Michigan

Banks are generally selling for less than they did before the financial crisis. Yet there have been select instances in which buyers have been willing to pay significant premiums to sellers' tangible book values. Here are the highest premiums since January 2015 for deals valued at $100 million or more.

Flagstar Bancorp in Troy, Mich., said its fourth-quarter profit rose 20% to $33 million from a year earlier as its lending rose by nearly half and its expenses fell.

Chemical Financial in Midland, Mich., has agreed to buy Talmer Bancorp in Troy, Mich.

Mackinac Financial in Manistique, Mich., has agreed to buy First National Bank of Eagle River in Wisconsin.

Ally Financial in Detroit has received a demand from an activist investor to explore strategic alternatives, including a possible sale of the company. The activist is also seeking two board seats.

Community Shores Bank Corp. in Muskegon, Mich., has raised about $5.3 million and has been released from an enforcement action.

Banks have made changes to overdrafts, such as lowering fees offering clearer explanations. They better, as the CFPB will soon offer new rules for overdrafts. Plus, overdraft revenue has declined at many banks. Still unanswered is the question of how to offer short-term credit, if overdrafts disappear.

Talmer Bancorp in Troy, Mich., will record a nearly $14 million charge in the fourth quarter tied to ending its loss-share agreements with the Federal Deposit Insurance Corp.

Birmingham Bloomfield Bancshares in Birmingham, Mich., has redeemed its shares in the Small Business Lending Fund and exited the program.

Ally Financial in Detroit has promoted David Shevsky to chief risk officer, after its previous executive in that role left for Santander Bank's holding company.

ChoiceOne Bank in Sparta, Mich., has appointed Bradley Henion chief lending officer.

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.