Business Briefs: CapitalMark quarterly profits up

Business Briefs: CapitalMark quarterly profits up

July 26th, 2014 by Associated Press and Staff Report in Business Around the Region

CapitalMark quarterly profits up

Buoyed by a 25 percent jump in loans over the past year, second quarter earnings for CapitalMark Bank & Trust rose 4.5 percent to $1.63 million.

"CapitalMark had another quarter of strong results fueled by exceptional loan and non-interest bearing deposit growth," CapitalMark CEO R. Craig Holley said. "Loans grew 25 percent year-over-year while non-interest bearing deposits grew 29 percent over the same period."

CapitalMark assets rose to $879 million. For the first half of the year, net income for the first six months of 2014 end was $3.3 million, an increase of 39 percent from the same period in 2013.

Tyson Foods closes plants

Tyson Foods Inc. says it's closing three U.S. plants, employing a total 950 workers, which have struggled financially as the company's product needs have changed.

Tyson, the biggest U.S. meat processor, announced Friday the planned closures of the plants in Cherokee, Iowa; Buffalo, New York; and Santa Teresa, New Mexico. The company said the action will enable it to move some of the operations and equipment at the plants to other, more cost-efficient Tyson plants. The three plants have been part of Tyson since 2001, when it acquired IBP Inc.