Chronicles

All-stock purchase grows U.P. bank

Mackinac Financial Corp., the largest bank headquartered in Michigan’s Upper Peninsula,  announced late Tuesday its intent to purchase First Federal of Northern Michigan Bancorp and its wholly-owned subsidiary, First Federal of Northern Michigan, Alpena, in an all-stock acquisition. With the addition of First Federal $320 million in assets, Mackinac’s subsidiary, mBank, Manistique, will become a $1.3 billion institution. [Continue]

Illinois bank building on two mergers

Busey Bank, Champaign, Ill., has completed its second merger of the year, most recently with South Side Trust & Savings Bank, Peoria, Ill., and one this summer with First Community Financial Bank, Joliet, Ill. [Continue]

CFPB outlines customer data-sharing principles

The CFPB issued principles for protecting consumers when they authorize third party companies to access their financial data to provide certain financial products and services.

The CFPB said the principles are intended to help foster the development of innovative financial products and services, increase competition in financial markets, and empower consumers to take greater control of their financial lives. The principles affirm, to all stakeholders, that consumer-authorized financial data needs to be protected. [Continue]

Michigan bank wins bid to grow north

Independent Bank, Grand Rapids, Mich., and Traverse City State Bank, Traverse City, Mich., are combining. The transaction is anticipated to close in the first half of the year. After the closing, Traverse City State Bank will operate as Independent Bank and maintain all five of its branches. One member of Traverse City’s board of directors will join Independent’s upon completion of the transaction. [Continue]

Leadership change at CFPB causes fracas

Richard Cordray, director of the Consumer Financial Protection Bureau, stepped down Nov. 24. While President Trump has the right to name Cordray’s permanent replacement, an argument broke out over who would be the bureau’s interim director. [Continue]

BankBeat: A new reader experience for a storied brand

Anything that is alive has a “beat,” and we are dedicated to covering that beat in banking.  We have formally adopted the BankBeat name as an update on the NorthWestern Financial Review name for our online delivery. Later this year, this change will be reflected in our print magazine. We believe BankBeat is a better moniker for a multi-modal news organization, which not only reviews the latest banking industry developments, but analyzes them and brings intelligent information to the industry discussion table, something we’ve done under the NorthWestern Financial Review name since 1988. [Continue]

Survey says apps could become profits

An S&P Global Market Intelligence report indicated while the rate of digital lending growth may begin to slow in the next few years, albeit still growing overall, banks need to emphasize their digital and mobile capabilities more than ever. Specifically, mobile apps have moved from a luxurious perk to an absolute necessity for banks as demanded by their customers. [Continue]

Indiana Bankers Association recognized for app

The Indiana Bankers Association has been honored with the 2017 Impactful Technology award of excellence from the Indiana Society of Association Executives. The award was in recognition of the multipurpose IBA App, which provides anytime/anywhere access to IBA events, staff listings, Hoosier Banker Digital and other IBA opportunities. [Continue]

Heartland Financial to add Minnesota bank to its roster

Minnesota Bank & Trust, Edina, Minn., a subsidiary of Heartland Financial USA, Inc., Dubuque, Iowa, and Signature Bank, Minnetonka, Minn., have agreed to merge. Signature Bank will be blended into Minnesota Bank & Trust’s operations and brand. The combined bank will create a $600 million Heartland subsidiary. [Continue]