-19 pandemic.