Hiring a full-time, in-house CFO is an expensive proposition, especially for small or mid-sized businesses without a lot of capital to burn. Perhaps not surprisingly, accounting firms and other businesses are filling the void by offering a service that frees businesses from needing a full-time CFO. These...
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...
The numbers don’t lie: Unconventional mortgage loans are making a comeback. In 2018, unconventional mortgage lending hit its highest rate since before the subprime mortgage crisis and the ensuing Great Recession. Whether or not you’re involved in the financial industry, that statement may worry you, since...
[caption id="attachment_24619" align="alignleft" width="350"] Brothers Garret and Dakota Porter own 45th Parallel Lighting LLC, producer of ActionGlow LED sports kits.[/caption] Venture North isn't afraid of it. A quarter of its clients were under the age of 40 when they sought out financing help from Venture North or...
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...
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...
State Savings Bank in Frankfort and Central State Bank in Beulah operated separately in Benzie County under common ownership for more than 30 years. But that all changed in October. The two banks have combined under the State Savings Bank name and are expanding beyond their...
Rising interest rates have been a boon to savers, who have seen little return on their savings accounts and certificates of deposits at banks and other financial institutions in recent years. “Rates were so low, you almost expected some banks to charge people to keep their...
