Ally's first quarter net falls 14% on increased loan-loss provision
Hannah Lutz Automotive News - Detrot-based Ally Financial Inc.’s first-quarter net income dropped 14 percent from a year earlier to $214 million, on a 2.9 percent rise in net financing revenue to $979...
View ArticlePrograms would offer alternative to payday loans
Sherri Welch - Last year, when her car needed repairs, Tameka Massengale borrowed $300 from a Detroit payday lender to fix it. Two weeks later, when the loan came due, she couldn't spare the full $300...
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Rick Shounia, 28
Jay Greene - Rick Shounia was given a daunting task during his first year in 2015 as CFO of Austin Benefits Group: leading the financial integration of a competing health benefit company, Hantz...
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J.P. Morgan Chase to increase Detroit investment by $50 million
Chad Livengood - J.P. Morgan Chase & Co. on Wednesday announced a $50 million increase in the $100 million investment the global banking firm committed to economic development and neighborhood...
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J.P. Morgan Chase's investment in Detroit is good news for small businesses —...
Chad Livengood - What started as J.P. Morgan Chase & Co. CEO Jamie Dimon's desire to help Detroit as the city was going through a historic municipal bankruptcy three years ago has morphed into a...
View ArticleCrestmark Bank acquires Florida-based equipment leasing operation
Tyler Clifford - Crestmark Bank has acquired an equipment lender based in Florida, the Troy-based bank announced Monday. Allstate Capital LLC leases business, fitness, computer and medical equipment,...
View ArticleNorth American Bancard to acquire Total Merchant Services
Tyler Clifford - North American Bancard Holdings LLC has entered an agreement to acquire Woodland Hills, Calif.-based Total Merchant Services Inc., the Troy-based company announced Wednesday. The deal...
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Loose regulations make land contracts a tool to exploit low-income homeowners
Joel Kurth Bridge Magazine - Denise Pope put a down payment on hope as much as a house. Sure, the home wasn't much: An 800-square-foot wood bungalow, barely big enough to contain her four children and...
View ArticleVenture capital growth
Tom Henderson - A record number of venture capital firms are raising funds in Michigan. Here are eight of them.
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Invest Michigan has its most active quarter
Tom Henderson - The nonprofit fund was created by the Michigan Economic Development Corp. in 2014 to invest in early-stage companies through the $10.5 million Michigan Pre-Seed Fund 2.0. It made nine...
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Flagstar's Michigan appointment points to renewed push in commercial loans
Dustin Walsh - Andrew Ottaway, executive vice president of lending, was named president of Flagstar's Michigan market earlier this month. Since joining Flagstar in 2015, Ottaway launched new commercial...
View ArticleChase advertising campaign promotes city investment
Chad Livengood - J.P. Morgan Chase & Co. is trying to spread the word about the bank's $150 million investment in Detroit's revitalization in national advertising.
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Wayne County bonds raised to investment grade by Fitch Ratings
Annalise Frank - The county's credit rating goes from BB+ to BBB-, a move that Executive Warren Evans expects will make it more affordable for the county to borrow funds needed to complete unfinished...
View ArticleAudit: Detroit has balanced budget, $63 million surplus
Associated Press - This is the city's second consecutive balanced budget, according to figures from Detroit's Comprehensive Annual Financial Report released Wednesday.
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Stocks set records as bond yields sink after jobs report
Stan ChoeAssociated Press - Friday's drop in interest rates helped boost stocks in industries that pay big dividends. Real-estate investment trusts rose twice as fast as the overall S&P 500, but...
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How Quicken Loans' new CMO moved from Fiat to home finance
Adrianne PasquarelliAd Age - Casey Hurbis is tasked with spearheading the Detroit-based company's new confidence campaign to promote its Rocket Loan online product, which rolls out today.
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Ally aims to lure millennials with 'lucky' dollar bills, roving George...
Kurt Nagl - Part of Ally Financial Inc.'s "disruptor" campaign, a group of George Washington impersonators will be meeting hard workers downtown.
View ArticleUniversity of Michigan endowment to boost investments in energy
Janet LorinBloomberg - The endowment was valued at $10.9 billion as of April 30, up from $10 billion last June 30, when the fiscal year ends. The alternative asset portion of the portfolio is about 42...
View ArticleFed forges on with rate hike, asset plan amid inflation worry
Christopher CondonBloomberg - Policy makers maintained their outlook for one more hike in 2017 and set out some details for how they intend to shrink their $4.5 trillion balance sheet this year.
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