Michigan

Aided by solid loan growth, Chemical Financial Corp. in Midland, Mich., and Lakeland Financial Corp. in Warsaw, Ind., reported sharp increases in profits for the quarter that ended Sept. 30.

The FDIC has terminated its consent order against Clarkston State Bank in Michigan after the bank recapitalized with investments from private citizens and current board members and made improvements in managing its loan portfolio.

The New York Stock Exchange has warned Flagstar Bancorp Inc. that its stock is in danger of being delisted because it has traded at an average of less than $1 for 30 consecutive days.

Dearborn Bancorp in Michigan may need to restate its earnings for the quarter that ended June 30 pending the results of its latest examination by the Federal Deposit Insurance Corp.

The $9.5 billion-asset company in Flint, Mich., announced after the market closed on Thursday that it earned $18.5 million in the second quarter, compared to a net loss of $44.7 million a year earlier and a loss of $74.3 million in the first quarter.

United Federal Credit Union in St. Joseph, Mich., has agreed to buy Griffith Savings Bank.

Chemical Financial Corp. in Midland, Mich., reported Monday that its second quarter earnings rose 150% from a year earlier, to $11 million, as credit costs fell and net interest income increased.

Mercantile Bank reported second-quarter earnings of $2.4 million, compared to a reported loss of $700,000 a year earlier, driven largely by a reduction in credit costs.

Independent Bank Corp. in Ionia, Mich., has called off a planned a public offering in which it had intended to raise up to $110 million of fresh capital.

Macatawa Bank Corp. in Holland, Mich., has closed on a $10.25 million of common equity in public offering and now should have enough capital to satisfy its regulatory order.

Macatawa Bank Corp. in Holland, Mich., raised $10.2 million after completing a rights offering, bringing it very close to complying with an order to boost capital levels.

Citizens Republic Bancorp Inc. in Flint, Mich., is planning a reverse stock split that may help it avoid a delisting.

American 1 Federal Credit Union in Jackson, Mich., has agreed to acquire Premier Financial Credit Union of Clinton Township, Mich.

Huntington National Bank is committing $2 billion to help jumpstart Michigan's sputtering economy.

The embattled Capitol Bancorp Ltd. eked out a small profit in the first quarter, thanks largely to a $16.9 million gain on the conversion of trust-preferred securities to common equity.

Citizens Republic Bancorp Inc. in Flint, Mich., has agreed to create two new housing programs in Detroit as part of a settlement with the Justice Department involving violations of the Fair Housing Act and the Equal Credit Opportunity Act.

Community Shores Bank Corp. in Muskegon, Mich., said Wednesday that its first-quarter loss widened to $734,000, from $440,000 a year earlier.

Several frequent buyers of failed banks struck new deals with regulators on Friday for another batch of collapsed institutions. In total, the Federal Deposit Insurance Corp. took five banks into receivership, with a total of $2.16 billion in assets.

Citizens Republic Bancorp Inc. in Flint, Mich., reported a loss of $68.7 million in the first quarter, a marked improvement over the $106 million it lost in the last quarter of 2010.

Things might be improving for Flagstar Bancorp Inc. in Troy, Mich., despite recording its eleventh straight quarterly loss on Wednesday.