Displaying items by tag: finance
The FDIC intends to keep providing regulatory flexibility to banks as they navigate the economic recession brought on by the COVID-19 pandemic. The federal regulatory agency wants banks to remain agile and do what they can to support consumers and small business owners during the crisis, according to FDIC Chairman Jelena McWilliams. McWilliams, who began a six-year term on the FDIC Board of Directors in June 2018, previously served as executive vice president, chief legal officer, and corporate secretary for Fifth Third Bank in Cincinnati, Ohio.
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.
In a recent conference call, the president and CEO of Detroit-based TCF Financial Corp. — the parent company of what remains known in Michigan as Chemical Bank — voiced a simple ethic that all businesses, no matter their industry or their size, must keep in mind in the COVID-19 pandemic.
GRANDVILLE — The parent company for Grand River Bank wants to raise $7.5 million to provide a cushion for the economic downturn brought on by the COVID-19 pandemic.
TCF Financial Corp. approved more than 16,000 U.S. Small Business Administration Paycheck Protection Program loans for $2 billion, all while adapting to the COVID-19 pandemic as most non-branch employees transitioned to working from home.
Michigan’s hard-hit economy will record a major dive for the second quarter from the effects of the COVID-19 pandemic, losing nearly one-third of its output, before partially recovering in the third quarter.
Michigan is facing a more than $3 billion shortfall for the state’s general fund and school aid budget in the fiscal year that ends Sept. 30, according to analyses by state fiscal agencies.
Comerica Inc. now projects a “W-shaped pattern” for U.S. economic performance with a steep decline in Real GDP for the second quarter, a partial rebound in the third and a small decline to end the year.
In mid-2018, executives and directors at Community Shores Bank Corp. began to study “strategic alternatives” to grow the bank.
TRAVERSE CITY — High Street Insurance Partners, a private equity-backed agency platform, recently completed three acquisitions, including two deals in West Michigan.