Business & labor at a glance
Ferry returns to VEC as acting president
GIRARD – Rex Ferry, owner and CEO of VEC Inc., will resume the role of president and run the company’s day-to-day operations, effective July 1.
The move will coincide with the departure of Chris Jaskiewicz, who has been with the company since 1995, serving as president since 2005. Jaskiewicz is leaving to start a consulting business.
Ferry purchased the multifaceted construction company in 1990 when it was Valley Electrical Consolidated. Under Jaskiewicz’s leadership, VEC’s sales, profits and workforce have increased steadily, the company reported.
The company reports significant growth, which has intensified recently because of heavy involvement in Utica and Marcellus Shale projects. In the last five years, employee numbers have more than tripled and revenue has increased by 250 percent.
The acquisition of Evets Oil & Gas in 2003, as well as the creation of VEC SI Low Voltage Solutions, transformed VEC into a total solutions provider for clients.
In March 2014, the company again enhanced its capabilities with a $4 million expansion to its fabrication shop in Hubbard. That facility is dedicated to pipe fabrication for the oil and gas industry.
Talmer Bancorp reports First quarter results
Talmer Bancorp Inc. on Thursday reported first quarter 2015 net income of $9.4 million, compared to $12.5 million for the fourth quarter of 2014 and $38.2 million for the first quarter of 2014.
Earnings per diluted common share were 12 cents for the first quarter of 2015, compared to 16 cents for the fourth quarter of 2014, and 52 cents for the first quarter of 2014.
The first quarter of 2014 included a $42 million bargain purchase gain related to the acquisition of Talmer West Bank.
In addition, Talmer’s board of directors declared a cash dividend on its Class A common stock of 1 cent per share April 29. The dividend will be paid May 22 to shareholders of record as of May 11.
Area bank stocks remain stagnant
Area bank stocks on Thursday remained where they have been for more than a week, with First Niles Financial closing at $8.50 a share and Cortland Bancorp closing at $15 a share.