Michigan Passes Self-Driving Regulations

PYMNTS

9), Michigan became the first state in the union to pass statewide, comprehensive self-driving vehicle regulations that allow autonomous vehicles to drive … well, autonomously. Michigan, the legacy home of the nation’s auto industry, now leads the nation in autonomous vehicle policy, says Recode — ahead of Florida, California and a few others with some current legislation. As of now, only motor vehicle manufacturers can operate self-driving car networks in Michigan.

Michigan bank raises $25 million in private placement

BankThink

Community banking Capital markets Bank stocks MichiganNorthpointe Bancshares sold stock to an affiliate of Castle Creek Capital.

Teachers Credit Union to buy Michigan thrift

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Community banking M&A Commercial lending Michigan IndianaThe Indiana credit union agreed to pay $21.3 million in cash for New Bancorp, which was created when its savings bank converted to a stock-owned company in 2015.

Credit union group wins special purpose bank charter in Michigan

BankThink

Trusts Federal credit unions Collaboration Licenses and charters CUSOs MichiganCredit Union Trust, a new credit union service organization, has obtained a bank charter that it will use in offering trust and investment-related services.

Michigan Bankers, Local Newsrooms Work Together to Promote Banking

ABA Community Banking

The post Michigan Bankers, Local Newsrooms Work Together to Promote Banking appeared first on ABA Banking Journal. Through a TV news partnership, one state bankers association is raising public awareness about what banks do, the safety they provide and the support they give their communities.

OCC hits Michigan bank with order tied to Bank Secrecy Act compliance

BankThink

Community banking AML Corporate governance OCC MichiganSterling Bancorp must enhance its BSA policies and hire an outside firm to review its account activity.

Michigan de novo surpasses capital goal, plans May opening

BankThink

MiCommunity Bancorp, which will be Michigan's first new bank since the financial crisis, raised $30 million in initial capital. Community banking De novo institutions Capital Michigan

Michigan credit union to buy bank branch

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office to Lake Michigan Credit Union. Branch management Branch network Branch deals Community banking Credit unions MichiganCitizens Community Bancorp is selling its Rochester Hills, Mich.,

Michigan bank expands mortgage operations with asset purchase

BankThink

Community banking M&A Reverse mortgages Mortgage applications Wholesale lenders MichiganUniversity Bancorp gained a number of offices from Huron Valley Financial. It also hired lenders and staff with experience in reverse mortgages and wholesale lending.

Michigan de novo receives FDIC approval to open

BankThink

MiCommunity Bancorp would be the first bank to open in Michigan in 10 years. Community banking De novo banks Financial regulations Michigan

N.J., Michigan lawmakers introduce bills to create state-owned banks

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Community banking Deposits New Jersey MichiganBoth proposals aim to establish institutions that would be modeled after Bank of North Dakota, the nation's only public bank.

Mackinac expands in northern Michigan with First Federal purchase

BankThink

The company is gaining heft in Michigan's Upper Peninsula with its $34 million purchase of First Federal of Northern Michigan. Community banking M&A Capital Growth strategies Michigan

Level One in Michigan plans IPO

BankThink

Community banking IPOs Capital Growth strategies MichiganThe company said it could raise up to $25 million through the initial public offering.

Credit union in Michigan to buy bank in Florida

BankThink

Lake Michigan Credit Union’s deal for Encore Bank would give it a total of 10 branches on the Florida Gulf Coast. M&A Credit unions Community banking Florida Michigan

Lake Michigan CU to Pay $2.45 Million for Bank's Michigan Branch and Deposits

Keith Leggett's Credit Union Watch

Lake Michigan Credit Union (Grand Rapids, MI) has entered into a purchase and assumption agreement to buy the Rochester Hills (MI) branch of CCF Bank, the subsidiary of Citizens Community Bancorp (Eau Claire, WI). Lake Michigan CU has agreed to pay a 7 percent deposit premium or approximately $2.45

Michigan’s Chemical Bank to shift headquarters to Detroit

BankThink

Community banking Deposits Recruiting MichiganThe bank, which would be only the second to call the Motor City home, would hire 500 people there while maintaining most of its workforce in Midland.

Level One deploys capital from IPO to buy Ann Arbor Bancorp

BankThink

The Michigan company will pay $68 million to expand in a high-priority market. Community banking M&A Growth strategies Capital Michigan

Horizon's latest acquisition to provide push into N. Michigan

BankThink

Community banking M&A Capital Indiana MichiganThe Indiana company will pay $92 million for Wolverine Bancorp.

