September 7, 2019 at 5:20 a.m.
Bantz to retire at end of year
Business roundup
Bantz to retire at end of year
Janet E. Bantz will retire as president and chief executive officer of CrossRoads Financial Federal Credit Union effective Jan. 1, 2020.
She has led the local credit union since 1989.
She originally served as manager of what was then known as Portland Forge Employees Federal Credit Union, which served five employer groups and had $4 million in assets.
Today, CrossRoads has more than 9,000 members and holds more than $57 million in assets.
In 1989, the credit union had six employees and one office. It now employs 29 and has four full-service offices.
Before taking the reins at the credit union, Bantz served as controller and executive vice president at the former Citizens Bank in Portland.
Her community leadership involvement has included the United Way of Jay County, the Jay County Chamber of Commerce, Portland Rotary Club, Jay Community Center, Jay-Randolph Developmental Services, the Girls Club, Jay County Hospital and IU Health Jay.
“Janet more than deserves our gratitude for her tireless work on behalf of the credit union and our members. Though she will be greatly missed by everyone, she will be leaving the Credit Union in excellent condition,” Joday Auker, the credit union’s board chair, said in a prepared statement.
Her successor will be announced at a later date.
Fishy food?
Tyson Foods Inc., parent of Tyson Mexican Original of Portland, has invested in New Wave Foods, a San Francisco-based company that plans to debut a plant-based shrimp product next year.
“I was introduced to New Wave by a venture capital friend of mine, and I flew out and had the product prepared for me by a chef, and I didn’t even know it wasn’t shrimp,” Tom Mastrobuoni, chief financial officer of Tyson Ventures, told The Washington Post.
Plant-based shrimp will be rolled out in restaurants, the company said. Eighty percent of shrimp are consumed in food service.
Meanwhile, the food company’s stock prices fell after it lowered its earnings forecast.
Tyson said it sees current year earnings in the range of $5.30 to $5.70 per share, down from a prior forecast of $5.75 to $6.10. The drop is due in part to costs linked to a fire at its Holcomb, Kansas slaughterhouse.
"The discrete challenges we've encountered this quarter now lead us to believe we will fall short of our previously stated guidance, but our outlook for fiscal 2020 remains positive as we believe some of the challenges we're experiencing are not expected to repeat, and we're expecting more favorable market conditions as well," CEO Noel White, said in a prepared statement.
No sale
Walmart made headlines this week when it announced it will stop selling handgun and short-barrel rifle ammunition and ask its customers not to openly carry firearms in Walmart stores.
The announcement came just after the latest mass shooting incident in Texas.
Walmart will also discontinue handgun sales in Alaska. It stopped selling handguns in the rest of the country in the mid-1990s.
It also is taking down displays of violent video games in its stores.
”In a complex situation lacking a simple solution, we are trying to take constructive steps to reduce the risk that events like these will happen again," said a memo by Walmart's CEO Doug McMillon. "The status quo is unacceptable.”
Deal is done
First Financial Bancorp, parent of First Financial Bank, said this week that it has completed its acquisition of Bannockburn GlobalForex, LLC, a Cincinnati-based capital markets firm that provides transactional currency payments, foreign exchange hedging, and other advisory products to more than 1,500 closely held enterprises, financial sponsors, and financial institutions across the United States.
Bannockburn has completed more than $90 billion of transaction volume through more than 150,000 secure transactions since it was founded in 2009.
It becomes a division within the Commercial Banking group of First Financial Bank and will continue to operate under the Bannockburn name.
Finalized
First Merchants Corporation and MBT Financial Corporation have finalized a merger.
After regulatory approvals last month, the companies consummated their legal closing through a 100% stock transaction that was effective Sept.1.
Monroe Bank & Trust, based in Monroe, Michigan, will also merge with and into First Merchants Bank.
Since its founding in 1858, Monroe Bank & Trust grew to one of the largest community banks in Michigan with total assets of $1.3 billion, total loans of $769 million, and total deposits of $1.2 billion.
