Finance
GRAND RAPIDS — Michigan Capital Network plans to form a fourth venture capital fund.
GRAND RAPIDS — Independent Bank Corp.’s earnings declined in the second quarter from the prior year, largely because of lower non-interest income and higher non-interest expenses.
ChoiceOne reports higher quarterly earnings amid ‘signs of economic recovery’
Written by Mark SanchezSPARTA — ChoiceOne Financial Services Inc. reported higher second-quarter earnings as the economic recovery from the COVID-19 pandemic continues.
GRAND RAPIDS — Sports technology firm MaxOne LLC announced this week that it has raised $3.5 million in capital, which includes an investment from professional basketball star Chris Paul.
Mercantile Bank more than doubles quarterly earnings as lending remains strong
Written by Mark SanchezGRAND RAPIDS — Mercantile Bank Corp. more than doubled earnings for the second quarter as growth in commercial and residential mortgage lending remained strong.
Retaining clients, talent top priorities for Huntington execs after TCF merger
Written by Mark SanchezThe $22 billion merger with TCF Financial Corp. brought new leadership for Huntington Bancshares Inc. in West Michigan that’s focused on retaining talent and customers while executing a massive corporate pledge to small businesses and underserved markets.
BALDWIN — A surge in deposits led a small community bank serving rural markets north of Grand Rapids to raise $15 million that will go to support growth and maintain regulated capital ratios.
West Michigan lenders receive $13.2M in federal funds to help underserved businesses, individuals
Written by Mark SanchezSeveral West Michigan credit unions and community lenders received a combined $13.2 million in federal funding that they can use to assist underserved businesses and individuals affected by the COVID-19 pandemic.
As an investor and acquirer of small businesses, Steve Barnes is scouting a market that appears to hold plenty of opportunity.
Lake Michigan Credit Union continues Florida expansion with planned acquisition
Written by Mark SanchezLake Michigan Credit Union will gain a larger presence along Florida’s Gulf Coast with the acquisition of a community bank.
United Bank of Michigan plans to expand to the lakeshore market with the opening of a branch office next year in Holland.
JACKSON — CMS Energy Corp. plans to sell a Utah-based bank that specializes in home improvement lending nationwide.
Raising the number of authorized shares by 25 percent gives ChoiceOne Financial Services Inc. greater ability to pursue another acquisition should the opportunity arise.
Buying 14 offices in the central and northern Lower Peninsula from TCF Bank provides a broader stage for Horizon Bancorp Inc.’s further expansion in Michigan.
Sleeping Giant Capital marks first year with investment, developing students
Written by Mark SanchezKALAMAZOO — The Western Michigan University management professors behind an investment fund that looks to cultivate and support a new generation of entrepreneurs hope to complete fundraising by the end of 2021.
MUSKEGON — Consumers Credit Union has started construction on a new office in Muskegon that will expand its presence along the lakeshore.
Honor Credit Union will add an office in the Grand Rapids area with the planned acquisition of the smaller ATL Federal Credit Union.
The $22 billion merger between Huntington Bancshares Inc. and Detroit-based TCF Financial Corp. should close within two weeks following regulatory approvals.
GRAND RAPIDS — A venture capital firm that invests in medical device technologies wants to raise $30 million for a new fund to support portfolio companies progressing with commercializing their innovations.
Federal legislation advancing through Congress this session could lead to more banks serving marijuana-related businesses in the U.S. and Michigan.
Michigan VC industry focuses on cultivating more diversity in staff, investments
Written by Mark SanchezMichigan’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.
Commercial real estate lending remains solid as some sectors outperform others
Written by Mark SanchezBank 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.
Edgewater Bank, UFCU complete merger
Written by Mark SanchezST. JOSEPH — Edgewater Bank branches become part of United Federal Credit Union next week following federal regulatory and shareholder approvals of a merger between the two.
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.
HOLLAND — Macatawa Bank Corp. reported higher earnings for the first quarter as gains on mortgages tripled from a year earlier and more than offset lower interest income.
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.
Grow Michigan Fund II eyes $100M with increased focus on minority-owned businesses
Written by Mark SanchezA 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 industrial sector continues rebound with national, global trends
Written by Mark SanchezWest 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.
MiBiz roundtable: M&A experts forecast strong deal flow in post-pandemic rebound
Written by Mark SanchezMergers 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.
Grand Angels and affiliates reorganize to accommodate growth, promote diversity
Written by Mark SanchezA 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.
‘Everything kind of fell into place’ with Hannah Lawrence’s Foxbright acquisition
Written by Jayson BussaHannah 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.