MONDAY, FEB. 8, 2021 | IN THIS ISSUE
• Mercy Iowa City implements 'limited' staff cuts
• ADM, other local companies listed among Most Admired
• Stirlingshire retirement community opening April 1
• SF&M Bank, CBI Bank & Trust announce merger
• MidWestOne reports net profit for fourth quarter, 2020
• Corridor events, KCRG-TV9 headlines and First Alert Forecast
|
|
Mercy Iowa City implements 'limited' staff cuts |
|
Mercy Iowa City is implementing a second round of staff cuts due to the COVID-19 pandemic, placing some employees on furlough and imposing pay cuts for leadership positions.
The hospital, which has seen its costs rise while suffering a decrease in elective surgeries amid the outbreak, did not elaborate on the number of impacted positions, although hospital spokesman Aaron Scheinblum said it was “limited.”
Mercy Iowa City laid off 29 employees this past fall, according to Iowa Workforce Development’s Worker Adjustment and Retraining Notification (WARN) list, a move it also attributed to financial fallout from the pandemic. In addition, the hospital announced in September 2020 it would close its mental and behavioral health unit.
The hospital has not filed a WARN notice for the latest staff shakeup.
“The pandemic’s financial impact has been felt across hospitals in Iowa and the entire country. Mercy Iowa City is no exception, seeing an ongoing increase in costs and reductions in elective procedures,” Mr. Scheinblum said in a statement. “To support the future of Mercy Iowa City and support our mission to continue providing high-quality care for our community, we made the difficult decision to transition colleagues as part of our recovery efforts from these financial challenges.”
Mr. Scheinblum called the staffing changes, which also include paid time off forfeitures, “short-term cost saving measures” that are limited in scope.
“We are committed to providing the best care for our patients during such challenging times, and we are hopeful these transitions will continue to keep Mercy Iowa City strong for our community,” he said.
|
|
ADM, other local companies listed among Most Admired |
ADM, with operations in Cedar Rapids, was among a number of local companies recently named one of the World’s Most Admired Companies by FORTUNE Magazine
ADM was included in the list for the 13th consecutive year for food production companies, according to a release.
FORTUNE’s 2021 list ranked companies in 52 major industries on nine criteria, from investment value, innovation, and quality of management and products, to social responsibility and ability to attract talent. The list included 670 companies in 30 countries and was based on executives who work at the companies in that group.
The “World's Most Admired Companies” list is considered the definitive report card on corporate reputation, and is developed by FORTUNE and Korn Ferry. Other area companies on the list included Procter & Gamble, Nordstrom, PepsiCo, BAE Systems, Deere, General Mills, Ingredion, Raytheon, Schneider and Whirlpool.
“We believe in paving the way through good practices, progressive solutions and mindful actions,” ADM chairman and CEO Juan Luciano said in a release. “We are extremely honored to once again be named one of the most admired companies in our industry. For us, it’s a recognition of our focus on making a positive impact for people and the planet.”
Read the full World’s Most Admired Companies report from FORTUNE Magazine here.
|
|
Stirlingshire retirement community opening April 1 |
|
Minnesota-based senior housing operator Ebenezer has announced its new Stirlingshire of Coralville Assisted Living and Memory Care development, an upscale retirement community at 1140 Kennedy Parkway in Coralville, will be opening April 1.
The three-story development includes 56 assisted living and 20 memory care apartment homes, featuring amenities designed to encourage socialization and engagement among residents and staff members. They include community rooms, screened-in porches, a theater, chapel, outdoor patios, library and fitness center.
“Now more than ever, older adults need to be in a safe community with care services available for them 24/7,” Ebenezer executive director Jackie Scott said in a release. “We believe that peace of mind is the best gift you can give yourself and your loved ones during this time of pandemic. The health and safety of our residents will always be our first and top priority.”
“We are very proud of our team and our partners who worked together on this new Senior Living community with first class amenities and services our seniors expect and deserve,” added Brynn Rodgers, Ebenezer’s Iowa regional director.
Stirlingshire of Coralville offers in-person visits and virtual tours. For more information, call (319) 325-2896 or visit stirlingshireofcoralville.com/
|
|
F&M Bank, CBI Bank & Trust announce merger |
|
Central Bancshares, Inc. (CBI), a community bank holding company based in Muscatine, has announced that it has merged two of its subsidiaries, Galesburg, Ill.-based F&M Bank and Muscatine-based CBI Bank & Trust.