Michigan CUs May Invest without Limitation in Obligations of GSEs

Keith Leggett's Credit Union Watch

The Michigan Department of Insurance and Financial Services issued an order authorizing all Michigan-state chartered credit unions to invest, without limitation, in the obligations of government sponsored enterprises (GSEs) as long as it is in a safe and sound manner. This places Michigan chartered credit unions at a competitive disadvantage.

Michigan Regulator Approves CUSO to Provide Trust Services

Keith Leggett's Credit Union Watch

The Michigan Department of Insurance and Financial Services granted regulatory approval to the formation of limited purpose bank, Credit Union Trust, to provide trust services to credit union members. Credit Union Trust plans to open late in the first quarter of 2019 and will be headquartered in Farmington Hills, Michigan. Credit Union Trust will operate as both a credit union service organization (CUSO) and a Michigan limited purpose bank.

Michigan Court Rules Against Credit Unions In Ongoing ADA Litigation

New York's State of Mind

Earlier this week a Federal District Court in Michigan held that a blind person had the right to sue a credit union she claims has an inaccessible website even though she is not eligible for membership. It appears that reports of the demise of ADA website litigation have been greatly exaggerated.

Small Michigan CU Liquidated

Keith Leggett's Credit Union Watch

The Michigan Department of Insurance and Financial Services liquidated the Metropolitan Church of God Credit Union of Detroit and appointed the National Credit Union Administration as liquidating agent. The Michigan Department of Insurance and Financial Services made the decision to liquidate the Metropolitan Church of God Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

Michigan bank's CEO shuffle: ‘Like losing LeBron and bringing in Curry’

BankThink

The Michigan company was caught off guard by CEO David Ramaker's decision to retire. Community banking Succession planning Growth strategies MichiganFortunately, Chemical had retained Talmer Bancorp CEO David Provost after buying his bank a year earlier.

Lake Michigan CU to Purchase Encore Bank

Keith Leggett's Credit Union Watch

Lake Michigan Credit Union (Grand Rapids, MI) has announced that it will acquire Encore Bank (Naples, FL). Lake Michigan Credit Union has $5.2 billion in assets. Encore Bank has $418 million in assets and 6 offices. The agreement has been approved by the board of directors of each organization. The acquisition is expected to be completed in the first quarter of 2018, pending state and federal regulator approvals.

Michigan bank with far-flung markets plans IPO

BankThink

Community banking IPOs Capital Branch network Michigan California New York WashingtonMost of Sterling Bancorp's operations are in San Francisco and Los Angeles. The company plans to use some of the $93 million it will raise to expand in New York and Seattle.

Level One expects 3Q profit boost from nonperforming loan payment

BankThink

The Michigan company disclosed that an unnamed client made a large payment on a $6.5 Community banking Commercial lending Credit quality Michiganmillion nonperforming loan.

Lake Michigan CU Finalizes Merger with Encore Bank

Keith Leggett's Credit Union Watch

Lake Michigan Credit Union (Grand Rapids, MI) announced that it has finalized its merger with Encore Bank (Naples, FL). Both state and federal regulators approved the merger last week. Terms remain undisclosed. Read the story. Bank Credit Union Mergers Bank-Credit Union Transaction

Seven Michigan CUs Apply to Form Bank Offering Trust Services

Keith Leggett's Credit Union Watch

Crain's Detroit Business is reporting that seven Michigan credit unions have applied to thier state regulator to form a new limited-purpose bank to provide trust services. Operating a trust bank will allow these credit unions to offer wealth and asset management services to members. Credit unions are not allowed to directly offer wealth and asset management.

How Michigan credit unions achieved highest performance in 20 years

CU Insight

To get a little proof in the puddin’, we invited Michigan Credit Union League President & CEO Dave Adams on the program to share how well Michigan credit unions have performed in 2015. In fact, Michigan credit unions have had their highest performance in more than 20 years.

Michigan First CU Signs Sponsorship Deal

Keith Leggett's Credit Union Watch

Lathrup Village-based Michigan First Credit Union has signed a corporate sponsorship deal to become the first Cornerstone Partner at the $627.5 million Little Caesars Arena under construction. The deal includes naming rights to the unique rafters-level gondola seating above the ice that is for fans and media attending Detroit Red Wings games or other events.

What to Do with Michigan's Biggest Bank?

