Displaying items by tag: Honor Credit Union
Here is the MiBiz Growth Report for June 6, 2021.
Honor Credit Union will add an office in the Grand Rapids area with the planned acquisition of the smaller ATL Federal Credit Union.
Inability to refinance short-term debt pushes SW Michigan meat processor, cattle farm into bankruptcy
SCOTTS — The owners of a Southwest Michigan meat processing company and cattle operation say the businesses have fallen victim to the tight credit market brought on by the COVID-19 pandemic.
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.
PORTAGE — Kenneth Leonard and Ryan Reffitt originally set out to provide small banks and credit unions across Michigan with underwriting and other support services for writing business loans.
Seven credit unions in Michigan plans to open a new trust bank late in the first quarter of 2019 after receiving approval from state regulators.
7 Michigan credit unions unite to offer trust, investment services. Bankers decry tax-exempt institutions’ ‘unfair advantage’
The proposed formation of a trust bank by seven Michigan credit unions gives new fodder to a long-standing battle in the financial services industry.
Honor Credit Union’s proposed acquisition of Citizens State Bank of Ontonagon has been cancelled, according to a report.
Two pending deals where West Michigan-based credit unions are buying small community banks follow an emerging trend nationally.
Here is the MiBiz Growth Report for June 26, 2017:
GRAND RAPIDS — Michigan State University Federal Credit Union’s plan for a downtown office brings another player into the market as Michigan credit unions enjoy a period of strong growth.
BERRIEN SPRINGS — Two pending mergers with smaller credit unions would extend Honor Credit Union into the Battle Creek and Kalamazoo areas.
Here is the MiBiz Growth Report for March 6, 2017:
• M&A: American Grease Stick Co. of Muskegon was acquired last year by 3 Rivers Capital, a Pittsburgh, Pa.-based private equity firm. A manufacturer of branded automotive fluid transfer lines and related products for the automotive aftermarket industry, AGS has operations in Muskegon and the U.K. The company, which was founded in 1931, sells products through a variety of aftermarket retailers, including Advanced Auto Parts, AutoZone and Pep Boys, according to a statement. 3 Rivers purchased the company for $10 million from the Rosen family, according to a report in the Pittsburgh Business Times. The deal was backed by $9.75 million in subordinated debt and an equity co-investment from PNC Mezzanine Capital. JP Morgan Chase also provided debt financing for the transaction. Metz Lewis Brodman Must O’Keefe LLC of Pittsburgh served as legal counsel to 3 Rivers Capital. The sellers worked with investment banker Stout Risius Ross Inc. of Chicago.
Here is the MiBiz Growth Report for Jan. 23, 2017.
• M&A: Bryan Betten and Chris Baker, two veteran West Michigan dealership executives, have acquired Grand Chrysler Dodge Jeep Ram in Lowell from former owner Harvey Koning. Betten-Baker is in the process of acquiring the remaining Grand Auto Family Services Inc. dealerships owned by Koning, which include facilities in Grandville, Allegan and Lowell, said Pete Ricards, division director at Betten-Baker. The company also is acquiring a Big Rapids-based GMC dealership from Gary Trimarco Automotive group, but is waiting on manufacturer approval from General Motors to complete both deals.
Battle Creek Area Community Federal Credit Union plans to merge into Berrien Springs-based Honor Credit Union.