Displaying items tagged: finance
Macatawa Bank reports higher fourth quarter, 2018 earnings
Macatawa Bank Corp. nearly tripled earnings for the fourth quarter.
First Agency acquired by Arthur J. Gallagher & Co
Insurance broker First Agency Inc. has sold to Rolling Meadows, Ill.-based Arthur J. Gallagher & Co.
New PE firm to target small manufacturers in rural Michigan markets
A small private equity firm started in Southern Michigan plans to invest in a niche area most investors ignore. In targeting small manufacturers in small towns and other rural markets across the state, Parma-based Fresh Water Ventures Fund LP seeks to acquire small businesses and maintain operations in their hometowns.
West Michigan Community Bank raises $8 million to support growth
The $8 million in capital West Michigan Community Bank just raised will go to support further growth and perhaps develop another branch location in the Grand Rapids area.
Crystal Ball 2019 Finance Outlook: More interest rate hikes expected for 2019
Interest rates likely will rise again in 2019. How much and how often remains the question following the latest quarter-point increase in the federal funds rate last week by the Federal Open Market Committee (FOMC), which for two years has been raising interest rates from historic lows reached a decade ago during the Great Recession.
Crystal Ball 2019 Outlook Q&A: Todd Harvey, Fifth Third Private Bank
Volatility came back to the stock market in 2018 and Todd Harvey doesn’t see it going away in 2019. The director of Fifth Third Private Bank since 2012 and a wealth management professional for 16 years, Harvey believes the market next year will have to cope with rising interest rates amid a U.S. economy that will continue growing, although at a slower rate.
Crystal Ball 2019 Outlook Q&A: Renee Tabben, Bank of America
Bank of America’s West Michigan operations had a record year in 2018 in terms of the number of new business clients. The year came on top of similar results in 2017, when the bank consolidated local operations into a single office in downtown Grand Rapids, a move that better organized and generated greater collaboration among staff in pursuing new business. Echoing the sentiment of other local executives, Tabben said business clients are working to cope with the region’s tight labor market.
Crystal Ball 2019 Outlook Q&A: Krista Flynn, Chemical Bank
Krista Flynn joined Chemical Bank in July as regional president for West Michigan, leading a market that includes Grand Rapids and Holland. She previously spent seven years in corporate banking at PNC Bank and 15 years at JPMorgan before going to work at Chemical, the largest bank based in Michigan. Chemical Bank, with more than $20.9 billion in total assets, has been building its commercial banking and wealth management staff, and is presently building out a new regional headquarters in downtown Grand Rapids. Parent company Chemical Financial Corp. also plans to develop a new corporate headquarters in downtown Detroit.
Crystal Ball 2019 Outlook Q&A: Kit Snyder, Consumers Credit Union
Kalamazoo-based Consumers Credit Union surpassed a key milestone when it hit $1 billion in assets back in May 2018. By the end of the third quarter, the 92,000-member credit union had grown assets further to $1.07 billion, and President and CEO Kit Snyder expects assets to close the year at $1.1 billion. The growth during 2018 came as Consumers Credit Union settled into a new headquarters in The Groves Engineering Business Technology Park in Kalamazoo.
Blackford Capital taps into Southeast Michigan with new satellite office
GRAND RAPIDS — A new office in suburban Detroit gives Blackford Capital a market presence to scout for deals in the heart of the auto industry and center for American manufacturing.
Advia Credit Union to acquire Illinois bank
PARCHMENT — Advia Credit Union would gain a larger market presence in northern Illinois with the proposed acquisition of Golden Eagle Community Bank.
Michigan to continue growing, but at slower rate in 2019
Michigan will maintain job growth through 2019, although at a slower rate than the past several years as employers have fewer people to hire.
MiBiz Growth Report: Nov. 12, 2018
Here is the MiBiz Growth Report for Nov. 12, 2018.
Tepid Yeti IPO gives DeVos firm cooler-than-expected payout
GRAND RAPIDS — A lukewarm initial public stock offering by drinkware and cooler-maker Yeti Holdings Inc. spelled a smaller-than-expected payout for a prominent West Michigan family office.
Blackford Capital sells Dickinson Press in first exit for Michigan Prosperity Fund
GRAND RAPIDS — Even when it first acquired Dickinson Press LLC more than three years ago, Blackford Capital saw Brainerd, Minn.-based CJK Group Inc. as a potential buyer.
State regulators approve creation of Credit Union Trust
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.
M&A 2018 Awards Recap: Celebrating the dealmakers
MiBiz, in conjunction with the Association for Corporate Growth of Western Michigan, highlighted the winners and finalists of the 2018 M&A Deals and Dealmakers of the Year Awards on Oct. 28 at the Gerald R. Ford Presidential Museum in Grand Rapids.
State extends funding to pair of capital funds
The Michigan Strategic Fund steered additional money into two capital funds that support high-tech startups and growing small businesses in the state.
The Invest Michigan Pre-Seed Fund II received $3 million to invest in startups through loans or equity. Grow Michigan LLC will receive $9.6 million for a second mezzanine-style fund that will provide loans to growing small businesses.
Strong economy drives deal flow, optimism for continued bullish M&A market
An already strong M&A market could get even more competitive in 2019, driven by a good U.S. economy and plenty of available capital.
Independent Bank posts strong earnings as commercial loan activity ramps up
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.
Cautious and appropriate: Businesses slow to take on debt, even as optimism grows, bankers say
Despite strong business optimism and continued economic expansion, bankers say they still see their West Michigan business clients taking a cautious approach to debt.
Loan growth buoys earnings for Independent Bank
Strong loan growth drove Independent Bank Corp. to higher earnings for the third quarter.
Organic growth drives quarterly results for ChoiceOne Financial
ChoiceOne Financial Services Inc. recorded higher earnings of $1.7 million, or 50 cents per share, for the third quarter. The quarterly result compares with $1.6 million, or 50 cents per share, during the same period a year earlier.
Mercantile Bank reports better than expected third quarter performance
Mercantile Bank Corp. today reported higher quarterly earnings.
Chemical Bank to close 25 branches, trim workforce by 7 percent
Chemical Financial Corp. plans to close and consolidate 25 more branches by the end of the year and trim its workforce 7 percent in a cost-cutting initiative that will generate $20 million in annualized savings.
Indiana’s Horizon Bank launches private banking service based in Grand Rapids
GRAND RAPIDS — Horizon Bank’s move into the West Michigan market provided an opportunity to launch a private banking service based in Grand Rapids that will eventually extend across the corporation.
Lake Michigan Credit Union to acquire Florida-based community bank
Lake Michigan Credit Union plans to grow its Florida presence with a deal to buy a community bank.
Macatawa Bank buoyed by growth in lending
Macatawa Bank Corp. maintained strong earnings and lending growth in the first quarter.