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GRAND RAPIDS — Independent Bank Corp. raised $40 million in a debt offering that comes amid the economic downturn and uncertainty from the COVID-19 pandemic.
In a recent conference call, the president and CEO of Detroit-based TCF Financial Corp. — the parent company of what remains known in Michigan as Chemical Bank — voiced a simple ethic that all businesses, no matter their industry or their size, must keep in mind in the COVID-19 pandemic.
GRANDVILLE — The parent company for Grand River Bank wants to raise $7.5 million to provide a cushion for the economic downturn brought on by the COVID-19 pandemic.
TCF Financial Corp. approved more than 16,000 U.S. Small Business Administration Paycheck Protection Program loans for $2 billion, all while adapting to the COVID-19 pandemic as most non-branch employees transitioned to working from home.
Michigan’s hard-hit economy will record a major dive for the second quarter from the effects of the COVID-19 pandemic, losing nearly one-third of its output, before partially recovering in the third quarter.
Michigan is facing a more than $3 billion shortfall for the state’s general fund and school aid budget in the fiscal year that ends Sept. 30, according to analyses by state fiscal agencies.
Comerica Inc. now projects a “W-shaped pattern” for U.S. economic performance with a steep decline in Real GDP for the second quarter, a partial rebound in the third and a small decline to end the year.
In mid-2018, executives and directors at Community Shores Bank Corp. began to study “strategic alternatives” to grow the bank.
TRAVERSE CITY — High Street Insurance Partners, a private equity-backed agency platform, recently completed three acquisitions, including two deals in West Michigan.
GRAND RAPIDS — Independent Bank Corp. plans to close eight branch offices later this year as consumers increasingly use online and mobile banking, but could open new locations elsewhere in the state.
Michigan has gradually grown more reliant on federal funding to support state operations, creating “limited discretion over budgetary choices” as it’s forced to make cuts during the coronavirus pandemic, according to analysts.
The Michigan Economic Development Corp. plans to put $3 million into a capital fund that will invest in early-stage technology companies.
The number of angel investors expanded again, the average size of Michigan-based venture capital funds increased, and even if you exclude major deals as one-time outliers, the amount invested last year still grew.
HOLLAND — Earnings at Macatawa Bank Corp. declined for the first quarter, largely from higher a loan-loss provision because of the COVID-19 pandemic.
GRAND RAPIDS — Mercantile Bank Corp. reported lower earnings to start 2020 and sits in an “extremely solid” condition for the economic downturn brought on by the COVID-19 pandemic.
The state plans to provide up to $2 million to a Marquette-based small business lender to increase activity across the state.
Venture capital firms invested a record amount into Michigan-based companies in 2019, led by a Plymouth-based automotive technology company that accounted for three-quarters of the total.
Jason Mejeur sees his business as one of the outliers right now in the economic carnage from the COVID-19 pandemic.
Huntington Bank has temporarily stopped taking application from companies seeking a U.S. Small Business Administration loan to get them through the economic hardship caused by the COVID-19 pandemic.
GRAND HAVEN — A new investment from private equity owner Blackford Capital gives Grand Haven-based portfolio company Grand Power Systems Inc. capital needed to support growth.
The COVID-19 pandemic will take a fast bite of more than $3 billion out of West Michigan’s economic output, driving the region into recession along with the rest of the country.
Small businesses that have been slammed by the coronavirus pandemic and expect to have difficulty making commercial loan payments should call their bankers now to work out possible adjustments.
The COVID-19 pandemic that’s swept the nation adds a new issue for business succession and transition planning.
Experts say many business owners don’t plan for their eventual exit until they are ready to leave or have begun to see the day they depart.
Fifth Third Bank plans a number of immediate moves to ease the financial burden on small business and consumers hit by the coronavirus pandemic.
GRAND RAPIDS — Charter Growth Capital Fund co-invested along with Birmingham-based lead investor Colfax Creek Capital LLC in Traverse City Products LLC.
Two locally-based banks — Mercantile Bank and West Michigan Community Bank — plan to close the lobbies of bank branches to customers starting Wednesday.
The trade associations representing the banking industry across Michigan say banks intend to stay open during the crisis brought on by the coronavirus pandemic.
The coronavirus outbreak that’s battered Wall Street and caused supply chain disruptions for some manufacturers has yet to interrupt transactions, although more conversations are occurring as part of due diligence, according to M&A professionals.
GRAND RAPIDS — An interested investor led Charter Capital Partners to form a small fund for investors to put money into a craft distiller.
GRAND HAVEN — A $5 million private equity investment supports UV Angel’s move toward the marketplace with a new product that cleans the air in hospitals and other facilities.
HOLT — Business Management Resources Inc., a provider of managed accounting services to restaurant chains, has been acquired by Cincinnati, Ohio-based accounting and advisory firm Clark, Schaefer, Hackett & Co.
GRAND RAPIDS — Charter Capital Partners represented Hancock-based Keweenaw Financial Corp., the parent company of Superior National Bank & Trust, in the $42 million acquisition of North Star Financial Holdings Inc.
GRAND RAPIDS — Red Oak Capital Group LLC has formed another fund that seeks to raise $50 million through a public bond offering to make commercial real estate bridge loans.
A monthly survey shows West Michigan’s manufacturing sector remained slow in January, although a couple of key indexes improved slightly from the prior month.
Kwame Anku believes the New Community Transformation Fund forming in Grand Rapids could become a national model for driving greater economic inclusion in venture capital.
GRAND RAPIDS — The Right Place Inc.’s new venture capital fund plans to target investments toward an area of the economy where capital historically has flowed the least: startups and businesses owned by racial and ethnic minorities.
GRAND RAPIDS — After completing fundraising at the end of 2019, Grand Angels has a couple of new deals in the works for its latest venture capital fund.
If federal regulators want to increase the flow of capital to startups across the U.S., Tim Parker suggests they consider creating a new class of investor.
Q&A: David Brophy Director, Center for Venture Capital and Private Equity Finance at University of MichiganWritten by Mark Sanchez
Michigan’s venture capital industry made further progress in 2019 as investors put a record $771.6 million into 115 deals with state-based companies, according to Pitchbook and the National Venture Capital Association. Despite the industry’s growth, David Brophy says a lot more needs to happen to further build venture capital in Michigan to seed and grow more startups and attract more investors, particularly large institutional investors who can put money into Michigan-based funds. Brophy serves as director of the Center for Venture Capital and Private Equity Finance at the University of Michigan and is founder of the annual Midwest Growth Capital Symposium. He spoke with MiBiz about the status of venture capital in Michigan.
HOLLAND — Macatawa Bank Corp. grew net income 16 percent in the fourth quarter to $8.1 million, or 24 cents per diluted share, capping off a year of strong earnings growth.
SPARTA — ChoiceOne Financial Services Inc. wasn’t actively looking to do another deal, but the parent company of ChoiceOne Bank saw an opportunity with Community Shores Bank Corp. that was too good to pass up.