On March 31, 2021, Union Financial Corporation (“Union”), the holding company for Union Bank, announced that it has completed the issuance of its common stock for a total of $6.0 million in gross proceeds. The offering was made to “accredited” investors only and included insiders, high net worth individuals, family offices and institutional investors.
President & CEO, Cortney H. Collison, commented “Despite the ongoing impact of the pandemic, we were very pleased to complete this capital campaign and we were oversubscribed. Union Bank continues to support local businesses, and this capital will also support our expansion into the Grand Rapids market. We appreciate the support from our existing shareholders and welcome our new shareholders.”
Union anticipates using the net proceeds from this offering to invest in Union Bank providing for continued organic growth, opportunistic strategic growth, support regulatory capital ratios, and other general corporate purposes.
UNION FINANCIAL CORPORATION AND UNION BANK
Union Financial Corporation is the holding company for Union Bank and was formed in 1987.
Union Bank is headquartered in Lake Odessa, MI and offers full-service banking products and services to local communities in Ionia, Clinton, Eaton, Barry, and Kent counties. Its branch locations are bookended by two prominent Michigan markets – Grand Rapids and Lansing.
In addition to traditional bank products, in 2019 Union began to offer banking products and services to cannabis and marijuana-related business (“MRB”) throughout Michigan to capitalize on the legalization of recreational marijuana in the state.
In late 2020, Union Bank announced the addition of Tim Doyle as Executive Vice President and Chief Lending Officer. In this role, Doyle is a member of senior management and is focused on strategic initiatives for the growing organization, including its continued expansion into the Grand Rapids market. Doyle joins Union with over 30 years of diverse finance and lending experience in both rural and metropolitan markets, most recently in Grand Rapids.