First Merchants will have assets of approximately $12 billion and will remain the second largest financial holding company headquartered in Indiana.
The company will have 130 banking offices in Indiana, Michigan, Ohio and Illinois.
Judge OK’s
A long delayed merger between CVS Health Corp. and health insurer Aetna has finally gotten a federal judge’s approval that it is legal under antitrust law.
Reuters reported that Judge Richard Leon of U.S. District Court for the District of Columbia, who had originally balked at the deal, gave his approval this week.
Another closing
Richmond’s Kmart store, which has survived several rounds of closings, will be shuttered by the end of the year, The Palladium-Item reported this week.
Liquidation should begin by the middle of this month with the store closing by mid-December, the Richmond newspaper reported.
Certified gold
Indiana’s Office of Community and Rural Affairs has designated Winchester’s Vision Business Park as an Indiana Site Certified Gold.
“To earn a site certified designation requires public and private sector dedication and collaboration,” Indiana Lt. Gov. Suzanne Crouch said in a prepared statement. “I commend the leadership and local partners of the Winchester Vision Business Park for taking the necessary steps to bring economic development to their communities.”
The 62-acre? site is along U.S. 27 on the north side of Winchester.
Declare dividend
The Andersons Inc., which operates a large grain facility near Dunkirk, has announced a fourth quarter cash dividend of 17 cents per share, payable Oct. 22 to shareholders of record as of Oct. 1.
The dividend is the agriculture company’s 92nd consecutive cash dividend.
Founded in 1947, the company conducts business in the commodity trading, ethanol, plant nutrient and rail sectors.
Helping out
More than 350 Indiana Michigan Power employees and contractors will help restore power in the wake of Hurricane Dorian.
The utility company said crews deploying to Florida are based throughout I&M’s service territory including the Fort Wayne area, Muncie/Marion area, South Bend/Elkhart area and Southwest Michigan.
A majority of the I&M personnel will be line mechanics and forestry experts. I&M will also send assessors to help with damage assessments along with safety and health experts and fleet mechanics.
She has led the local credit union since 1989.
She originally served as manager of what was then known as Portland Forge Employees Federal Credit Union, which served five employer groups and had $4 million in assets.
Today, CrossRoads has more than 9,000 members and holds more than $57 million in assets.
In 1989, the credit union had six employees and one office. It now employs 29 and has four full-service offices.
Before taking the reins at the credit union, Bantz served as controller and executive vice president at the former Citizens Bank in Portland.
Her community leadership involvement has included the United Way of Jay County, the Jay County Chamber of Commerce, Portland Rotary Club, Jay Community Center, Jay-Randolph Developmental Services, the Girls Club, Jay County Hospital and IU Health Jay.
“Janet more than deserves our gratitude for her tireless work on behalf of the credit union and our members. Though she will be greatly missed by everyone, she will be leaving the Credit Union in excellent condition,” Joday Auker, the credit union’s board chair, said in a prepared statement.
Her successor will be announced at a later date.
Fishy food?
Tyson Foods Inc., parent of Tyson Mexican Original of Portland, has invested in New Wave Foods, a San Francisco-based company that plans to debut a plant-based shrimp product next year.
“I was introduced to New Wave by a venture capital friend of mine, and I flew out and had the product prepared for me by a chef, and I didn’t even know it wasn’t shrimp,” Tom Mastrobuoni, chief financial officer of Tyson Ventures, told The Washington Post.
Plant-based shrimp will be rolled out in restaurants, the company said. Eighty percent of shrimp are consumed in food service.
Meanwhile, the food company’s stock prices fell after it lowered its earnings forecast.
Tyson said it sees current year earnings in the range of $5.30 to $5.70 per share, down from a prior forecast of $5.75 to $6.10. The drop is due in part to costs linked to a fire at its Holcomb, Kansas slaughterhouse.
