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Mercantile Bank in Grand Rapids, Mich., plans to close five branches to cut costs. The $2.9 billion-asset company said in a press release Wednesday that it plans to close the branches in the first quarter.
October 28 -
Chemical Financial has retooled its organizational structure as part of the Midland, Mich., company's succession planning.
April 20 -
The company began to seriously consider its options when Bank of America agreed to sell nearly two dozen Michigan branches in early 2013. Chemical Financial eventually agreed to buy Lake Michigan for $184 million.
March 6
Community Shores Bank Corp. in Muskegon, Mich., has raised about $5.3 million and has been released from an enforcement action.
The $182 million-asset company sold about 1.5 million shares of its common stock through a rights offering, raising about $3.8 million. It also issued about 571,000 shares through a private placement, raising about $1.5 million.
Community Shores plans to use the proceeds to repay overdue and deferred interest on its trust preferred securities and to make a $3.7 million capital contribution to its bank. Funds left over will be used for general working capital purposes.
Separately, Community Shores said the Federal Deposit Insurance Corp. and the Michigan Department of Insurance and Financial Services terminated the bank's September 2010 consent order. Community Shores remains subject to a December 2010
Dickinson Wright was legal counsel to Community Shores on the stock offering. The company did not use an underwriter on the offering.
