Banking/Finance News
05/17/12 LANSING (AP) — The Michigan Senate has passed legislation that would end pensions for newly hired public school employees and switch them into a 401(k)-style retirement plan.
05/16/12 TriMas Corp. will pay down $50 million of long-term principal on senior secured debt notes due in 2017, the company reported in a recent notice to Bank of New York Mellon Trust Co. NA, trustee of the notes.
05/14/12 Residential Capital LLC, the unprofitable mortgage company whose parent, Detroit-based Ally Financial Inc., is trying to repay a U.S. government bailout, has filed for bankruptcy and plans to sell most of its assets to Fortress Investment Group LLC.
05/13/12 When Sandy Pierce, president of the Charter One branches in Michigan, passes out a business card, it says in big letters at the top: "RBS Citizens." So why do the signs out in front of banks still say "Charter One"?
05/10/12 LANSING (AP) — State authorities are accusing a Detroit-area man of fleecing people out of $800,000 by posing as someone who could modify their mortgages.
05/09/12 Former Detroit Mayor Kwame Kilpatrick, former city Treasurer Jeffrey Beasley and MayfieldGentry Realty Advisors LLC, a former adviser to the city's police and fire pension fund, have been charged with federal crimes by the U.S. Securities and Exchange Commission.
05/09/12 A bond issue today for the Detroit Public Schools probably will save even more than the $23 million in accelerated bond payments that were set to begin June 1, under an agreement with Bermuda-based Assured Guaranty Ltd.
05/08/12 The chief market strategist for Cincinnati-based Fifth Third Bank presented a rosy economic forecast this morning at a breakfast in Southfield for bank executives and clients of Fifth Third’s investor and wealth management services.
05/08/12 Detroit-based Ally Financial Inc., the auto lender majority-owned by taxpayers, has received U.S. Treasury Department approval to put its Residential Capital unit into bankruptcy as the government seeks to recover bailout funds.
05/03/12 In 2008, a subsidiary of Detroit realty adviser Mayfield Gentry LLC used $3.1 million from the Detroit Police and Fire Retirement System to partially bankroll the $7 million purchase of two malls in California, according to a statement issued today by the retirement system's board.
05/02/12 Huntington National Bank will expand its presence in Michigan significantly by opening more than 80 branches inside Meijer Inc. stores across the state in the coming years.
05/02/12 That is, as we used to say once upon a time in the news biz, a man-bites-dog story.
05/01/12 Troy-based Flagstar Bancorp Inc. reported a sharply reduced first-quarter loss after the close of the markets Monday night and said it expects to be back in the black by the end of this year.
05/01/12 DETROIT (AP) — Comerica Bank is set to hold a grand opening ceremony for its new $17 million Michigan market headquarters.
05/01/12 The Urban Partnership Bank held the grand opening of its Midtown branch this morning. The full-service, 3,000-square-foot branch anchors The Union at Midtown, a new multiuse development in the 4800 block of Cass Avenue.
04/29/12 A U.S. Senate bill to lift the limit on commercial lending for credit unions, which was expected to come to a vote by the end of April, was delayed by Democratic Majority Leader Harry Reid of Nevada in a move that caught both supporters and opponents in the banking industry by surprise.
04/27/12 Flint-based Citizens Republic Bancorp Inc. reported its fourth straight quarter in the black after the markets closed Thursday, driving its share price this morning to a 12-month high of $17.10 a share.
04/26/12 The Michigan Business Activity Index jumped four points in February to 102, the highest since April 2005 and 42 points, or 70 percent, above the low reached during the recession.
04/26/12 Chrysler Group LLC, the automaker controlled by Fiat S.p.A., will let its operating agreement with Detroit-based Ally Financial Inc. expire in April 2013 as the company negotiates with other banks for vehicle financing.
04/25/12 Southfield-based AlixPartners LLP, a global advisory services and restructuring firm, announced today that a majority share in the company has been bought by London-based CVC Capital Partners.
04/24/12 Here are three pieces of good news to brighten up a Tuesday:
FINANCE EXTRA
04/22/12 Big changes are afoot for the growing mortgage company formerly known as Shore Mortgage Financial Services Inc.
FINANCE EXTRA
04/22/12 Two recent M&A deals involving Michigan community banks are just the beginning, according to Phillip Torrence, chairman of the financial institutions practice at Honigman Miller Schwartz and Cohn LLP.
FINANCE EXTRA
04/22/12 Pending federal legislation could be good news for commercial lending volumes by local credit unions. But traditional banks oppose it.
FINANCE EXTRA
04/22/12 Huron Capital Partners LLC has begun a major expansion of its 27th-floor headquarters in the Guardian Building in downtown Detroit as it prepares to start raising its fourth and largest fund of about $400 million.
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RUMBLINGS: For Charter One, what's in a name?