GMC to build electric pickup
General Motors said Monday it will add an all-electric pickup to its GMC brand - beyond the GMC Hummer EV pickup due out in the fourth quarter.
In a media call Monday, top GMC executives said the additional electric pickup will be a full-size truck. But they stopped short of giving timing, price, where it will be assembled and if it will be called the Sierra - after the current full-size pickup GMC sells - or given a new moniker.
This new GMC EV pickup joins a growing market segment as Ford Motor Co. has plans for an all-electric F-150, Chevrolet said it will offer an all-electric Silverado and newer automakers such as Tesla, Rivian and Lordstown Motors say they also are bringing electric pickups to market.
"It is a big segment and represents about 15% of the entire retail industry and that's been growing," said Duncan Aldred, vice president of Buick and GMC brands.
First Bank boosts 2nd quarter profits
FB Financial Corp, the parent company of FirstBank, reported net income of $43.3 million, or 90 cents per share, in the second quarter of 2020.
The bank's profits were up from the 70 cents per share earned in the same quarter a year ago but down from the $1.10 per share earned in the first quarter.
First Bank recorded growth in loans held for investment of $151.6 million in the second quarter, or 8.63% annualized. Excluding Paycheck Protection Program ("PPP") loans, the bank recorded loan growth of $239.9 million, or 13.9% annualized.
"The team delivered an outstanding quarter of loan growth and also lowered deposit costs by 10 basis points during the quarter," said Christopher Holmes, president and CEO of FirstBank. "These efforts contributed to net interest income growth of 4.83% quarter over quarter, or 19.4% annualized. We also added value for our shareholders by increasing our tangible book value per share at an annualized rate of 15.8%, during the first half of the year."
Ohio coal plant to close by 2022
Vistra, the largest power supplier in Texas, is accelerating its move away from coal with an earlier-than-expected closure of an Ohio power plant.
Vistra said Monday that it will close the Zimmer Power Plant in Moscow, Ohio, by mid-2022, years earlier than the previously reported plant retirement deadline of 2027. The closure comes after the coal plant failed to gain any capacity revenues in the latest auction held in May by regional grid operator PJM, which serves parts of the Northeast, Midwest and Mid-Atlantic.
"The Zimmer coal-fueled power plant has recently struggled economically due to its configuration, costs and performance," said Vistra chief executive officer Curt Morgan in a statement.
The company expects to close seven power plants in Illinois and Ohio, including Zimmer, in coming years. It will also close a plant in Goliad, Texas, by the end of 2027.
- Compiled by Dave Flessner