October 19, 2018 at 7:30 p.m.
Bluffton ethanol plant is sold
Business Roundup
Bluffton’s ethanol plant is among three being sold to Valero Renewable Fuels Company.
Green Plains Inc. announced this week it will sell the Bluffton plant along with ethanol plants in Lakota, Iowa, and Riga, Michigan, for $300 million plus $28 million in working capital.
The sale involves about 20 percent of Green Plains Inc.’s ethanol production capacity and is intended to strengthen the company’s balance sheet, according to a press release.
Acquisition
First Merchants Corp., the Muncie-based parent of First Merchants Bank, is acquiring MBT Financial Corp. of Monroe, Michigan, The Toledo Blade reported this month.
The sale will be a 100 percent stock transaction valued at $290.9 million.
First Merchants Corp. has $9.7 billion in assets and 114 branches. The acquisition is expected to be complete in the first quarter of 2019, subject to approval by regulators and shareholders of MBT, the parent firm of 160-year-old Monroe Bank & Trust.
First Merchants said it expects to fully integrate all of MBT’s operations and Monroe Bank & Trust’s 20 branches into its own operations by the third quarter of next year, The Blade reported.
Retiring
RexJournay , vice president and commercial loan officer at First Bank of Berne’s Portland branch is retiring Nov. 2.
A resident of Bearcreek Township,Journay has worked in community banking for more than 40 years. A 1970 graduate of Bellmont High School, he received his degree in agronomy from Purdue University in 1974. He’s also a graduate of the Graduate School of Banking at the University of Wisconsin-Madison.
He has served on the boards of The Portland Foundation, Jay County Development Corporationand the Jay County Hospital Foundation, and has been active in leadership at Peace Lutheran Church, Berne.
A reception in his honor will be held from 2 to 5 p.m. on Nov. 2 at the Portland branch of First Bank of Berne.
New acquisition
Reuters reported last week that Walmart Inc. will acquire Eloquii, a fashion startup that sells plus-sized clothing.
Eloquii, a four-year-old startup, sells apparel starting at size 14 through its own website and through five of its own stores, Reuters said.
Plus-size apparel is part of a $21 billion market and represents one of the fastest growing segments in women’s apparel, Walmart officials said in a statement. More than half of women between the ages of 18 to 65 in the United States wear size 14 or higher, the retailer said.
“These customers have been historically underserved, with clothing limited by its lack of fashion, lack of fit, or both,” Walmart said.
New format
Walgreens and Kroger announced this month they are testing a new format that combines the supermarket chain’s grocery expertise with Walgreens knowledge in “pharmacy, healthand beauty.”
The companies will pilot an offering “that brings Kroger Pickup and selection of Kroger-owned brands to Walgreens stores” in select U.S. markets, the two said in a joint statement Tuesday. “Initially, Kroger and Walgreens will develop and test a one-stop shopping experience where customers can access products and services from both companies,” the companies said in a statement.
The companies will conduct a pilot in 13 Walgreens stores in Northern Kentucky, which is near Kroger’s Cincinnati headquarters, over the next several months.
Kroger has 2,800 retail stores and 9 million customers while Walgreens 9,800 stores and about 400 retail health clinics.
With honors
First Bank of Berne’s vice president and business banker recently graduated with high honors from the Graduate School of Banking.
Jenilee Bransteter graduated in the top 5 percent of the 2018 graduating class, The Berne Witness reported.Bransteter has worked for First Bank of Berne since 2007. She graduated from Ohio State University, majoring in agribusiness and applied economics.
Gets grant
Pax Machine Works of Celina, Ohio, has received a third round of federal funding to train new employees.
Mercer County officials said $60,483 in Workforce Development Rapid Response Assistance Funds will be provided. In all, Pax has received $539,618 over the past three years for worker training.
The company has estimated that over the next decade one-third of its current workforce will be retiring.
Green Plains Inc. announced this week it will sell the Bluffton plant along with ethanol plants in Lakota, Iowa, and Riga, Michigan, for $300 million plus $28 million in working capital.
The sale involves about 20 percent of Green Plains Inc.’s ethanol production capacity and is intended to strengthen the company’s balance sheet, according to a press release.
Acquisition
First Merchants Corp., the Muncie-based parent of First Merchants Bank, is acquiring MBT Financial Corp. of Monroe, Michigan, The Toledo Blade reported this month.
The sale will be a 100 percent stock transaction valued at $290.9 million.
First Merchants Corp. has $9.7 billion in assets and 114 branches. The acquisition is expected to be complete in the first quarter of 2019, subject to approval by regulators and shareholders of MBT, the parent firm of 160-year-old Monroe Bank & Trust.
First Merchants said it expects to fully integrate all of MBT’s operations and Monroe Bank & Trust’s 20 branches into its own operations by the third quarter of next year, The Blade reported.
Retiring
Rex
A resident of Bearcreek Township,
He has served on the boards of The Portland Foundation, Jay County Development Corporation
A reception in his honor will be held from 2 to 5 p.m. on Nov. 2 at the Portland branch of First Bank of Berne.
New acquisition
Reuters reported last week that Walmart Inc. will acquire Eloquii, a fashion startup that sells plus-sized clothing.
Eloquii, a four-year-old startup, sells apparel starting at size 14 through its own website and through five of its own stores, Reuters said.
Plus-size apparel is part of a $21 billion market and represents one of the fastest growing segments in women’s apparel, Walmart officials said in a statement. More than half of women between the ages of 18 to 65 in the United States wear size 14 or higher, the retailer said.
“These customers have been historically underserved, with clothing limited by its lack of fashion, lack of fit, or both,” Walmart said.
New format
Walgreens and Kroger announced this month they are testing a new format that combines the supermarket chain’s grocery expertise with Walgreens knowledge in “pharmacy, health
The companies will pilot an offering “that brings Kroger Pickup and selection of Kroger-owned brands to Walgreens stores” in select U.S. markets, the two said in a joint statement Tuesday. “Initially, Kroger and Walgreens will develop and test a one-stop shopping experience where customers can access products and services from both companies,” the companies said in a statement.
The companies will conduct a pilot in 13 Walgreens stores in Northern Kentucky, which is near Kroger’s Cincinnati headquarters, over the next several months.
Kroger has 2,800 retail stores and 9 million customers while Walgreens 9,800 stores and about 400 retail health clinics.
With honors
First Bank of Berne’s vice president and business banker recently graduated with high honors from the Graduate School of Banking.
Jenilee Bransteter graduated in the top 5 percent of the 2018 graduating class, The Berne Witness reported.
Gets grant
Pax Machine Works of Celina, Ohio, has received a third round of federal funding to train new employees.
Mercer County officials said $60,483 in Workforce Development Rapid Response Assistance Funds will be provided. In all, Pax has received $539,618 over the past three years for worker training.
The company has estimated that over the next decade one-third of its current workforce will be retiring.
Top Stories
9/11 NEVER FORGET Mobile Exhibit
Chartwells marketing
September 17, 2024 7:36 a.m.
Events
250 X 250 AD