Michigan

The $214 million-asset First Federal said in a press release Thursday that it will pay about $4.3 million in stock for the $73.7 million-asset Alpena. The deal is expected to close in the second or third quarter.

The $4.7 billion-asset company and certain investors are planning to raise up to $230 million through an initial public offering.

Macatawa Bank (MCBC) in Holland, Mich., has exchanged all of its outstanding preferred stock for common stock and cash to simplify its capital structure and direct dividends to investors.

Mackinac Financial (MFNC) in Manistique, Mich., has completed the redemption of stock originally issued to the Treasury Department under the Troubled Asset Relief Program.

MBT Financial (MBTF) in Monroe, Mich., is selling $14 million of common stock to two institutional investors and will sell another $6 million of stock through a rights offering.

Flagstar Bancorp (FBC) has agreed to sell the majority of its mortgage-servicing rights but will retain the subservicing rights, the Troy, Mich., company said Wednesday.

Monarch Community Bancorp (MCBF) in Coldwater, Mich., has finalized a plan to repurchase shares and warrants issued under the Troubled Asset Relief Program from the Treasury Department at a 55% discount.

Huntington Bancshares (HBAN) in Columbus, Ohio, has committed $25 million to help launch a microlending program for small businesses in Michigan.

Chemical Financial Corp. (CHFC) in Midland, Mich., said Monday that its third-quarter earnings rose 14% from the same quarter last year, to $15 million, thanks largely to revenue gains generated by its acquisition of 21 Independent Bank (IBCP) branches in December 2012.

ST. JOSEPH, Mich. — Honor CU, fresh off its acquisition of $80 million SIR FCU and its three branches, has agreed to buy the Decatur, Mich., branch of St. Joseph-based Edgewater Bank, along with 850 customer accounts and $14 million in assets.

Capitol Bancorp said late Monday that it will sell its four remaining banks to Talmer Bancorp in Troy, Mich.

Monarch Community Bancorp (MCBF) in Coldwater, Mich., has raised $16.5 million in a private placement that will allow it to exit the Troubled Asset Relief Program.

Bank buyers should run potential deals by regulators early to avoid "landmines" and speed applications, officials from the Office of the Comptroller of the Currency say. Proper due diligence, succession planning and risk management are among the things they look for.

The $552 million-asset company announced the formation of wholly-owned subsidiary Mackinac Commercial Credit in a press release Friday.

Chemical Financial (CHFC) in Midland, Mich., could raise up to $57.5 million through its recently announced stock offering, according to pricing information released Friday.

The $5.8 billion-asset Chemical has begun a public offering of its common stock that seeks to raise $50 million, it announced Wednesday after the market closed. All of the shares are being offered by the company.

The underwriters of Independent Bank Corp.'s (ICBP) recent offering plan to buy an additional $13.4 million worth of the company's stock.

DETROIT — NCUA said this afternoon the Michigan Department of Insurance and Financial Services liquidated Craftsman CU and appointed the federal credit union agency as liquidating agent for the one-time $44 million auto workers credit union, the year's 12th failure.

Independent Bank in Ionia, Mich., has exited the Troubled Asset Relief Program.

Independent Bank in Ionia, Mich., is back on track with payments on its trust preferred stock.