Michigan

Chemical Financial and Fidelity Southern are the latest banks to curtail auto lending, blaming trends in auto sales and overheated competition.

The new institution will be the result of a merger between Newaygo County Service Employees CU and Rogue River Community CU.

Chemical Financial's decision to shutter nearly 40 branches and cut more than 200 jobs is a result of improved technology and an effort to become more efficient after years of pursuing acquisitions.

The Michigan company said the branch closures will save it $20 million a year. It also plans to devote fewer resources to indirect auto, where returns have trailed other lending categories.

Lake Michigan Credit Union’s deal for Encore Bank would give it a total of 10 branches on the Florida Gulf Coast.

The Michigan company's profit benefited from a larger balance sheet and a reduction in merger-related expenses.

The Michigan company had fewer gains from loan sales. It also reported an increase in noninterest expenses.

LeDu has formerly dealt with compliance matters for the Michigan Credit Union League, CU Solutions Group and more.

Tiny Kalamazoo Building Trades CU will merge into KALSEE Credit Union following its CEO's retirement and losses of more than $50,000 for each of the last two years.

Lansing, Mich. is working with area financial institutions -- including a local credit union -- to open accounts for people coming out of prison.