Michigan

First Michigan Bancorp has changed the name of its bank to reflect its growing geography across the Midwest. The company on Monday said it had renamed the unit Talmer Bank and Trust.

Mercantile Bank Corp. in Grand Rapids, Mich., returned to profitability in the first quarter after two years of losses.

Chemical Financial Corp. in Midland, Mich., said an acquisition helped its first-quarter earnings were more than triple from a year earlier.

The Federal Deposit Insurance Corp. said last week it had issued prompt corrective action orders to four of Capitol's 24 banks, including its three largest, in February. The directive to each was clear: Sell stock to raise capital to adequate levels, or find a buyer.

Data on failed banks sold in the first 10 weeks of the year hints at a broader shift toward buyers going it alone.

Macatawa Bank Corp. in Holland, Mich., is asking its shareholders to approve a hefty increase in the number of authorized shares of common stock.

Chippewa Eagle Federal Credit Union, serving members and employees of the Saginaw Chippewa Tribe, opened Monday.

Flagstar Bancorp Inc. in Troy, Mich., on Monday announced several additions to its executive team.

Michigan First Credit Union, the latest credit union to launch a Young & Free marketing campaign, is searching for a "spokester." The Young & Free campaign was designed by Currency Marketing of Chilliwack, British Columbia.

The board of Independent Bank Corp. in Ionia, Mich. is already making plans in advance of its leader's retirement next year.

Four failed-bank deals announced Friday evening marked another successful night for private equity.

Though credit costs are subsiding at Dearborn Bancorp Inc. in Michigan, its bank has been undercapitalized for six straight quarters.

The embattled Capitol Bancorp Ltd. has boosted its common equity by $19.2 million following a trust-preferred securities exchange that garnered little interest from its debtholders.

Losses are shrinking at Mercantile Bank Corp. in Grand Rapids, Mich. The $1.6 billion-asset company reported Tuesday that it narrowed its fourth-quarter loss by 85% from a year earlier, to $5.3 million.

American 1 Federal Credit Union has become the first business to take advantage of tax abatements offered to companies located within commercial rehabilitation districts in Hillsdale, Mich.

Frequent bank investor Thomas Brown has taken a stake in Mercantile Bank Corp. of Grand Rapids, Mich.

Capitol Bancorp Ltd., which has headquarters in Lansing, Mich., and Phoenix, has commenced an exchange offer to holders of its trust-preferred securities.

The $4.2 billion-asset company plans to ask its shareholders, who have seen their stock drop 78% in value in the past year, to increase the number of authorized shares to 1.5 billion from 50 million at a meeting in late January.

After two weeks without any failures, the Federal Deposit Insurance Corp. seized two small banks on Friday. The banks, with $365.3 million in combined assets, are expected to cost the Deposit Insurance Fund $113.1 million.

More companies are shuttering branches obtained in Federal Deposit Insurance Corp.-backed deals. In most cases, buyers took on branches in markets beyond their geographical scope, or came to a later realization that it would cost too much to maintain and compete for greater market share in single-branch markets.