Displaying items tagged: finance

A statewide loan fund to provide growth capital to Michigan small businesses expects to start closing deals by the end of the month after securing state support.

First National Bank of Michigan has named Mike Hollander as Grand Rapids market president.

West Michigan’s industrial economy entered the second quarter trending along with the global and national economic recoveries from the effects of the COVID-19 pandemic.

Mergers and acquisitions should remain strong through 2021 — driven by several factors affecting deal flow — although finding a good deal may come with a high price for buyers.

Shareholders at TCF Financial Corp. and Huntington Bancshares Inc. on Thursday backed the planned $22 billion merger between the two banks. The deal remains on track to close in the second quarter, pending federal regulatory approvals.

GRAND RAPIDS — Acrisure LLC has closed on a $3.4 billion capital raise, most of which came from the sale of senior preferred stocks to a consortium of investors.

A Boston interior design, procurement and project management firm owned by Grand Rapids-based Blackford Capital completed a merger that led to the creation of a new company serving the North American hospitality market.

While Huntington Bancshares Inc. and TCF Financial Corp. executives say a planned merger between the two companies will create a Midwest banking powerhouse, some experts view it as an opportunity for competitors to gain both business and talent.

A restructuring for Grand Angels in 2021 aims to create understanding about angel investing and greater diversity among investors and their deals.

The Shyft Group was busy in 2020 — and a couple of major deals were only part of the dizzying year.

The two acquisitions ChoiceOne Financial Services Inc. closed over a 15-month period tripled the size of the Sparta-based bank holding company.

Greg Williams was looking for a company that could move global insurance brokerage Acrisure LLC into the world of artificial intelligence.

Hannah Lawrence remembered the car ride home after closing on the acquisition of her first business — a moment of brief panic.

As the COVID-19 pandemic was just starting to set in last spring, Jeff Lambert jotted down the words “positively legendary” on a sticky note.

As the economy abruptly ground to a halt last spring under COVID-19 restrictions, Jeff Ott stayed busy.

Since launching in July 2019, the Charter Growth Capital Fund has made five investments and raised $31 million to make minority investments in growing, middle-market companies that need growth capital.

Max Friar, managing partner at Grand Rapids-based M&A firm Calder Capital LLC, routinely found his company passing on potential clients because of the size of their businesses.

 The team at Grand Rapids-based private equity firm Auxo Investment Partners has a saying that every deal has to die once before it closes.

GRAND RAPIDS — The West Michigan venture capital fund that intends to invest in growing, minority-owned businesses has garnered attention from interested parties who want to replicate the model elsewhere in the U.S.

The $91 million Northpointe Bancshares Inc. netted in a private stock placement will help support further growth through mid-decade.

HOLLAND — Macatawa Bank Corp. increased earnings in the fourth quarter, although full-year results declined from the prior year.

Independent Bank Corp. posted strong earnings growth during 2020 based in part on a strong mortgage pipeline and despite pandemic-related challenges.

GRAND RAPIDS — The venture capital fund formed a year ago in Grand Rapids to invest in minority-owned businesses has netted $8.5 million in commitments from investors and aims to hit $10 million this year.

Huntington Bancshares Inc. intends to close 198 branch offices — about half of which are based in Meijer Inc. stores in Michigan — after completing the proposed $22 billion acquisition of Detroit-based TCF Financial Corp.

GRAND RAPIDS — Mercantile Bank Corp. ended 2020 with higher quarterly earnings despite the ongoing costs and economic turbulence from the COVID-19 pandemic.

The $15 million Sturgis Bancorp Inc. raised through a debt offering will go to support further growth across Southwestern Michigan.

The latest state effort to provide financial aid to Michigan small businesses and entertainment venues that are ailing from the COVID-19 pandemic and resulting restrictions has a relatively short application window based on previous demand.

TRAVERSE CITY — Insurance brokerage High Street Insurance Partners Inc. has acquired two more agencies, adding to the firm’s existing market presence in the eastern U.S. and expanding it into the Pacific Northwest.

ADA — Century Technology Group LLC looks to reload by pursuing acquisitions of technology companies that it can grow.

Michigan’s economy could stand to benefit in the years ahead as manufacturers move to reshore work to the U.S. after dealing with severe disruptions in their foreign supply chains when the coronavirus first surfaced in China.