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Finance

SPONSORED BY TCF BANK

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.

Even with new COVID-19 restrictions in place for the next three weeks, Michigan sits “well positioned” to eventually recover economically from the COVID-19 pandemic, according to a new Comerica Inc. outlook.

ST. JOSEPH — The proposed acquisition of Edgewater Bancorp Inc. would give United Federal Credit Union greater expertise to further grow commercial lending.

ROCKFORD — Wolverine World Wide Inc. reported a strong performance from its e-commerce business in a third quarter earnings report Thursday, though quarterly and year-to-date revenue are down compared to last year.

Mercantile Bank’s move into Ohio with the opening of a Cincinnati mortgage lending office will allow the Grand Rapids-based bank to “put a flag down there,” bank officials say.

ChoiceOne Financial Service Inc. has reported significantly higher quarterly earnings following the completion of two acquisitions in the last year.

M&A deal flow that was dampened during the pandemic could soar in 2021, according to an annual outlook of executives and M&A professionals.

Independent Bank Corp. grew earnings in the third quarter against the “many challenges” of the COVID-19 pandemic.

ST. JOSEPH — United Federal Credit Union would broaden its footprint in Southwest Michigan with the planned acquisition of Edgewater Bancorp Inc.

HASTINGS — Mercantile Bank Corp. plans to sell a Hastings branch office to Lake Trust Credit Union as part of an ongoing initiative to shrink its office footprint.

For more than 45 years, Purple East has been a stalwart alternative lifestyle retailer in Grand Rapids, gaining a reputation for selling an assortment of clothing, glass pipes and smoking accessories.

The COVID-19 pandemic that slammed the economy this spring could generate more M&A deals in the months ahead.

HOLLAND — Costs from the COVID-19 pandemic lowered Macatawa Bank Corp.’s most recent quarterly earnings.

Kent County has added $3.5 million to a grant program providing financial assistance to small businesses ailing from the financial fallout of the COVID-19 pandemic.

Business and community leaders on Wednesday remembered Peter Secchia as a business leader and generous philanthropist who helped to shape West Michigan over the past several decades.

GRAND RAPIDS — Mercantile Bank Corp. recorded lower third quarter earnings amid what President and CEO Robert Kaminski Jr. called a “challenging operating environment” from the COVID-19 pandemic.

GRAND RAPIDS — An employee group has taken a majority ownership position in investment advisory firm Red Cedar Investment Management.

The 18 Michigan investors who invested in a Florida craft rum distiller are backing a fast-growing industry that offers plenty of opportunity.

A new capital fund seeded with state money got off to a quick start and has made investments in a half dozen young technology companies since launching two months ago.

GRAND RAPIDS — Grand Angels President Tim Parker has stepped down to run a community foundation in Wisconsin.

A Grand Rapids-based venture capital fund that will invest nationally in companies owned by minorities has secured commitments now totaling $6.25 million, with potentially millions more on the way.

Meijer Inc. recently invested $500,000 in Rende Progress Capital, a racial equity loan fund in Grand Rapids.

After taking a step back in the early months of the COVID-19 pandemic, angel investors say they are actively seeking deals, particularly in startups that are able to take advantage of the resulting economic disruptions.

Just 13 of the 80 venture capital professionals working in Michigan in 2019 were racial minorities. An equal number of all VC professionals in the state, or 16 percent, were women.

Securities regulators hope a change in the federal definition of accredited investors brings more people into the investor pool for startups and other companies seeking private capital, although it remains unclear whether it will significantly affect the flow of capital.

Huntington Bancshares Inc. has pledged to lend and invest $5 billion in Michigan over five years to support financial opportunities for businesses, consumers and community organizations.

KALAMAZOO — First National Bank of Michigan plans to open a new branch office in Lansing.

Since forming two years ago, High Street Insurance Partners Inc. grew steadily through acquisitions.

The COVID-19 pandemic that shut down much of the economy in March had all businesses scrambling to maintain operations — if they were allowed to stay open — and keep employees safe. Banks closed their branch lobbies and directed customers to use drive-thru lanes or digital banking to handle transactions. 

KALAMAZOO — A new $50 million venture capital fund that organizers launched in Kalamazoo seeks to offer opportunity to a new generation of business executives while keeping established businesses local.

Michigan’s economy fell further than the nation as a whole in the second quarter and could take three years to return to the peak of late 2019, according to a new economic outlook from Comerica Inc.

Grand Rapids-based private equity firm Blackford Capital has closed on the sale of Ellison Bakery, a maker of cookies and other baked goods that’s headquartered in Fort Wayne, Ind.

The opening of a new branch in Wyoming and construction of another office in Walker are part of a broader regional growth plan for Consumers Credit Union.

Former Chemical Bank offices statewide now carry the TCF National Bank name.

West Michigan Community Bank has extended its Grand Rapids-area footprint with a new office in Grand Rapids Township.

The software platform behind a new tech startup backed primarily by West Michigan investors learns about users and offers them ideas on what to buy next.

GRAND RAPIDS — A new venture capital fund to invest in businesses owned by racial and ethnic minorities looks to secure financial backing locally before reaching out nationally for investors.

Given how hard the economy fell in the second quarter, earnings for West Michigan-based banks held up relatively well, although they were primarily lower than a year earlier as banks set aside more in reserve to cover potential future loan losses.

A financial technology startup launched in Detroit and backed primarily by West Michigan investors stems from what Jeff Lambert calls 20 years of frustration from a disconnect between public companies and individual shareholders.

An acquisition last fall helped ChoiceOne Financial Services Inc. report quarterly earnings that tripled from a year ago.

Independent Bank Corp. has reported higher second quarter earnings with a larger reserve to cover loan losses.

A smaller number of venture capital deals were reported across Michigan in the second quarter, though the amount invested increased from a year earlier.

Macatawa Bank Corp. reported lower earnings for the second quarter after raising a reserve to cover potential future loan losses.

TCF Bank’s pledge to lend $1 billion over five years to minority- and women-owned businesses extends into West Michigan, where the company’s market leader in Grand Rapids says the effort will require leveraging community partnerships.

GRAND RAPIDS — Mercantile Bank Corp. reported lower earnings for the second quarter, partly from increasing loan-loss reserves in light of “weakened economic conditions” resulting from the COVID-19 pandemic.

The M&A market that slowed in the first half of 2020 with the onset of the COVID-19 pandemic should rebound well over the next 12 months as deals that got put on hold go forward, according to a midyear survey by law firm Dykema Gossett PLLC.

DOWAGIAC — After they prepared for the opening of the Four Winds Casino in New Buffalo, the leaders of the Pokagon Band of Potawatomi years ago sought ways to use the revenues to assist tribal citizens to achieve self-sufficiency.

GRAND RAPIDS — FormulaFolios Investments LLC plans to merge with Brookstone Capital Management in Chicago in a deal that will create an investment adviser firm with more than $6.5 billion in assets.