Michigan

In recent weeks some bank stocks have been delisted for failing to meet the market's $1 minimum bid price requirement, and as Nasdaq cracks down, other banks are choosing to delist voluntarily before they get kicked out.

Flagstar Bancorp in Troy, Mich., announced Monday that it is raising additional capital a month after an effort to raise funds from existing shareholders came up short.

Mercantile Bank Corp. in Grand Rapids has revised its fourth-quarter results to reflect a 65% increase in its provision for loan losses.

EverBank in Jacksonville, Fla., is negotiating to buy a $10 billion package of residential servicing rights from Flagstar Bancorp, according to investment banking sources familiar with the matter.

Macatawa Bank Corp. in Holland, Mich., said its banking subsidiary has entered into a formal agreement with regulators that requires higher-than-typical capital ratios and orders the bank to clean up its asset portfolio.

Flagstar Bancorp Inc. in Troy, Mich., came up nearly $200 million shy of its capital-raising goal in a rights offering that expired Monday.

After three consecutive years of losses directly related to residential real estate, Flagstar Bancorp Inc. of Troy, Mich., is looking to diversify its portfolio in 2010.

Citizens Republic Bancorp Inc. in Flint, Mich., announced Monday that it has agreed to sell its F&M Bank subsidiary in Des Moines for $50 million in cash to Great Western Bank, a Sioux Falls, S.D., unit of National Australia Bank.

The $14.8 billion-asset thrift company announced late Wednesday that MatlinPatterson Global Advisors LLC, a New York private-equity firm, injected $300 million into Flagstar as part of a rights offering announced late last year.

DFCU Financial, Michigan's largest CU, gave its members what it is calling its own economic stimulus earlier this month — a credit union-record $19 million special dividend.

Mercantile Bank Corp. in Grand Rapids reported Tuesday that it swung to a fourth-quarter loss of $26.4 million, from a profit of $300,000 a year earlier.

Capitol Bancorp Ltd. in Lansing, Mich., announced Monday that it has a deal to sell its 51% stake in Adams Dairy Bank in Blue Springs, Mo., to the bank's board of directors.

Given its performance and capital levels, Chemical Financial Corp. had long been thought of as a market consolidator in its home state of Michigan, but it remained on the sidelines — until now.

Community Central Bank Corp. in Mount Clemens, Mich., said Thursday that it had raised $2.7 million in fresh capital. The investment was made through a private placement involving local investors who bought convertible perpetual preferred stock.

Imagine trying to persuade regulators to let a Michigan de novo expand by eight times the goal of its initial business plan on the eve of the economic meltdown.

President Obama is due to meet today with 11 chief executives of community banks, following up on a meeting with the heads of larger institutions last week.

Seven failed banks holding a combined $14 billion in assets failed Friday in what was yet another busy night for the Federal Deposit Insurance Corp.

The selling spree at Capitol Bancorp continues. The company announced Thursday that it has a definitive agreement to sell Mountain View Bank of Commerce in Colorado ...

Despite raising nearly $620 million in capital this year, Flagstar Bancorp announced that it will be turning to shareholders for as much as $500 million through a rights offering.

Officials announced the elaborate closing of San Francisco-based United Commercial Bank Friday night in a deal involving both U.S. and Chinese regulators and a buyer poised to assume the bank's operations immediately.