First Merchants sets earnings

First Merchants Corporation reported that earnings for the first quarter of 2011 totaled 17 cents per fully diluted common share — an improvement of 16 cents per share as compared to the same quarter last year.
The bank’s total assets were $4.1 billion as of the quarter end and total loans were $2.8 billion as customer demand remained low.
First Merchants President and CEO Michael Rechin said the Midwestern marketplace is inicluded in the broader recovery but still needs to exhibit strong overall loan demand.
“We are seeing more activity in small businesses and mortgage lending but little demand from our retail segment,” Rechin said.

Initial public offering issued
Saint-Gobain announced on June 7 the launch of the initial public stock offering for Verallia, the second largest global manufacturer of glass containers for the food and beverage industry.
 Listing of the shares will be on the regulated market of NYSE Euronext, in Paris.

Safety award received
A local copper and brass plant has received an award for the sixth time.
Elkhart Products in Geneva has received the company’s Copper and Brass Industry Safety Award.
Awards are given to those companies working as part of a parent company, Albert Industries. Elkhart Products has had a ratio of only scrapping three pieces for each 1,000 pieces produced.

Manufacturer expands
An automobile manufacturer is expanding its facility after seeing an increase in production.
Winchester Honda parts manufacturer Tomasco underwent an increase in its warehouse and shipping space in 2007 and 2009, for which representatives say the facility will expand the loading dock space, expanding it from four to six doors.
The plan requires construction that would have to go 250 feet into Inks Drive, a city-owned street. There will be a public hearing to discuss the expansion June 20 at 6:30 p.m. in council chambers at City Hall.

Named broker of the year
Raymond James Financial, Inc., was recently named the full-service broker of the year in the SmartMoney “Annual Broker Survey.” This is the third time the firm earned top honors.
The firm was recognized for performing strongly in several categories, including stock picking. Other factor that go into consideration in the survey include data on the performance of stocks recommended, studies on the customer satisfaction and consultations with experts who study user-friendliness of brokers’ account statements and websites.

Retail forecast
The Wall Street Journal reported this week that discount retailer Dollar General appears positioned to increase market share with a plan to forgo gross margin growth and keep prices low.
Analysts estimate that the store pays just $7 a square foot on its leases nationwide, compared to $30 for competitors CVS and Walgreen.
The analysis by John Jannarone stated that large grocers such as Kroger and Safeway, along with Wal-Mart Stores, the world’s largest retailer, may have to follow Dollar General’s lead.
In a call with investors last week, Dollar General noted it has had 13 consecutive quarters of increased store traffic.[[In-content Ad]]