Displaying items tagged: Independent Bank

GRAND RAPIDS — Independent Bank Corp. recorded lower third-quarter earnings from a year earlier, though year-to-date profits have grown by more than 28 percent.

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.

Two local community banks are following the industry’s deeper push into digital banking that has accelerated since the onset of the COVID-19 pandemic last year.

Michigan small businesses were approved for more than $1.5 billion in federal loans during the first two weeks of the new Paycheck Protection Program the U.S. Small Business Administration launched earlier this month.

Here is the MiBiz growth report for August 31, 2020.

Given how hard the economy fell in the second quarter, earnings for West Michigan-based banks held up relatively well, although they were primarily lower than a year earlier as banks set aside more in reserve to cover potential future loan losses.

Independent Bank Corp. has reported higher second quarter earnings with a larger reserve to cover loan losses.

GRAND RAPIDS — Mercantile Bank Corp. reported lower earnings for the second quarter, partly from increasing loan-loss reserves in light of “weakened economic conditions” resulting from the COVID-19 pandemic.

The Federal Reserve Bank’s $600 billion Main Street Lending Program promises to offer small and mid-sized businesses hurt financially by the COVID-19 pandemic with another option to access credit and operating capital. 

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.

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.

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.

Two locally-based banks — Mercantile Bank and West Michigan Community Bank — plan to close the lobbies of bank branches to customers starting Wednesday.

GRAND RAPIDS — Goodrich Quality Theaters Inc., a Grand Rapids-based chain of 30 movie theaters in five states, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Western District of Michigan.

GRAND RAPIDS — Independent Bank Corp. ended 2019 with a nearly 40-percent growth rate in quarterly earnings.

Independent Bank Corp. got off to what President and CEO Brad Kessel called a “solid start” in 2019 with slightly higher earnings.

Independent Bank Corp. this week reported net income of $9.9 million, or 41 cents per diluted share, for the fourth quarter of 2018. 

The spring acquisition of TCSB Bancorp Inc. in Traverse City, combined with strong loan growth, drove earnings higher for Independent Bank Corp. in the third quarter.

Strong loan growth, the recent acquisition of Traverse City State Bank, and a lower tax rate drove Independent Bank Corp.’s earnings significantly higher in the second quarter.

Despite strong business optimism and continued economic expansion, bankers say they still see their West Michigan business clients taking a cautious approach to debt.

A lower federal corporate tax rate contributed to higher earnings for West Michigan community banks that reported quarterly results this week.

Independent Bank Corp. would extend its presence in northwestern Lower Peninsula with the proposed acquisition of TCSB Bancorp Inc. in Traverse City.

Strong loan growth drove Independent Bank Corp. to higher earnings for the third quarter.

In his 28 years in practice, attorney Jeff Ott has worked on almost 70 transactions, nearly a dozen of which involved Chemical Financial Corp.’s acquisitions of other banks.

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.

The board of directors for MSU Federal Credit Union (MSUFCU) today announced its plans to open a branch in downtown Grand Rapids later this year.

Stock prices of West Michigan’s publicly traded companies tumbled on Friday as Wall Street succumbed to the uncertainty caused by the U.K.’s decision to exit the European Union.