The Dearborn-based credit union that took over Ann Arbor-based Midwest Financial Credit Union in October has laid off between 10 and 15 ex-Midwest employees, sources said. DFCU Financial, Michigan's largest credit union with more than $3 billion in assets, had indicated that it would not cut any former Midwest Financial ...
Ann Arbor-based Michigan Commerce Bank remains under increased state and federal oversight as the financial institution seeks to strengthen its finances. At the end of the second quarter, the bank had $1.136 billion in assets, a drop of $75.5 million from the same period in 2009, according to data released ...
The University of Michigan's third student-led venture capital fund plans to make its first investment in early 2011. The twist: The new investment vehicle, called the Social Venture Fund, will seek out investments that will eventually reap financial returns for the fund in addition to societal benefits.
Venture capitalists have invested $123 million in Michigan companies so far in 2010, according to a report released today by the Ann Arbor-based Michigan Venture Capital Association. That's up 35 percent compared to the same period in 2009, MVCA reported. Some $51.75 million was delivered to one company, Cerenis Therapeutics, ...
Lake Trust Credit Union seeks to build a new branch in a former bank building on West Stadium in Ann Arbor. Site plans were submitted in early August to demolish the former Fidelity Bank at West Stadium Boulevard and West Liberty Street, and rebuild a retail banking center for the ...
Ann Arbor-based venture capital firm Arboretum Ventures is investing in University of Michigan spinoff Life Magnetics, which is developing a diagnostic product that helps hospitals determine a patient's bacterial response to antibiotics. The size of the investment was not disclosed, but it was a Series A preferred stock financing deal, ...
Cerenis Therapeutics SA, a biotech company with dual headquarters in Ann Arbor and France, recently secured $51.7 million (40 million euros) in fresh capital to continue developing its cholesterol therapy technologies, officials announced tonight. The transaction is the biggest venture capital deal for a Michigan technology company since Cerenis raised ...
(Note: This story has been corrected to reflect the fact that DFCU Financial is the state's largest credit union.)As consumers consider alternatives to the big banks whose risky investment practices played a major role in sparking the financial crisis, the Ann Arbor region’s credit unions are reaping benefits and positioning ...
Despite mortgage rates dropping to their lowest level in five decades, consumers aren't jumping at the chance to refinance their loans or purchase homes. Mortgage company Freddie Mac said Thursday the average rate for 30-year fixed loans sank to 4.58 percent this week, yet the number of people refinancing remains ...
Michigan Commerce Bank - a collective of 11 banks reorganized in 2009 under the charter of Ann Arbor Commerce Bank - is working through points listed in a recent consent order that attempts to correct its eroding financial condition. So far, officials said, results include adding staff to work through ...
A small section on one page of the recently enacted 2,000-plus-page health care bill revises Section 6041 of the Internal Revenue Code to extend Form 1099 reporting to the IRS. This mandate would be effective beginning in 2012 and may require new systems and many hours of work to your ...
Ann Arbor-based MidWest Financial Credit Union seeks to merge with DFCU Financial, based in Dearborn, according to documents filed with the state. The merger, after it's approved, would result in MWFCU members and assets moving into the Dearborn-based financial institution, which is the largest credit union in Michigan. The announcement ...
University Bancorp Inc. today announced 2009 earnings of $693,517, compared to $34,739 in 2008. The holding company for University Bank, based on Washtenaw in Ann Arbor, also announced that state and federal regulators released the bank from a 2009 agreement designed to improve bank operations.
This story updates a story published Friday. One of the Ann Arbor area’s largest community banks now faces a sale or merger as federal and state regulators step up their efforts to correct what a consent order calls “unsound banking practices.” Michigan Commerce Bank - a collective of 11 banks ...
Michigan Commerce Bank - a collective of 11 banks reorganized in 2009 under the charter of Ann Arbor Commerce Bank - is now operating under a consent order to correct “unsound banking practices.” Among the requirements issued by federal and state banking regulators: The bank must plan to sell itself ...
Angela J. Cesere | AnnArbor.com AnnArbor.com's partner news site MLive.com is on a quest to find the best barbecue in ......
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