Michigan

Independent Bank (IBCP) in Ionia, Mich., has raised $89 million as part of a plan to exit the Troubled Asset Relief Program.

The combination of Mercantile and Firstbank is expected to break the bank M&A logjam in Michigan. The combined company will be on the lookout for more deals, executives say.

Flagstar Bancorp (FBC) in Troy, Mich., plans to outsource the servicing of some $3 billion of defaulted mortgages.

FirstBank (FBMI) in Alma, Mich., has redeemed its remaining shares issued in exchange for funds through the Troubled Asset Relief Program.

The Federal Reserve has taken action against one bank (Northwestern Bancorp in Traverse City, Mich.) and lifted an order on another (Saehan Bancorp in Los Angeles).

The Michigan company is set to raise up to $100 million if the right acquisition is available. Analysts say in an erratic M&A market, it is better to be ready to raise capital than to raise it and wait.

Oxford Bank in Michigan has terminated its planned sale to Level One Bancorp due to regulatory delays and an improvement in Oxford's financial condition.

Flagstar Bancorp (FBC) in Troy, Mich., announced that its chief executive, Michael Tierney, has stepped aside after just eight months in the post.

Capitol Bancorp is down three banks in the past week, but it could have been four. The company said in a regulatory filing on Wednesday that regulators attempted to seize a fourth bank on Friday, but a temporary injunction from a state court stopped it.

Firstbank in Alma, Mich., plans to redeem its remaining Troubled Asset Relief Program shares for $17 million.

The embattled Lansing, Mich., company announced earlier this week that it had entered into agreements with two units of ValStone Partners, a private-equity firm in Birmingham, Mich.

The Federal Reserve Board has terminated enforcement actions against TCSB Bancorp in Traverse City, Mich., and Northeast Securities Corporation in Minneapolis.

Level One Bancorp in Farmington Hills, Mich., is applying its experience working on failed banks to buy and integrate one that is merely struggling. Patrick Fehring, the company's CEO, says that experience integrating failed banks has prepared Level One to buy the struggling Oxford Bank.

Level One Bancorp in Farmington Hills, Mich., has found its next growth opportunity with a deal to buy a struggling 128-year-old bank.

Monarch Community Bancorp in Coldwater, Mich., is set to start trading its stock over the counter to cut costs.

Citizens Republic Bancorp Inc. (CRBC), the Michigan lender that has yet to repay a $300 million U.S. government bailout, is soliciting takeover bids from competitors, said three people with knowledge of the matter.

Shares for Independent Bank (IBCP) climbed Monday after the Ionia, Mich., company reported its second consecutive quarter of profitability from improved asset quality.

Fueled by increased fee income, Chemical Financial (CHFC) in Midland, Mich., posted its highest quarterly earnings per share in more than six years.

Banks and Farm Credit lenders are typically rivals, but Huntington Bank and GreenStone Farm Credit Services have set aside their differences to come to the aid of Michigan fruit growers and processors.

Fentura Financial (FETM) in Fenton, Mich., has gotten approval for the appointments of two key executives.