In the 1990s, Second Chance Body Armor was the darling of the northern Michigan business scene, with legends of its founder actually shooting himself to prove the efficacy of its products. In 2004, a recall put the company in a tailspin, its assets sold off. But now,...
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...
Financial institutions have long competed for deposits using a variety of lures, including promotional interest rates, tote bags and toasters. Frankfort-based State Savings Bank, which entered the Traverse City market last year, even offers a free pie to anyone who switches a checking account from another...
When Schmuckal Oil Company was sold in August to Ohio-based True North Energy LLC, it marked the end of a well-known Traverse City business that Art Schmuckal and George Slane started 64 years ago with little more than a contract to sell home heating oil. “They...
Banks and credit unions are making numerous moves to capitalize on the region’s bustling business and population growth. Some are building new offices and branches. Others are consolidating to improve efficiencies. And there are a couple of new entrants into the market. [caption id="attachment_24624" align="alignleft" width="405"] Construction...
Bankers and credit union executives take a variety of things into consideration when deciding how much interest to pay depositors for holding their money and how much to charge for loans. Among them are the current need for deposits to fund loans. Inflation forecasts and what...
The name of your local independent insurance agency may not be changing, but its ownership might soon be — if it hasn’t already. Several northwest Michigan agencies selling property, casualty, business, health and other insurance products have been acquired in recent years by large companies, such...
Antrim, Charlevoix and Emmet counties are increasingly being viewed as attractive places to do business, pulling in nearly $450 million in new private-sector investment in the past five years. In spite of the rosy financial outlook, there have been spots of dissent, most notably from Emmet...
Rumors of the demise of brick-and-mortar bank branches are not true, say area bank and credit union leaders. “I’ve been in credit unions for 34 years and we’ve always heard branches are going away. But it’s just not true,” said David Leusink, president and chief executive...
Some local bank and credit union officials say they’re anxious to cultivate the blossoming marijuana industry. There’s just one problem. Although Michigan voters approved the sale and use of medical and recreational marijuana, the drug is still an illegal controlled substance under federal law. “We’ve made the decision...
