Grandville residents dissatisfied with larger banks have welcomed Grand River Bank as its latest independent offering in Grandville. Raising nearly $17 million from local investors, it received regulatory approval this week and began transacting business.
Bank of Western Michigan caters to the financial needs of businesses, professionals, non-profit organizations, municipalities, and municipalities through deposits, payment, and credit services, as well as commercial real estate loans in Western Michigan.
Personal and Business Banking
Grand River Bank is a locally focused and full-service commercial bank in West Michigan that caters to individuals, businesses, professionals, nonprofits, and municipalities for their financial needs. Their products and services include retail banking, business banking, mortgage lending, and treasury management – plus they also offer online and mobile services.
Grand River Bank takes pride in offering a full range of personal and business banking services, as well as exceptional customer support. Customers have multiple ways of reaching out to their support team via online support, telephone support, and email; using these avenues, they can ask questions, give feedback, or resolve any issues they might be having with the bank.
Grand River Bank, situated in Grand Rapids, Michigan, is an independently owned commercial bank dedicated to meeting the financial needs of both individuals and businesses alike. The Bank is proud to support local communities through various programs and initiatives, such as offering free financial education classes and offering low-cost mortgage loans. Additionally, the Bank matches employee contributions to non-profit housing developers across the state to provide much-needed affordable homes in communities in need. Furthermore, we specialize in helping businesses and organizations obtain public grants for community development projects. Again, our knowledgeable and experienced professionals are here to meet all of your financial needs – be they personal or business-related.
Commercial Lending
Grand River Bank’s parent corporation recently unveiled an ambitious initiative to broaden their services and diversify revenue streams: Grand River Commerce Inc. started operations with national lending staff this fall and has already obtained licenses in 21 states, according to Chairman, President, and CEO Bob Bilotti of MiBiz. According to him, Grand River Commerce Inc. was formed “some time ago” as a means to expand earnings growth while complementing existing banking services.
This lender operates two Kent County locations – 4471 Wilson Avenue SW in Grandville and 50 Crahen Avenue Northeast Grand Rapids Township – and offers a courier service that delivers financial documents directly to businesses, nonprofits, and governmental bodies.
Bank of the West currently boasts $533.1 million in total assets, nearly quadrupling what it had at the end of 2022 and almost quadrupling what it had at the beginning of this year. Startup costs associated with starting its mortgage company weighed on profitability during the first three quarters this year; net income after these expenses totaled $77,000 during this time. Among their top loan categories are Commercial Real Estate Loans, 1-4 Family Residential Loans, and Construction and Development Loans – BestCashCow tracks rates from over 15,000 banks and credit unions!
Commercial Real Estate Lending
Grand River Bank provides commercial and consumer banking services, including real estate, business, equity-line lending products, interest-bearing checking accounts, savings accounts, health savings accounts, and time deposits. In addition, Grand River also provides online banking, bill pay services, and debit cards.
Grand River offers commercial and consumer lending products for SMEs, professional firms, and other organizations and individuals, such as business loans for SMBs, home improvement loans, lot and construction financing loans, as well as commercial/home equity lines of credit (LOC). Grand River also provides SBA/FHA loans. Their primary areas of service are Grand Rapids, Kent, and Ottawa counties in Michigan.
Recently, this lender has played a more significant role in New York City commercial real estate deals, lending Cheskie Weisz’s CW Realty $44 million for building a 98-unit rental property in Crown Heights in November and Abraham Fruchthandler’s FBE Limited $105 million to convert their Williamsburg apartment building into 320 units in December. However, some observers worry that its ties to fintech and cryptocurrency firms might cause it to scale back its activities here due to the current headwinds facing this sector.
Commercial Loans
Grand River Bank provides an extensive array of deposit products and banking services, from commercial lending to residential mortgage lending and treasury management, in addition to merchant, ACH manager, courier, online banking, and mobile banking solutions. Through its subsidiary Grand River Mortgage Co, LLC, it also writes mortgage loans nationwide.
This fall, the parent corporation of a Michigan bank introduced a mortgage company as part of a strategy to diversify its revenue stream and support future expansion. “We had been considering this for some time, so we went forward as part of expanding our business across West Michigan and beyond,” Bilotti explained. However, startup costs associated with starting this venture did cut into year-to-date earnings for the bank.
Grand River Bank has an established track record of helping local businesses secure the financing they require to thrive. Their expert knowledge of the local economy allows them to form strong relationships with companies, nonprofits, and governmental entities alike.
Joe joined the bank in February 2014 and has quickly been instrumental in driving the growth of its commercial portfolio. Through solid relationships and exceeding budgeting goals, his efforts have seen significant increases in lending to Concord area businesses. Currently, he oversees this region.
