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As the end of 2017 approached, Grand Rapids-based Independent Bank Corp. cut a deal to buy TCSB Bancorp Inc. in Traverse City, the parent company of Traverse City State Bank. The $63.2 million deal, which is expected to close in the first half of 2018 pending approval from regulators and TCSB Bancorp shareholders, would extend Independent Bank’s presence in northwestern Michigan, where Traverse City State Bank has five offices and assets of $346.9 million. Independent Bank, which opened lending offices in Traverse City and other markets this year, has 65 branches across the Lower Peninsula with total assets of $2.75 billion as of Sept. 30.

2017 was a busy year for Grand Rapids-based Lake Michigan Credit Union with the opening of new branches and mortgage offices, insurance agency acquisitions, and the pending deal for Encore Bank in Naples, Fla. Michigan’s largest credit union, LMCU has 42 branch locations, three of them in Florida, and total assets of $5.1 billion as of Sept. 30, up more than 9 percent from a year earlier. President and CEO Sandra Jelinski expects more growth in 2018 as the economy remains in good shape.

Grand Rapids private equity firm Auxo Investment Partners completed three acquisitions in the latter months of 2017, the most recent of which came in early December in a deal for M/G Transport Services, a New Orleans-based barge company. The firm previously acquired Atlas Die LLC of Elkhart, Ind. and Bernal LLC of Rochester Hills, Mich. in September. Formed in 2016 by partners Jeff Helminski, Fred Tedori and Jack Kolodny, Auxo Investment Partners looks toward 2018 with what Helminski calls “a tremendous amount of momentum.”

Tim Streit and McKeel Hagerty started venture capital fund Grand Ventures I LP in Grand Rapids last March and went on to make three investments during the year in companies in Ohio, Indiana and Michigan. Each of the deals were co-investments for Grand Ventures, which invests early-stage capital in technology startups in agriculture, manufacturing, mobility and transportation, as well as other industries in Michigan and the Midwest. A regulatory filing last spring indicated the venture capital fund planned to raise up to $50 million from investors.

Steve Starnes expects the bulls to continue their run on Wall Street in 2018, after a steady increase in 2017 that came with much volatility. The 2018 midterm congressional elections could contribute to generating renewed normal volatility in the stock market after investors enjoyed a “pretty calm market” in 2017, said Starnes, a certified financial planner and principal at Grand Rapids-based Grand Wealth Management.

2018 Outlook: Martin Stein, Blackford Capital

Written by | Sunday, 24 December 2017 17:13 |

Blackford Capital closed on three acquisitions in 2017 through its two private equity finds and sold two companies in what founder and Managing Director Martin Stein said were “phenomenal exits.” Blackford Capital owns 11 companies, nine through the Michigan Prosperity Fund and two through its National Growth Practice. Stein expects the U.S. economy in 2018 to remain in “pretty good” shape, driving growth in Blackford’s portfolio companies. He doesn’t see any downturn ahead for at least another two years.

2018 Outlook: Tom Welch, Fifth Third Bank

Written by | Sunday, 24 December 2017 17:11 |

Tom Welch thinks the U.S. economy in 2018 will perform much as it did in 2017 with steady growth and further tightening of the labor market, the latter of which rates as his biggest concern. He said that, mixed with high business confidence and a boost from the expected passage of federal tax reform, the economy should generate plenty of commercial lending opportunity for Cincinnati, Ohio-based Fifth Third, the deposit market leader in West Michigan. Welsh also believes the Federal Reserve will raise interest rates further in 2018, while inflation should remain relatively low.

Many of the forces that affected banks in 2017 — from rising interest rates and a good economy, to balancing digital technology investments with cybersecurity — remain the top issues bankers must manage in the year ahead.

Since merging into the University of Michigan Health System nearly a year ago, Metro Health has steadily bulked up its clinical services, growing the number of physicians that it employs from 150 to about 270. The opening of a gastroenterology subspecialty clinic that includes five faculty physicians from Michigan Medicine in Ann Arbor who are in Wyoming once a week, the addition of five ICU intensivists, and the formation of a pulmonary division are a few examples of the clinical upgrades Metro Health made in 2017 under the affiliation. Metro Health also launched bariatric surgery at midyear in partnership with physicians at Grand Health Partners in Grand Rapids, and most recently expanded its stroke program with the addition of three specialty physicians. Much more will come in 2018 and in the years ahead, said Dr. Peter Hahn, Metro Health’s chief medical officer.

2018 Outlook: Amy Ritsema, OnSite Wellness LLC

Written by | Sunday, 24 December 2017 17:07 |

A good economy boosts business for Amy Ritsema’s clients, which in turn helps OnSite Wellness LLC. The Grand Rapids provider of workplace wellness services to employers launched a service crafted for small businesses with 100 or fewer employees this year. Co-owner Ritsema bases her optimism for 2018 on what she hears and sees these days from clients. Even if the economy were to slow and dip, Ritsema believes OnSite Wellness will remain on firm ground as employers invest in wellness to contain medical costs.

Annual increases in premiums for employee health coverage were mostly moderate in 2017. It’s a trend from the last few years that Shannon Enders, managing partner at Lakeshore Employee Benefits in Norton Shores, said largely continued for employers who renewed policies for 2018. Enders is also seeing more employers offering various options for employee health benefits, and some are even wondering whether they have gone too far in shifting the costs for health coverage onto employees.

Tasha Blackmon becomes CEO of Cherry Health on April 1, 2018, succeeding long-time chief executive Chris Shea, who retires on March 31. Blackmon will move into the CEO’s position of the largest federally qualified health center in Michigan — with 20 locations in Kent, Barry, Eaton, Montcalm, Muskegon and Wayne counties and some 70,000 patients annually — after serving as chief of operations.

In late 2017, Michigan State University’s College of Human Medicine opened the $88.1 million Grand Rapids Research Center in the city’s downtown. As the medical school now looks to build a larger research base in Grand Rapids in 2018 and beyond, Dean Norman Beauchamp said the center opens opportunities for further partnerships with local care providers and companies not only in medical research but also with businesses that address the economic issues that affect health care.

2018 Outlook: Mina Breuker, Holland Home

Written by | Sunday, 24 December 2017 17:01 |

As baby boomers get older, the demand grows for senior housing and services. In response, Holland Home recently opened a second 15-bed assisted living center at its Breton Woods Campus in Grand Rapids and has plans for an $18 million project at the Raybrook Campus. Holland Home also formed a venture in 2017 with Clark Retirement Community in Grand Rapids and Resthaven in Holland called Atrio Home Care. The Grand Rapids-based organization serves about 4,000 people annually and employs about 1,600 people. Talent is an issue for Holland Home as a good economy tightens the labor market.

The Affordable Care Act withstood repeal efforts in Congress in 2017 and remains law, which has industry watchers doubting we’ll see another full-scale push to repeal and replace the Obama-era health care policy.

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