Allen Park released from receivership
Associated Press - Allen Park has been released from receivership following improvements in its financial situation. The state of Michigan announced Tuesday that, effective immediately, city leadership...
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Wayne County expects second straight budget surplus
Annalise Frank - Wayne County is expecting a budget surplus for the second straight year, after years of intensive work to improve its finances, the county announced Wednesday. The general fund...
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Bank consolidation continues as Arbor Bancorp acquires Birmingham Bloomfield...
Dustin Walsh - Bank consolidation is ongoing, and Arbor Bancorp Inc., parent company of the Bank of Ann Arbor, secured expansion with the acquisition of Birmingham Bloomfield Bancshares Inc. in...
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Investor Wilbur Ross sworn in as commerce secretary
Stephen Ohlemacher Associated Press - Investor Wilbur Ross was sworn in as Commerce secretary on Tuesday, a day after the Senate voted 72-27 to confirm him. Ross will help promote American business...
View ArticleMackinac Partners finds growth opportunity in looming distress
Eliza Ronalds-Hannon Bloomberg - With the Federal Reserve signaling that it's prepared to increase interest rates, investors are anticipating a new wave of distressed debt triggered by higher costs of...
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Habitat for Humanity affiliates rehab their business models
Sherri Welch - Local Habitat for Humanity affiliates are reworking a business model that's failing in areas where the organization's help is needed most: locations with poorer residents where housing...
View ArticleUM endowment banks on funds that make loans
Janet Lorin Bloomberg - The University of Michigan is betting its endowment can make money on loans to small businesses from Barcelona to Beijing. The endowment, valued at $10.5 billion as of Dec. 31,...
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Autobooks closes $5.5 million venture capital round
Tom Henderson - Troy-based Autobooks LLC, which won the runner-up prize of $100,000 at last November's Accelerate Michigan Innovation event in Detroit, has closed on a Series A round of venture...
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Foundation's loans give women entrepreneurs a boost
Sherri Welch - Microloans and a pitch competition launched by the Michigan Women's Foundation over the past few years to support women entrepreneurs are quietly helping to create jobs. The foundation...
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Gores' Platinum Equity closes $6.5 billion investment fund
Arleen Jacobius Pensions & Investments - Platinum Equity, the private equity fund founded by Detroit Pistons owner Tom Gores, has closed its fourth private equity fund, Platinum Equity Capital...
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Detroit city pension catch-up plan wins plaudits from rating agency
Chad Livengood - Detroit's plan to squirrel away surplus funds to help absorb a $200 million balloon payment on city pensions coming due in seven years has won praise Monday from a Wall Street credit...
View ArticleONL Therapeutics gets federal grant of $1 million
Tom Henderson - Ann Arbor-based ONL Therapeutics Inc., a pharmaceutical company developing therapies for preserving sight for those with a range of retinal diseases, announced Tuesday morning that it...
View ArticleAlly predicts lower profit, signaling car supply glut
Jenny Surane and Gabrielle Coppola Bloomberg - //
View ArticleFlagstar to acquire mortgage banker Opes Advisors
Kurt Nagl - Flagstar Bancorp Inc. has signed a deal to acquire certain assets of Opes Advisors Inc. and plans to operate the mortgage banking business as a separate division with its own brand, the...
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Tony Saunders leaving Wayne County to start turnaround firm
Chad Livengood and Dustin Walsh - Wayne County CFO Tony Saunders, one of the architects of a budget-cutting turnaround that kept Michigan's largest county out of bankruptcy, is leaving Warren Evans'...
View ArticleMichigan business leaders advocate for ending public pension, retiree health...
Lindsay VanHulle - LANSING — Michigan should get out of the business of offering government workers pension and health care benefits in retirement, under new recommendations from the state's top...
View ArticleMichigan among regulators to target Ocwen Financial over mishandled mortgages
Ken Sweet Associated Press - Federal and state authorities, including Michigan, are suing or issuing cease-and-desist orders against mortgage servicer Ocwen Financial Corp., saying the company botched...
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The challenge of ethics: Instill a healthy corporate culture so associates...
Doug Henze Special to Crain's Detroit Business - Companies seeking to steer clear of a Wells Fargo & Co.-style ethics breach need to put safeguards — not just performance targets — in place,...
View ArticleLetter: Bank of America has commitment to region
Editor: In her March 12, 2017, article ("Michigan National innovator Stoddard's saga offers some lessons for today"), Mary Kramer made several statements about the commitments Michigan's banks, like...
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