Displaying items tagged: Fifth Third Bancorp

HOLLAND — An iconic three-story former bank building in downtown Holland has sold for more than $4.4 million, MiBiz has learned.

Tim Spence takes the helm July 5 at Fifth Third Bancorp Inc., succeeding Greg Carmichael, who’s retiring as CEO and becomes executive chairman.

Some of the smallest banks in Michigan’s market recorded the biggest growth rates in deposits during a recent 12-month period of the COVID-19 pandemic.

A new $200 million fund to support growing businesses in Michigan intends to direct half of the capital it raises to financing minority-owned companies.

The sheer volume of small businesses that have sought federal relief loans illustrates the depth and scope of the economic pain brought on by the COVID-19 pandemic.

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.

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 Action resumes operations in a far different Grand Rapids than 28 years ago. Now at the helm are Carol Van Andel, Dick DeVos and Tom Welch, the regional president of Fifth Third Bank.

GRAND RAPIDS — Grand Action, the business group that pushed some of the largest downtown developments over the last 25 years, plans to resume operations with new leadership.

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. 

GRAND RAPIDS — Nonprofits LINC Up and Dwelling Place, along with general contractor Orion Construction Co. Inc., broke ground today on the second phase of an affordable housing development in Grand Rapids’ Garfield Park neighborhood.

As U.S. economic growth slows, so too does Michigan’s economy.

Commercial bankers say clients’ demand for credit remains strong, although borrowers in West Michigan are carefully watching what’s ahead for the economy.

After issuing a steady string of interest rate increases over the last three years, the Federal Reserve could start lowering rates again in the coming months in a move to keep the economy growing, making borrowing a little cheaper for businesses.

Jeff Korzenik became interested in how businesses can successfully hire ex-offenders “almost by accident.” He credits sending his children to public magnet schools in Chicago with opening his eyes to the challenges different groups of people face. 

Everybody knows the U.S. economic expansion that’s approaching a decade in duration will eventually come to an end. When that dip will actually occur remains the unknown, as assorted economic outlooks continually predict slower growth ahead, but stop short of forecasting an outright recession.

It’s no secret: West Michigan companies need to find a deeper pool of talent. For businesses, the questions are always the same: Where do we find them? How do we attract them? Who will train them? How do we keep them?

Red Cedar Investment Management LLC has relocated to Grand Rapids after landing a veteran investment team that has ambitious growth plans for the firm.

The Hinman Co. is expanding its property holdings with the acquisition of a downtown Kalamazoo building.

Robert Dye views 2019 as a “transitional year” for the U.S. economy as a trio of forces align to moderate growth during the year.

Chairman, President and CEO, Fifth Third Bancorp Inc. 

GRAND RAPIDS — Believing that bringing aboard good talent can contribute to driving growth, Legacy Trust CEO Tracey Hornbeck opted to expand the firm’s reach when seeking to add a wealth management adviser.

Michigan has more angel investors than ever who invest in startup companies, but Skip Simms believes that’s still not nearly enough.

GRAND RAPIDS –– An array of organizations in West Michigan have launched new initiatives aimed at bridging the wealth gap in a region characterized by vast income disparities.

Here is the MiBiz Growth Report for Feb. 19, 2018: 

• M&A: Great Lakes Scrip Center Inc., a West Michigan-based provider of gift cards for fundraising, was acquired by Minneapolis, Minn.-based Bold Orange, a recently formed marketing firm. Over 23 years, Great Lakes Scrip Center has worked with more than 48,000 organizations to raise $680 million. The company last spring acquired The Manna Group in Palatine, Ill. and was the largest gift card company in the nation. Local operations at Great Lakes Scrip, which employs about 90 people, will continue “business as usual,” said Jill Whalen, vice president for retail operations.

The tax cut enacted by Congress has Fifth Third Bancorp planning to raise the minimum wage it pays employees to $15 an hour and pay a $1,000 one-time bonus.

The reform proposal rolled out by Republicans in Congress to rewrite the U.S. tax code creates the proverbial winners and losers, sources say.

Two pending deals where West Michigan-based credit unions are buying small community banks follow an emerging trend nationally.

More bank branches closed in Michigan than in 45 other states in the years following the most recent financial crisis.

Despite political uncertainty and fears of an impending economic slowdown, commercial real estate and construction stakeholders have faith in the fundamentals of the industry in West Michigan.