Cash Cow: Bank, credit union deposits explode up to 48%

Early last spring, TBA Credit Union was averaging about $65,000 a month in deposits from unemployment benefits. Between April and August, that number jumped to $3 million a month as thousands of newly laid-off people deposited their jobless benefits. Overall, TBA deposits are up 20% as of...

Easy Money: Online banking shift from shutdown is now ‘permanent’

Online banking has been growing for years, but local bankers say the coronavirus pandemic has turbocharged the trend. They’ve seen customers rapidly moving to a variety of digital banking applications, including online check depositing, electronic signatures for loan documents and digital wallets, which store credit and...

The Aftermath: Cautious optimism guides three of northern Michigan’s manufacturers

[caption id="attachment_53248" align="alignleft" width="216"] Boyne City-based snow ski manufacturer Shaggy's joined with 1-800-Stencil, also of Boyne, to manufacture approximately 175,000 disposable face shields for McLaren and other Michigan hospitals.[/caption] Virtually every northern Michigan manufacturing company was touched, in some way, by the devasting coronavirus pandemic. Many were forced...

Urge to Merge: M&A fever hits accounting and insurance firms

The merger trend among local independent insurance agencies, which shifted into high gear last year, is also hitting the public accounting sector. Traverse City-based Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest, locally owned public accounting firm, last month purchased Hill, Schroderus & Company, a Petoskey-based...