The current locations of CBI Bank & Trust will continue to operate under that name, and the current locations of F&M will operate as F&M Bank, Division of CBI Bank & Trust, according to a release. Central Bancshares will continue as the parent company of the merged bank.
The combined organization has $1.1 billion in assets and 230 employees, and serves over 43,000 consumer and business customers through 16 offices in eastern Iowa and western Illinois.
The combined organization has offices in Coralville, Davenport, Kalona, Muscatine, Walcott, Washington and Wilton, along with Brimfield, Buffalo Prairie, Galesburg and Peoria, Ill.
“We are pleased to announce the successful merger of our two great banks,” Greg Kistler, president and CEO of Central Bancshares, said in a release. “There will be minimal impact to clients, and they will now be able to conduct business at any of our locations. We remain committed to our core values of independent community banking, local management and decision making, empowered local employees, and support for the communities in which we live and work.”
|
|
MidWestOne reports net profit for fourth quarter, 2020 |
|
MidWestOne Financial Group, Inc., with Corridor locations in Iowa City, Coralville and North Liberty, recently reported net profit for the fourth quarter of 2020 of $16.7 million.
The report compares to a net loss of $19.8 million for the third quarter of 2020.
Net income for the full year of 2020 was $6.6 million, or $0.41 per diluted common share, as compared to net income for the full year of 2019 of $43.6 million, or $2.93 per diluted common share.
"This was an excellent quarter for MidWestOne,” Charles Funk, MidWestOne chief executive officer, said in a release. “Earnings were strong at $1.04 per diluted common share and a 1.22% return on average assets, 13.15% return on average equity, and 17.07% return on average tangible equity. Among the most positive elements of the quarter was a nice increase in noninterest income driven by our residential mortgage and wealth management operations. We also benefited from credit loss expense recapture, which was driven by stability in loan credit quality and improved economic forecasts. Finally, in a tough operating environment, we achieved core commercial growth in the fourth quarter of 6% annualized."
Other highlights from the report:
- Net interest income increased to $39 million in the fourth quarter of 2020 from $37.8 million in the third quarter, due mainly to accelerated PPP loan fee accretion stemming from loan forgiveness, higher volume of average interest earning assets, and a stable net interest margin.
- Noninterest income for the fourth quarter of 2020 increased $1.1 million, or 11%, from the third quarter.
- The board of directors declared a quarterly cash dividend of $0.2250 per common share, payable March 15, to shareholders of record at the close of business on March 1.
|
|
Connect with the CBJ
The CBJ’s mission of informing and connecting the Corridor’s business community is more important than ever. Our news operations will continue researching and reporting on the impacts of the COVID-19 pandemic through our multiple distribution channels. Here’s how you can connect with us today and moving forward:
- You can reach our newsroom directly with leads, updates, cancellations, etc. at [email protected].
- Our comprehensive, deep-dive content continues in our weekly CBJ. If you are not a digital subscriber, you can sign up here.
- Our daily news coverage solution is spread throughout the week with our free e-newsletters. If you have not already signed up, you can do so here.
- Updated coronavirus information will also be published on our website, corridorbusiness.com/latest-coronavirus-updates, and through our Facebook, Twitter and LinkedIn channels.
- All of our staff members remain available to assist you. You can find our full contact information at www.corridorbusiness.com/cbj-contact.
Remember: Subscribers can access the digital CBJ anytime and anywhere. Don't remember your password? Please email [email protected] for a password reset.
The CBJ print subscribers can also temporarily have the CBJ mailed to their home. To temporarily switch your address, please send your full temporary mailing address to [email protected]. Please include start and stop dates for the temporary address.
Thank you for your continued support of the Corridor Business Journal.
|
|
Short Term Event Planner
Feb. 10-24
Advocates & Allies Speaker Series, by Women Lead Change, online, noon-1 p.m. This series will be held each Wednesday in February, beginning Feb. 3. Guest speakers include Jeff Schwartz, Dr. Jennifer Ashton and Carla Harris.On Feb. 10, Mr. Schwartz presents “Work Disrupted: Opportunity, Resilience, and Growth in the Accelerated Future of Work.” On Feb. 17, Dr. Ashton presents “The New Normal: A Roadmap to Resilience in the Pandemic Era” and on Feb. 24, Ms. Harris presents “Strategize to Win.” Tickets: $220 for all sessions. To register, visit bit.ly/3ixIi52.