"The discrete challenges we've encountered this quarter now lead us to believe we will fall short of our previously stated guidance, but our outlook for fiscal 2020 remains positive as we believe some of the challenges we're experiencing are not expected to repeat, and we're expecting more favorable market conditions as well," CEO Noel White, said in a prepared statement.
No sale
Walmart made headlines this week when it announced it will stop selling handgun and short-barrel rifle ammunition and ask its customers not to openly carry firearms in Walmart stores.
The announcement came just after the latest mass shooting incident in Texas.
Walmart will also discontinue handgun sales in Alaska. It stopped selling handguns in the rest of the country in the mid-1990s.
It also is taking down displays of violent video games in its stores.
”In a complex situation lacking a simple solution, we are trying to take constructive steps to reduce the risk that events like these will happen again," said a memo by Walmart's CEO Doug McMillon. "The status quo is unacceptable.”
Deal is done
First Financial Bancorp, parent of First Financial Bank, said this week that it has completed its acquisition of Bannockburn GlobalForex, LLC, a Cincinnati-based capital markets firm that provides transactional currency payments, foreign exchange hedging, and other advisory products to more than 1,500 closely held enterprises, financial sponsors, and financial institutions across the United States.
Bannockburn has completed more than $90 billion of transaction volume through more than 150,000 secure transactions since it was founded in 2009.
It becomes a division within the Commercial Banking group of First Financial Bank and will continue to operate under the Bannockburn name.
Finalized
First Merchants Corporation and MBT Financial Corporation have finalized a merger.
After regulatory approvals last month, the companies consummated their legal closing through a 100% stock transaction that was effective Sept.1.
Monroe Bank & Trust, based in Monroe, Michigan, will also merge with and into First Merchants Bank.
Since its founding in 1858, Monroe Bank & Trust grew to one of the largest community banks in Michigan with total assets of $1.3 billion, total loans of $769 million, and total deposits of $1.2 billion.
First Merchants will have assets of approximately $12 billion and will remain the second largest financial holding company headquartered in Indiana.
The company will have 130 banking offices in Indiana, Michigan, Ohio and Illinois.
Judge OK’s
A long delayed merger between CVS Health Corp. and health insurer Aetna has finally gotten a federal judge’s approval that it is legal under antitrust law.
Reuters reported that Judge Richard Leon of U.S. District Court for the District of Columbia, who had originally balked at the deal, gave his approval this week.
Another closing
Richmond’s Kmart store, which has survived several rounds of closings, will be shuttered by the end of the year, The Palladium-Item reported this week.
Liquidation should begin by the middle of this month with the store closing by mid-December, the Richmond newspaper reported.
Certified gold
Indiana’s Office of Community and Rural Affairs has designated Winchester’s Vision Business Park as an Indiana Site Certified Gold.
“To earn a site certified designation requires public and private sector dedication and collaboration,” Indiana Lt. Gov. Suzanne Crouch said in a prepared statement. “I commend the leadership and local partners of the Winchester Vision Business Park for taking the necessary steps to bring economic development to their communities.”
The 62-acre? site is along U.S. 27 on the north side of Winchester.
Declare dividend
The Andersons Inc., which operates a large grain facility near Dunkirk, has announced a fourth quarter cash dividend of 17 cents per share, payable Oct. 22 to shareholders of record as of Oct. 1.
The dividend is the agriculture company’s 92nd consecutive cash dividend.
Founded in 1947, the company conducts business in the commodity trading, ethanol, plant nutrient and rail sectors.
Helping out
More than 350 Indiana Michigan Power employees and contractors will help restore power in the wake of Hurricane Dorian.
The utility company said crews deploying to Florida are based throughout I&M’s service territory including the Fort Wayne area, Muncie/Marion area, South Bend/Elkhart area and Southwest Michigan.
A majority of the I&M personnel will be line mechanics and forestry experts. I&M will also send assessors to help with damage assessments along with safety and health experts and fleet mechanics.
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