Community Shores Income, Earnings Down
MUSKEGON — Community Shores Bank Corp. today reported second quarter 2008 net income of $11,000, or 1 cent per diluted share, compared with net income of $18,000, or 1 cent per diluted share for the second quarter of 2007. Earnings for the first six months were $43,000, or 3 cents per share, versus $246,000, or 17 cents per share, for the first half of last year. According to Community Shores, the year-over-year results reflect the impact of net interest margin compression and a decline in asset quality, partially offset by higher non-interest income.
GRBJ - Published: 7/24/2008 10:21:13 AM

Benefits Seen From Early<br>Childhood Programs
GRAND RAPIDS — Early childhood is the focus of new programming announced today that intends to connect children from birth to age 5 with health care, community services and trained child care.
GRBJ - Published: 7/24/2008 10:18:39 AM

Independent Bank Posts 2Q Increase
IONIA — Independent Bank Corp. reported second quarter 2008 net income from continuing operations of $3.3 million, or 15 cents per diluted share, versus net income from continuing operations of $108,000, or zero cents per diluted share, in the prior-year period. For the quarter ended June 30, the company recorded net income of $3.3 million, or 15 cents per diluted share, compared to a net loss of $43,000, or zero cents per diluted share, in the second quarter of last year.
GRBJ - Published: 7/23/2008 11:48:12 AM

OAK Income, Earnings Slip
BYRON CENTER — OAK Financial Corp., the holding company for Byron Bank, posted second quarter net income of $1.19 million, down 32 percent from the $1.75 million reported in the second quarter of 2007. Basic and diluted earnings per share in the quarter were 44 cents, a 32 percent decrease from the 65 cents reported in the year ago quarter. On a year-to-date basis, net income and earnings per share are each down 23 percent from the year-to-date period in 2007. The company indicated that the decline in net income is a result of higher loan collection costs and higher provision for loan losses.
GRBJ - Published: 7/23/2008 11:46:40 AM

Griffins Hire Former NHL Coach
GRAND RAPIDS — The Grand Rapids Griffins, the city’s American Hockey League franchise, hired a head coach today for the upcoming season that had a tie to the DeVos family and spent more than three years as a head coach in the National Hockey League.
GRBJ - Published: 7/23/2008 11:45:02 AM