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Friday, 26 July 2013 08:32

July 26, 2013: Macatawa Bank earnings dip; Dow may divest or JV biz units; Detroit Windsor Tunnel company files Chap. 11

Written by  MiBiz Staff
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Macatawa Bank Corp. Macatawa Bank Corp.

Macatawa Bank Corp. (Nasdaq: MCBC) recorded lower earnings for the second quarter resulting from a reversal of a deferred tax asset late last year. Holland-based Macatawa Bank late Thursday reported income of $2.6 million, or 10 cents per diluted share, for the second quarter. That compares with net income of $3.2 million, or 12 cents per diluted share, in the same period a year ago. Macatawa’s quarterly pre-tax earnings grew to $3.7 million from $3.1 million and were helped by a 30 percent reduction in non-performing assets from a year earlier and a reduced loan-loss provision. “Considering these items, the second quarter 2013 shows a strong improvement over the second quarter 2012 results,” Chairman Richard Postma said in a news release, which is posted here.

Midland-based Dow Chemical (NYSE: DOW) is considering shedding several business units that are not meeting expectations, CEO Andrew Liveris said during yesterday’s Q2 conference call with analysts. Livernis said Dow’s epoxy, chlorine and European construction businesses require “dramatic interventions” because results were below expectations. “[T]hese businesses are in the ‘fix/take action’ mode, which includes exploring all possibilities – including joint venturing or divesting them,” he told analysts. Dow reported sharply higher earnings for the second quarter, spurred by improved operations and a one-time gain related to the cancellation of Kuwait joint venture. The call transcript is available online at Dow’s IR site.

The company that operates the Detroit Windsor Tunnel has filed for Chapter 11 banktruptcy protection in a federal court in New York court, according to Crain's Detroit Business. Privately held  American Roads LLC cited $830 million in debt related to swaps and bonds and more than $100 million in assets in the court papers.  The filings "are not the result of the recent bankruptcy filing of Detroit - although Detroit's financial situation has contributed to the difficulties," Chief Executive Officer Neal Belitsky said in court papers.

Davenport University has been named a "2013 Great College to Work For" for the second year in a row by the Chronicle of Higher Education.  Davenport was cited in three areas:  compensation and benefits, supervisor/department chair relationship, respect and appreciation.  The Grand Rapids-based private, non-profit university has nearly 11,000 students.  

Kellogg Company (NYSE: K) declared a dividend of $0.46 per share, payable Sept. 16 to shareholders of record on Sept. 3.  Kellogg said the dividend is the 355th it has paid to shareholders since 1925.

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