First National Bank of Michigan Continues to Demonstrate Commitment to the West Michigan Business Community
August 8, 2013
Source: John M. Schreuder
Job Title: Chief Executive Officer
GRAND RAPIDS, Michigan-First National Bank of Michigan is one of the few local banks in West Michigan, and the only local bank in Southwest Michigan, with capital investment in the newly formed Grow Michigan, LLC fund.
Grow Michigan, LLC provides attractively priced growth capital in the form of mezzanine debt to small businesses in Michigan communities. The unique product offering extends the capabilities of senior debt providers by offering a highly efficient, cost effective capital structure for helping Michigan small businesses grow and prosper.
"First National Bank of Michigan's investment in Grow Michigan once again demonstrates the Bank's commitment to and involvement with the State of Michigan and economic development, and speaks highly to the bank's mission to help local businesses grow and succeed," says John M. Schreuder, CEO of First National Bank of Michigan.
The $60 million Grow Michigan, LLC fund is a collaboration between members of Michigan's banking community and the Michigan Strategic Fund, and was founded by veterans of Michigan's finance and business industry.
"We are pleased to have First National Bank of Michigan as a Grow Michigan investor," says Russell C. Youngdahl, Jr., CEO of Grow Michigan. "FNB Michigan's philosophy and commitment to Michigan's small business community matches perfectly with the Grow Michigan philosophy, and we look forward to a long and successful relationship."
First National Bank of Michigan is a locally-owned bank with locations in Kalamazoo, Portage and Grand Rapids. Deposits stay in these West Michigan communities to fund loans, and decisions are made locally by experienced bankers committed to helping individuals and businesses grow and prosper.