Since its opening five months ago, the chairman of Grand River Bank in Grandville, says the start-up's healthy loan and deposit base indicates success in the future. "We're all very pleased," says Chairman Robert Bilotti.
Grand River Commerce Inc., the parent company of Grand River Bank, had total loans of $5.7 million and $11.0 million in deposits as of Sept. 30, according to a quarterly regulatory filing. Assets total $23.9 million, including $17.0 million in startup capital raised from investors. Grand River Commerce’s key strategy to lure commercial clients is to take advantage of the tight credit environment other lending institutions put into place when the economy began falling.
According to excerpts from the story:
“We are seeing a fair amount of shopping,” Bilotti said. “The company believes the recent curtailment of lending activities by many financial institutions with which the company competes has provided an opportunity to populate the balance sheet with healthy credits, while maintaining conservative underwriting practices and pricing at profitable levels,” Grand River Commerce stated in its third-quarter financial filing.
Read the complete story here
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.