Jackson Business Briefs for October 4, 2021

R.W. Mercer Co. acquires assets of West Michigan Electrical Systems

R.W. Mercer Co. has acquired the assets of long-time subcontractor West Michigan Electrical Systems Inc., the companies announced.

West Michigan Electrical Systems is a full-service electrical contractor located in Cedar Springs, north of Grand Rapids. It was founded by owner Brad Kober and has served petroleum, industrial and commercial customers for over 20 years.

Kober and his team will be based out of R.W. Mercer’s Grand Rapids-area office in Walker. They will combine with the existing electrical team at R. W. Mercer to enhance its current capabilities and to expand the company’s ability to self-perform electrical services statewide for customers. Kober will be taking on the position of project manager in the R.W. Mercer Electrical Department.

Andy Mercer, R.W. Mercer president, said, “West Michigan Electrical Systems has built an excellent reputation, and we welcome their highly skilled electricians. Additionally, their expertise in installing electric vehicle charging stations will further strengthen our ability to support EV transportation infrastructure.”

Kober said, “I have worked side-by-side with the team from R. W. Mercer for years and have been impressed with the company’s quality construction and ethics. This partnership is a great opportunity for our employees and brings the best of both companies together to meet the needs of customers.”

Mercer continued, “While our teams had worked together a great deal, Brad and I only met recently. We had an instant connection and were able to come to an agreement quickly. Growth by acquisition is an effective strategy for us in the electrical sector, and we will continue to evaluate opportunities to ensure we are able to meet the current and future needs of our customers.”

CMS Energy Completes Sale of EnerBank USA to Regions Bank

CMS Energy (NYSE: CMS) (“CMS”) today announced the close of its previously announced sale of home improvement point-of-sale lender EnerBank USA (“EnerBank”) to Regions Bank, a subsidiary of Regions Financial Corporation (NYSE: RF) (“Regions”). Estimated proceeds from the transaction, which include customary adjustments at closing, are approximately $1 billion and will be used to fund key initiatives in CMS’ core utility businesses.

“EnerBank has been a valued part of the CMS Energy family for nearly two decades.” said Rejji Hayes, Executive Vice President and Chief Financial Officer of CMS Energy and former Chairman of the Board of EnerBank. “They have delivered consistently for all stakeholders and we look forward to their continued success with Regions.”

“The addition of EnerBank’s exceptional team and leading-edge technology will help Regions Bank deliver even greater value to customers who are seeking convenient, competitive solutions for efficiently financing home improvement needs,” added Scott Peters, Senior Executive Vice President and head of the Consumer Banking Group for Regions Bank. “We appreciate the collaboration of the CMS Energy team, and we are proud to welcome our new EnerBank colleagues.”

Goldman Sachs & Co. LLC served as CMS Energy’s financial advisor. Skadden, Arps, Slate, Meagher & Flom LLP served as the legal advisor.

CMS Energy is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.

American 1 Credit Union’s Sarah Miller joins Jackson School of the Arts Board of Directors

American 1 Credit Union is pleased to announce that Chief Financial Officer Sarah Miller has recently joined the Jackson School of the Arts (JSA) Board of Directors.

Miller, a dedicated American 1 employee of 15 years, was hired into the credit union in the Accounting department in 2006. She was promoted to the Accounting Manager position in 2010 and again to the CFO position in 2013. She oversees the IT, Facilities, Payments, Risk & Compliance, and Accounting departments for the credit union.

“On a personal level, I was a gymnast as a child and enjoyed art classes throughout school. Now, as an adult, I understand the value and impact that those experiences had in my life, and I want to be a part of bringing those experiences to children in our community,” Miller said. “My advice to others who want to get involved with their community is to determine what you’re passionate about and what strengths you bring to the table, and then find an organization that strikes the perfect marriage. Because when you find that perfect combination, your impact will be more meaningful – both personally and for the organization.”

Jackson School of the Arts is currently renovating the old Vermeulen’s building at 135 W. West Cortland Street. The new space will continue to offer the same programming the community is accustomed to, including dance, theater, and art, but now with more space, state-of-the-art equipment, and handicap accessibility.

“We are delighted to welcome Sarah Miller to the Jackson School of the Arts Board of Directors,” said Sara Ermatinger, Board Chair for Jackson School of the Arts and Chief Experience Officer for TRUE Community Credit Union. “Sarah’s desire to give back to our community, financial expertise, and heartfelt alignment with JSA’s mission will serve the students and families of JSA well.”

American 1 and its board of directors have a long-standing relationship with JSA and have been part of the vision of the new space since contributing $100,000 to its capital campaign in 2018.

“Sarah’s keen sense of financial acumen will be a wonderful addition to the already strong JSA board,” said Martha Fuerstenau, President/CEO of American 1 Credit Union. “JSA is powering through a large capital campaign while revitalizing a historic space to meet their expanding needs. They have a lot on their plate, and Sarah is not afraid of a challenge and has a heart for the Jackson community – it’s the perfect combination.”

CNB Community Bancorp, Inc. Declares Quarterly Cash Dividend of $0.27 Per Share

 

 

CNB Community Bancorp, Inc. (OTCQX:CNBB) announced that the Board of Directors has declared a quarterly cash dividend on the Company’s common stock in the amount of $0.27 per share, an increase of $0.01 per share from the dividend paid for the 3^rd Quarter of 2020, payable on October 15, 2021.  About CNB Community Bancorp, Inc.: CNB Community Bancorp Inc. (OTCQX:CNBB) is a one-bank holding company.  Its subsidiary bank, County National Bank (“CNB”), is a nationally chartered full-service community bank that also offers investment management and trust services, which has been serving South Central Michigan since 1934. In 2021, CNB was ranked 23^rd in American Banker Magazine’s Top 200 publicly traded banks under $2 billion and CNB has grown to over $1 billion in assets. The corporate headquarters are in Hillsdale, Michigan.  CNB provides a wide array of financial products and services through its 13 full-service offices and 19 ATMs.