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The consolidation trend among Michigan credit unions remained strong in 2017, leading to a further reduction in the number of institutions in the state.
WYOMING — Tucked away in a nondescript warehouse in a Grand Rapids suburb, hundreds of custom-built computer servers are at work 24 hours per day, seven days per week.
Over the last couple of years, Eric Seifert has started hearing from past clients whom he helped get commercial loans to start their businesses more than two decades ago.
Venture capital investors put more money into a similar numbers of deals in 2017 compared to the prior year, a sign that target companies are maturing and securing larger capital rounds.
HUDSONVILLE — After assembling a team of veteran commercial lenders, West Michigan Community Bank is putting more focus on growing in the greater Grand Rapids area.
John Donnelly considers Independent Bank Corp.’s proposed $63.1 million deal to buy Traverse City-based TCSB Bancorp Inc. as indicative of the bank mergers likely to occur in Michigan next year.
GRAND RAPIDS — The sign in the window at 250 Monroe Avenue that reads “A new way to bank: coming soon” teases passersby of the new digital branch that Bank of America soon plans to open downtown.
GRAND RAPIDS — As consolidation among independent insurance brokers accelerates across the country, Fifth Third Bancorp Inc. is pushing deeper into the industry through acquisitions.
MUSKEGON — Citing the high cost of complying with public reporting requirements, Community Shores Bank Corp. plans to deregister its shares with federal securities regulators.
Next year should usher in an even stronger M&A market across the U.S. than in 2017, with more deals occurring in the middle market and involving privately-owned companies.
Midwest game-changer: With latest raise, tech firm Blue Medora brings in $22.5 million entirely from regional VC firmsWritten by Mark Sanchez
GRAND RAPIDS — The latest investment that positions enterprise software developer Blue Medora Inc. for further growth reflects the emergence of venture capital in the Midwest over the past decade.
GRAND RAPIDS — A $125,000 federal grant provides the funding for Grand Rapids Opportunities for Women to gear up to become a larger lender to small businesses.
GRAND RAPIDS — As older entrepreneurs increasingly seek to sell their small businesses and retire, Max Friar saw a business opportunity.
State lawmakers are looking to resolve what appears to be an oversight when it passed legislation in 2016 creating a regulatory framework for the medical marijuana industry.
The number of venture capital deals in Michigan held relatively steady through the third quarter of 2017 compared to the same period a year earlier, although the amount invested declined.
HOLLAND — Partners in a firm that invests in medical device innovations are considering forming a new $10 million venture capital fund to back early-stage health care startups, MiBiz has learned.
OSHTEMO TOWNSHIP — Years of sustained growth has Advia Credit Union planning to develop a new corporate office.
GRAND RAPIDS — In restructuring its executive team, Legacy Trust wants to bring a greater diversity of perspectives to the decision-making process and setting strategy.
GRAND RAPIDS — Horizon Bank’s move into the West Michigan market provided an opportunity to launch a private banking service based in Grand Rapids that will eventually extend across the corporation.
HOLLAND — A West Michigan firm that invests in medical device companies has completed a capital raise of more than $1.1 million.
Higher interest rates during 2017 haven’t acted as a damper on commercial lending in West Michigan, although some lenders are seeing borrowers moving to fixed-rate business loans.
Among the commercial and industrial borrowers at Lake Michigan Credit Union, about one-third are expanding or buying new equipment that’s needed to grow their businesses.
The U.S. Small Business Administration’s largest lending program wrote slightly more loans in Michigan through three quarters of the federal government’s fiscal year, although the value declined. Through June 30, the SBA backed 1,867 loans for $411.2 million in Michigan written under the 7(a) program, which compares to 1,847 loans for $500.8 million through the same period in the 2016 fiscal year.
Loans written under the SBA’s 504 lending program grew from year to year. Michigan had 160 loans for $115.3 million under the 504 program through June 30 of the current fiscal year, versus 127 loans for $83.8 million in the first three quarters of the 2016 fiscal year.
Here are 7(a) and 504 loan volumes in the state as of June 30, plus the top 20 banks and top 10 credit unions for 7(a) loans in Michigan.
GRAND RAPIDS — Agility Health Inc. expects to complete a debt restructuring by this fall that would deleverage the company so it can get back to growing again and achieve profitability.
Private equity investments in Michigan grew in 2016 with an increase in both deals and the amount of capital invested.
More bank branches closed in Michigan than in 45 other states in the years following the most recent financial crisis.
GRANDVILLE — Grand River Bank’s parent company has raised $14.4 million in new investor capital to support the firm’s continued growth, MiBiz has learned.
In securing a $40 million investment, Cirius Therapeutics Inc. illustrates a fundamental change that occurred in Michigan’s venture capital sector over the last decade.
KALAMAZOO — A $40 million venture capital investment in a company spun out of a Kalamazoo-based drug development firm comes with a new executive management team based across the country.
‘Back on track’: Backed by recap, improved economy, Community Shores Bank emerges from federal scrutinyWritten by Mark Sanchez
MUSKEGON — After more than six years of operating under increased regulatory scrutiny, CEO Heather Brolick wants people to know that Community Shores Bank Corp. is “back on track” and growing again.
BERRIEN SPRINGS — Two pending mergers with smaller credit unions would extend Honor Credit Union into the Battle Creek and Kalamazoo areas.
MIDLAND — For the third time in two years, Chemical Financial Corp. wants to have more shares on hand to as it pursues additional acquisitions.
Bank of America’s planned move to a new regional office in downtown Grand Rapids comes as the bank seeks to grow its West Michigan presence.
GRAND RAPIDS — Backed with capital from a Chicago private equity firm, Grand Rapids Ophthalmology PC plans to expand across Michigan and eventually into neighboring states.
EAST LANSING — Early-stage investment fund Quantum Medical Concepts plans to invest larger amounts in health care startups after spinning off from its founding organization and securing an additional investment partner.
GRAND RAPIDS — In seeking to raise up to $50 million for its first fund, Grand Ventures I LP could soon add to the availability and accessibility of venture capital in Michigan.
GRAND RAPIDS — Two acquisitions to start 2017 give Lake Michigan Insurance Agency a wider presence across the state to drive growth and pursue further deals in an era of industry consolidation.
LANSING — A group of Lansing-area investors wants to provide seed capital to one new company annually that’s just getting off the ground.
HOLLAND — A $555,000 investment gives a Holland-based sports-related mobile application developer the seed capital it needs to pursue additional clients and grow the business.
ADetroit-based nonprofit will manage a new statewide fund created to provide needed early-stage capital to startups in Michigan.