Displaying items tagged: finance

GRAND RAPIDS — A new mezzanine fund based in Grand Rapids seeks to raise $100 million to invest in growing companies, MiBiz has learned.

As one bank merger affecting the West Michigan marketplace focuses on integration, another much smaller deal heads toward shareholder votes next month.

GRAND RAPIDS — After closing on fundraising for one real estate investment fund for bridge loans, Red Oak Capital Group has begun preparing for another.

KALAMAZOO — Stryker Corp. raised its sales and earnings guidance for 2019 after what President and CEO Kevin Lobo called a “robust” second quarter.

Michigan retailers reported a dip in sales during June, although they remain optimistic that business will pick up over the next few months, according to a monthly index released last week.

GRANDVILLE — Shares of Grand River Commerce Inc., the parent company of Grand River Bank, began trading today on a financial market operated by OTC Markets Group Inc.

HOLLAND — Macatawa Bank Corp. grew earnings by nearly 20 percent in the second quarter, maintaining the company’s strong financial performance.

GRAND RAPIDS — Independent Bank Corp. recorded higher net income for the second quarter with double-digit loan growth.

SPARTA — Costs from a proposed merger cut into ChoiceOne Financial Services Inc.’s quarterly earnings.

GRAND RAPIDS — West Michigan Community Bank plans to open a new regional office in Grand Rapids Township.

GRAND RAPIDS — Joe Manica’s first job at United Bank was building shelves in the basement as a teenager.

KALAMAZOO — When Anna Rath signed on as CEO of Vestaron Corp. 15 months ago, the company was preparing to transition from a focus on R&D to commercializing a line of new environmentally friendly insecticides. 

Chemical Financial Corp.’s $3.6 billion acquisition of Wayzata, Minn.-based TCF Financial Corp. heads to a close Aug. 1 after receiving final federal regulatory approval.

GRAND RAPIDS — Mercantile Bank Corp. today reported strong results for the second quarter, setting up the second half of 2019 for continued growth.

GRAND RAPIDS — Joe Manica took over this month as president and CEO at United Bank.

KALAMAZOO — SalesPage Technologies LLC acquired Advisor Atlas, a data provider to asset management and financial services firms.

GRAND RAPIDS — Securing a top rating for financial stability could boost business for a West Michigan company that underwrites product liability insurance coverage for the cannabis industry.

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.

Initially seeded with state money seven years ago to provide financing to growing Michigan-based businesses, Grow Michigan LLC expects to begin seeking investors for a second fund totaling nearly $60 million.

PORTAGE — Auto insurer State Farm plans to eliminate 247 jobs in Kalamazoo County with the planned closing of an operations center by Aug. 31.

The idea sounds simple: Create a $150 million to $200 million fund supported by foundations and university endowments to back venture capital investors in the Great Lakes states.

Here is the growth report for June 24, 2019.

Kalamazoo-based Vestaron Corp. plans to use $40 million in new capital to expand commercialization and accelerate the development of an additional line of environmentally friendly pesticides. 

GRAND RAPIDS — When advisers begin to prepare a business for a transition and sale, they also need to prepare the entrepreneur for what’s next.

Here is the growth report for June 10, 2019.

GREENVILLE — Edgewater Bancorp Inc. opened a loan office in Greenville after hiring a veteran commercial lender.

Northpointe Bancshare Inc. raised $25 million in capital through a private placement of common stock with Castle Creek Capital LLC, a private equity firm based in Rancho Santa Fe, Calif., north of San Diego.

MUSKEGON — As angel investing maintains a growth trajectory in Michigan, Muskegon Angels LLC pivoted this year to keep investments close to home. The Muskegon angel group now looks to invest in local companies that need capital or financing. Muskegon Angels will continue to invest in startups, as long they’re based in Muskegon or in a neighboring county.

Federal legislation could remove a big barrier for fledgling cannabis businesses by allowing the nation’s banks to legally serve the industry. Even as more than 30 states have legalized medical marijuana and 10 now allow its recreational use — including Michigan, on both counts — marijuana remains illegal under federal law.