Feb. 10
Transform Session, by Van Meter Inc., 8 a.m., online. Jeffrey Kummer, William Onions and Michael Ulleweit from Deloitte will share their knowledge of tax planning and the federal tax policy as it pertains to funding modernization projects at industrial manufacturing facilities. Free. To learn more and register, visit vanmeterinc.com/transform.
1 Million Cups, by 1MC Cedar Rapids, 8:30 a.m., online. Join for community connections and presentations by entrepreneurs, established companies, experts and more. Free. For more information, visit facebook.com/1MCICR.
1 Million Cups, by 1MC Iowa City, 9 a.m., online. Join for community connections and presentations by entrepreneurs, established companies, experts and more. Free. For more information, visit facebook.com/1MillionCupsIC.
USMCA Training-Practical Requirements and Updates, by Iowa Economic Development Authority, 9-11 a.m., online. Navigate the new USMCA agreement with two of the United States' most important trading partners, Canada and Mexico. Keynote is Mike Allocca of Allocca Enterprises. Free. To register, visit bit.ly/3isEcLb.
Navigating the 2021 Market Landscape, by CLA, noon, online. Webinar will include a 2021 market and tax outlook and a panel discussion focused on 2021 growth and income trends in equities, fixed income, real estate and alternative investments. Free. To register, visit bit.ly/2NEt02V.
Opportunities for Small Businesses Focused on Artificial Intelligence & Data Analytics, by the U.S. General Services Administration, 1 p.m., online. Learn about federal opportunities for small businesses. Free. To register, visit bit.ly/2LaTM1Q.
Speed Networking, by Iowa City Area Business Partnership, 4-5 p.m., online. Introduce yourself and your business to everyone in the “room” in a series of timed sessions. Free. To register, visit bit.ly/3itSeMK.
Start Smart Webinar, by NIACC Pappajohn Center and the Small Business Development Center, 6-8 p.m., online. Learn how to create a business plan, do market research, discuss different types of business ownership and learn how to register a business. Free. To register, bit.ly/2O6Ywa9.
|
|
These news items are provided by KCRG-TV9
Effective Sunday, COVID-19 safety mandates were lifted from businesses, but some owners say they will continue them anyway. The Pedalers Fork on the northeast side of Cedar Rapids said it would not be making any changes to how they handled COVID-19 safety. Staff would still wear masks, keep customers socially distanced, and limit the size of the groups. Disposable menus were also used. Staff said it was emotional to hear the mandates were being lifted because it has been difficult navigating the pandemic, but said it was important to keep the safety protocols in place. “We just want to do our part to keep the community safe and not spread anymore COVID-19,” said general manager Mia Suntken. "We just want to do our part.” Cedar Rapids Mayor Brad Hart said the city would continue to enforce its mask mandate, and Johnson County and Iowa City leaders also said they plan to continue their mandates.
The Iowa Department of Public Health today reported two more COVID-19 related deaths and 261 additional positive cases of the virus. As of 10:30 a.m. the state’s data shows a total of 324,666 people have tested positive for COVID-19 and 5,110 people have died from the virus in Iowa since the pandemic began. The state is listing COVID-19 as the underlying cause of 4,620 of the reported deaths, while the virus was a contributing factor in 490 of the reported deaths. A total of 294,119 people in Iowa have recovered from the virus since the pandemic began. The state on Monday reported 318 people are hospitalized with the virus in Iowa. That’s a slight increase from the 316 hospitalizations reported on Sunday. An additional 34 people were admitted to Iowa hospitals with the virus in the last 24 hours. There are a total of 69 patients with COVID-19 in the ICU and 35 on ventilators.
These news items are provided by KCRG-TV9
|
|
Your KCRG-TV9 First Alert Forecast |
Light snow that fell overnight continues through the morning, leaving another layer of fresh snow on the roadways. Slick spots and snow-covered roadways are likely. Highs eventually reach the single digits later this afternoon, but wind chills still remain below zero. Scattered snow showers are possible this afternoon again. Accumulations look to be minor, but that could still lead to slick roads. Quiet weather moves in through mid-week before another system brings the chance for snow on Thursday. Highs continue to stay in the single digits and overnight lows below zero. |
|
|
|
|
|
|
