Michigan

The bank, which would be only the second to call the Motor City home, would hire 500 people there while maintaining most of its workforce in Midland.

An integrated payments and receivables solution is helping two Michigan credit unions boost engagement with small business members.

LAFCU will now serve more than 63,000 members with $670 million in assets.

Level One Bank in Farmington, Mich., has hired a team of mortgage bankers from MB Financial, which previously announced it was shutting down this business line.

PFCU and SageLink Credit Union have combined to create an institution with more than $533 million in assets.

Credit unions and industry organizations across the state have banded together to aid consumers impacted by devastating flooding in Michigan's Upper Peninsula.

An affiliate of MatlinPatterson will reduce its ownership to 48% from more than 60% after selling 8 million shares.

Ross last year was elevated from EVP to president and chief operating officer, as league CEO Dave Adams shifted his focus to CU Solutions Group.

The low-cost deposits that come with the deal for 52 Wells branches in four states should fund the Michigan company's effort to become a commercial lender.

The Michigan company will buy 52 branches and $2.3 billion in deposits from the San Francisco banking giant.

As part of the deal, the the $275 million credit union has agreed to continue operating them as part of the shared branching firm's network.

The deal, which still requires regulatory approval, will give Credit Union ONE about $1.4 billion in assets and 26 branch locations throughout the state.

The combined institution will have $880 million in assets and keep Vibe Credit Union name.

The $4 billion-asset milestone comes one year after the East Lansing, Mich.-based credit union hit the $1 billion mark for mortgage lending.

Though total loans and deposits were down from the end of 2017, management expressed optimism that things will pick up over the rest of this year.

The Chicago company said its decision was largely based on intense competition, very low margins and economic changes.

The Auburn Hills, Mich.-based credit union serves 200,000 members with more than $2.3 billion in assets.

Lansing, Mich.-based LAFCU will still judge all submissions, but a local paper will publish the winning entries – the first time the credit union has undertaken such a partnership.

The company said it could raise up to $25 million through the initial public offering.

Organizers want to open the first new bank in Michigan since 2009, while a third group in Florida has filed a de novo application.