American Banker

Chemical CEO David Ramaker has a wide range of options — diversify business lines, expand organically in several Midwestern states, pursue M&A or all of the above — following his recent acquisition of Talmer. But new challenges accompany Chemical's higher profile, too.

CUSOs Fuel Michigan CUs Business Lending Growth

Keith Leggett's Credit Union Watch

Credit union service organizations (CUSOs) have played a key role in growing business lending at Michigan's credit unions, according to an article in Crain's Detroit Business. The article notes that Ann Arbor-based Michigan Business Alliance (MBA), which is a CUSO, does underwriting and portfolio management on behalf of some 36 credit unions around the state.

Fentura in Michigan to Raise $15 Million

American Banker

Fentura Financial in Fenton, Mich., is the latest banking company to outline plans to sell common stock. breaking_news dealmaking-strategy mi community-banking

Lake Michigan CU Establishes Second Home in SW Florida

Keith Leggett's Credit Union Watch

Lake Michigan Credit Union (Grand Rapids, Michigan) is expanding to Southwest Florida. She also stated that the credit union plans to grow through acquisition and that Lake Michigan Credit Union is currently scouting community banks with less than $500 million in assets for acquisition. A new story reported that the $4.3 billion opened a branch last October in Bonita Springs, Florida.

West Shore Bank to Buy West Michigan Bank

American Banker

has agreed to buy West Michigan Bank & Trust in Frankfort. West Shore Bank Corp. in Ludington, Mich., breaking_news community-banking m-a mi dealmaking-strategy

Former Michigan CEO admits embezzlement

CU Insight

Michigan Attorney General Bill Schuette said Hayes pleaded guilty in a state court last week to 13 felonies, which included embezzlement, computer crime and racketeering. The post Former Michigan CEO admits embezzlement appeared first on CUInsight.

Lake Michigan -- Poster Child for Why CUs Should Pay Taxes

Keith Leggett's Credit Union Watch

Lake Michigan Credit Union in Grand Rapids, Michigan is a perfect poster child for abolishing the credit union''s tax exemption. Lake Michigan Credit Union operates a used car auto center.

Michigan Combination Will Be Largest Merger in CU History

Keith Leggett's Credit Union Watch

Lake Michigan Credit Union (LMCU) of Grand Rapids and United Federal Credit Union (UFCU) of St. United Federal Credit Union will become United Credit Union when the merger is complete and both credit unions are consolidated under Lake Michigan's state charter. Joseph announced they will merge, creating the nation's 19th largest credit union. The combined credit union will serve about 500,000 members with total assets of more than $6 billion with 78 locations in seven states.

Lake Michigan CU and United FCU Call Off Merger

Keith Leggett's Credit Union Watch

Joseph-based United Federal Credit Union and Grand Rapids-based Lake Michigan Credit Union have called off their proposed merger. The proposed merger would have been the largest in credit union history creating a $6 billion credit union. According to a press statement issued by both credit unions, both credit unions decided that they were "better served by remaining independent in order to deliver the utmost value to their members." Read the statement. Mergers

Flagstar discloses exposure to $69M commercial loan

BankThink

The Michigan company said the loan — made to a borrower that plans to shut down its reverse mortgage business — has collateral. Community banking Reverse mortgages Credit quality Sailthru NMN origination no display Michigan

Michigan CU Regulator Adds Sensitivity Rating Component

Keith Leggett's Credit Union Watch

In an April 10 letter to state-chartered credit unions, the Michigan Office of Credit Unions announced that its was moving from CAMEL to CAMELS. The Office of Credit Unions wrote that it believed this was a prudent time to make the change by adding the Sensitivity component. The Sensitivity or "S" component of CAMELS examines the impact of interest rate changes on net income and net worth of a credit union.

Michigan First CU Sues Detroit Pistons over Breach of Sponsorship Agreement

Keith Leggett's Credit Union Watch

Crain's Detroit Business is reporting that Michigan First Credit Union (Lathrup Village, MI) sued Palace Sports & Entertainment and the Detroit Pistons. The Michigan Court of Appeals reversed a trial court decision granting the credit union an injunction requiring the Pistons to uphold a commitment to negotiate a new deal.

Fentura to Buy Community Bancorp in Michigan

American Banker

Fentura Financial in Fenton, Mich., has agreed to buy Community Bancorp in St. Charles, Mich. breaking_news community-banking mi dealmaking-strategy