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Friday, 31 January 2014 09:59

Jan. 31, 2014: Macatawa Bank reports improved operations; Lody Zwarensteyn moves up his retirement as president of the Alliance for Health

Written by  MiBiz Staff
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ChoiceOne Financial Services, the Sparta-based parent company of ChoiceOne Bank, reported higher net income of $5.0 million for 2013, or $1.55 per share, versus $4.2 million, or $1.42 per share, in 2012. Quarterly net income totaled $1.3 million, or 41 cents per share, compared to $1.1 million, or 33 cents per share, in the fourth quarter of 2012. ChoiceOne has 12 offices in Kent, Ottawa, Newaygo and Muskegon counties with assets of $514.5 million. [3:30 p.m.]

Grand Rapids entrepreneur Bing Goei has been tapped by Gov. Rick Snyder to lead the newly created Michigan Office for New Americans. Goei, the CEO of Eastern Floral, will serve as a chief adviser to the governor’s office and state departments regarding immigration policies, programs and procedures, according to a statement. The appointment is effective immediately. [2:05 p.m.]

Independent Bank Corp. reported 2013 net income of $77.5 million, or $3.55 per diluted share. The year benefited from a $55.4 million one-time tax gain and $5.4 million from the sale of 21 branches in December 2012 to Chemical Financial Corp. The 2013 results compare with net income of $26.2 million, or 8 cents per diluted share, for 2012. The Ionia-based Independent Bank reported quarterly net income of $4.8 million, or 21 cents per share, which compares with net income of $11.9 million, or 36 cents per diluted share, in the fourth quarter of 2012 that included the branch sale. The bank ended 2013 with assets of $2.20 billion. [1:45 p.m.]

Macatawa Bank Corp. (NASDAQ: MCBC) further improved operations during 2013, although net income was down sharply from the prior year due to major on-time gains in 2012. The Holland-based Macatawa Bank reported annual net income for 2013 of $9.5 million, or 22 cents per diluted share, which compares with $35.4 million, or $1.31 per diluted per share, for 2012, a year that included several one-time events that boosted earnings by $18.9 million in the fourth quarter. Net income for the fourth quarter of 2013 was $2.2 million, or 56 cents per diluted share, versus $21.2 million, or 78 cents per diluted share, a year earlier. During the year, Macatawa Bank reduced non-performing assets by 27 percent and converted preferred stock to common shares.

Lody Zwarensteyn moved up his departure as president of the Alliance for Health in Grand Rapids to March 1. Zwarensteyn previously planned to retire by August after 42 years with the health care planning agency. In an email today to Alliance members, he wrote that “it is time for me to withdraw from active service.” Paul Brand, the Alliance for Health’s executive vice president, will succeed Zwarensteyn as president.

Read 2679 times Last modified on Friday, 31 January 2014 15:33

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