The economic crunch has hit Michigan hard, but despite the setbacks
hundreds of West Michigan investors gave a new bank venture their vote
of approval, investing $17 million. As bank leaders add services and
customers, jobs are sure to follow.
According to excerpts from the story:
Grand River Bank quietly swung its
doors open this week after raising more than $17 million from local
investors during one of the most turbulent financial markets in
American history. Starting with a clean slate and about 750 local
investors, the bank's leaders believe they are in a good position to
capitalize on public disenchantment with bigger banks.
The
bank received final regulatory approvals in April to begin transacting
business Thursday, when its Federal Deposit Insurance Corp. insurance
took effect. Grand River Bank Chief Executive Dave
Blossey, a former regional president for Chemical Bank, said the market
conditions they enter are, in some ways, better than they would have
been before the recent industry turmoil.
Read the complete story here.
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