Michigan

University Bancorp in Ann Arbor, Mich., agreed to acquire the 20% stake in Midwest Loan Services that it doesn't already own for about $3.1 million in stock, cash and other considerations.

Sturgis Bancorp in Sturgis, Mich., has agreed to buy West Michigan Savings Bank in Bangor.

Flagstar Bancorp in Troy, Mich., which has been under pressure from regulators in recent months, has hired a new chief financial officer.

Chemical Financial in Midland, Mich., has agreed to buy Monarch Community Bancorp in Coldwater, Mich.

SAGINAW, Mich. — While some companies frown upon parents and children as co-workers, Catholic Federal Credit Union has no problem hiring employees from the same family. In fact three members of one family work at the same branch.

Independent Bank in Ionia, Mich., reported lower quarterly earnings due to margin pressure and a significantly higher tax expense.

Chemical Financial in Midland, Mich., reported a higher profit thanks to double-digit loan growth and credit-quality improvements.

Flagstar Bank lost $27.6 million in the third quarter, driven by a Consumer Financial Protection Bureau penalty of $37.5 million, the Troy, Mich., lender said Wednesday.

The $2.9 billion-asset company's third-quarter earnings more than tripled from the second quarter, which included upfront merger-related expenses, and rose 72% from a year earlier, to $5.9 million.

LANSING, Mich. — Lake Trust Credit Union is set to relocate its headquarters to Brighton, Mich., about 45 miles to the east, but it's the CU's planned new corporate facilities that some observers say could have lasting implications on how other credit unions design their management offices.

Flagstar Bancorp is negotiating with the Consumer Financial Protection Bureau over potential violations in the Troy, Mich., company's default servicing business.

Chemical Financial in Midland, Mich., and First National Bank of Omaha in Nebraska have partnered to market and issue a new rewards-based MasterCard.

From mergers and retirements to special programs being offered, CU Journal offers a quick look at the latest news from credit unions across the country.

LIVONIA, Mich. — One of the most successful league initiatives in the country, Invest in America, is steering its way along a new course.

AUBURN HILLS, Mich. — When credit union members need answers to questions these days, they want them easily and fast.

The bank M&A world can be challenging for private-equity vehicles because they trade lower than some of the more aggressive traditional buyers. Talmer Bancorp in Troy, Mich., announced a cash deal last week that pushed its stock up more than 5%, perhaps helping its hand in future stock deals.

Two Midwestern banking companies, First Midwest Bancorp in Illinois and First Federal of Northern Michigan Bancorp, have completed previously announced acquisitions.

SAINT JOSEPH, Mich. — Four years after launching its business lending program here, United Federal Credit Union has realized an asset under management per underwriter increase of more than 100%.

The $5.6 billion-asset Talmer Bancorp said in a press release Wednesday that it will pay $13.4 million in cash for First of Huron, the parent of Signature Bank.

Independent Bank Corp. in Ionia, Mich., reported lower second quarter earnings as income related to mortgages fell dramatically.