Michigan

Huron Valley State Bank in Milford, Mich., plans to raise as much as $5 million to grow its two-branch business.

Ally Financial in Detroit plans to redeem about $1.3 billion of preferred stock, opening the door to a possible stock buyback next year.

Mercantile Bank in Grand Rapids, Mich., plans to close five branches to cut costs. The $2.9 billion-asset company said in a press release Wednesday that it plans to close the branches in the first quarter.

Flagstar Bancorp in Troy, Mich., reported a third-quarter profit, as it originated more residential mortgages and recorded higher fee income.

Level One Bancorp in Farmington Hills, Mich., has agreed to buy Bank of Michigan in Farmington Hills. Level One said it will pay $17 a share in cash for the $110 million-asset Bank of Michigan. The deal is expected to close in the first quarter.

Comerica in Dallas reported lower third-quarter profit that reflected higher expenses. The $71 billion-asset company said in a press release Friday that its net income fell 12% from a year earlier, to $134 million, or 74 cents a share.

MBT Bancorp in Monroe, Mich., is planning to close four branches. The $1.3 billion-asset company also said it would stop offering retail services at a corporate office in Wyandotte, Mich.

First National Bank in Howell, Mich., has named a former Midwestern bank executive to its board.

Genisys Credit Union, which provides services to anyone who lives or works in the Lower Peninsula of Michigan, on Tuesday reported it successfully completed a system conversion to finalize the consolidation of Tri-Pointe Community Credit Union.

LOC Federal Credit Union converted its core processing to Symitar Episys via a solution owned by Member Driven Technologies (MDT).