Local bank and credit union executives are flying without a map as they navigate a high-inflation, rising-interest-rate business environment that most have never experienced. Prices on everything from groceries to housing have been climbing at the fastest rates in more than 40 years, forcing the Federal...
Munson Medical Center, which already offers the most extensive stroke treatment services in northern Michigan, is seeking to become certified as among the best in the country for that specialty. The hospital is preparing its application to The Joint Commission to become a Comprehensive Stroke Center,...
James Van Wingen, a Traverse City pediatric dentist, was relaxing at home during the late December holiday break last year when he got an unexpected call from his certified public accountant with some good news. Michigan had just quietly enacted a law that Van Wingen’s accountant,...
Credit unions are continuing to thrive as the COVID-19 pandemic grinds on, with Traverse City area credit unions showing among the highest growth rates in the state. But while local credit union executives say they expect continued growth this year, spiraling inflation has them worried that...
Holly Gallagher started looking to add an adviser to her small financial planning firm about six years ago. She finally found one earlier this year. [caption id="attachment_69865" align="alignleft" width="166"] Gallagher[/caption] “It hasn’t been easy,” said Gallagher, founder and president of Horizon Financial in Traverse City. “First, you...
Local banks and credit unions are flooded with cash from individual and business customers who socked away federal stimulus payments during the COVID pandemic. Bank deposits in Grand Traverse County have jumped 58% since the months before the start of the pandemic, from $2.4 billion on...
There have been a few changes shaking the Grand Traverse area banking scene this year, but none bigger than Huntington Bancshares Inc.’s blockbuster merger with TCF Financial Corp. Columbus-based Huntington has had a strong presence locally, but its recent merger with TCF has vaulted it to...
It wasn’t so long ago that growing, buying, selling and using marijuana could land you a lengthy prison sentence. But Michigan voters decided that wasn’t cool and passed initiatives legalizing medical and adult-use recreational marijuana, one of 44 states that allow some type of cannabis use. Recreational...
Online casino gaming and sports betting have exploded in Michigan, leading to fears by banks and credit unions that problem gambling could ruin customers’ financial lives and affect their own bottom lines. One Michigan credit union has gone so far as to prohibit its members from...
COVID-19 changed the way banks and credit unions operated, shifting many branch services to online platforms. But the pandemic didn’t stop some from moving to brick-and-mortar expansions and, in one case, undertaking a major merger. The big news roiling the local banking scene was Columbus, Ohio-based...
