Banking – Pilotin Wed, 30 Mar 2022 23:43:42 +0000 en-US hourly 1 Banking – Pilotin 32 32 These Notable Northern Michigan Organizations Received PPP Loans Thu, 08 Apr 2021 02:38:27 +0000

The Small Business Administration (SBA) has released the names of companies that received federal paycheck protection program (PPP) loans during the pandemic, and a few notable organizations in northern Michigan are on the list, including Interlochen Center. for the Arts, which received a loan of $ 5-10 million to protect 488 jobs.

Other notable recipients of PPP loans, according to SBA documents, include:

$ 5-10 million
Great Lakes Energy, Boyne City, 268 jobs
Kalkaska County Hospital, Kalkaska, 250 jobs
Hospitality Syracuse, Traverse City, 500 jobs

$ 2 to $ 5 million
Burnette Foods, Elk Rapids, 433 jobs
Bill Marsh Automotive, Traverse City, 315 jobs
Britten, Inc., Traverse City, 268 jobs
Century Inc., Traverse City, 0 jobs (NOTE: SBA official report says 0 jobs; company officials say they reported 200 jobs and 160 were retained)
Serra Traverse City, Traverse City, 177 jobs
Skilled Manufacturing, Traverse City, 217 jobs
Wyatt Benson, Traverse City, 233 jobs

$ 1 to $ 2 million
Short’s Brewing, Elk Rapids, 175 jobs
Cherry Republic, Glen Arbor, 106 jobs
Catholic Schools in the Grand Traverse, Traverse City area, 155 jobs
Hospitality Memphis, Traverse City, 494 jobs
Hospitality Tennessee, Traverse City, 367 jobs
Tom’s Food Markets, Traverse City, 238 jobs

Only the names of companies receiving more than $ 150,000 in loans have been published. To see the full list here.

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Chase poll finds two-thirds of consumers forgot at least one recurring payment in the past year Thu, 08 Apr 2021 02:38:18 +0000

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Chase credit cardholders now have a tool to help them manage where their cards are stored digitally with increased visibility into recurring spending

WILMINGTON, Del – (BUSINESS WIRE) – Today, Chase released the results of a new study on spending habits with recurring payments. The results indicate that consumers increasingly rely on recurring credit card payments, care about where their credit cards are stored digitally, and remain focused on better managing their finances. Chase credit card holders now have new tools to help provide a clearer picture of where their payment information is stored across various online touchpoints.

“We all lead more digital lives. Spending is changing and people want to be able to move from cart to cart with the click of a button, ”said Abeer Bhatia, president of marketing, growth and innovation at Chase. “We know that recurring payments and subscriptions can make your life easier. We want our clients to understand how money comes in and out of their account each month, and to provide them with the tools to help them better manage their finances and the new world of digital money management.

Chase credit card holders can now log into their account online or through the Chase Mobile app, select a card and see where they’ve got it. registered credit card information online and in digital wallets. By providing increased transparency and control, cardholders can manage their finances in one place.

  • Credit card control– track where credit card information has been used online for payments and where merchants are storing it for future transactions
  • A clear picture– view and manage where credit card information is stored on online touchpoints
  • Management of recurring payments—Monitor monthly payments and receive notifications in case of irregular debit
  • Credit card clarity– see which companies have recently saved payment information and update card details with a quick tap on the Chase Mobile app; this provides the ability to review or delete credit card information that merchants keep

The main findings of the survey include:

Consumers need awareness and accessibility of recurring payments

Today, the swipe, dip or touch of a card and the “add to cart” button can make spending effortless. However, consumers want to be more informed and better understand the impact of recurring purchases on their monthly balances.

  • Sixty percent of respondents forgot at least one recurring payment

  • Three-quarters (71%) of respondents believe they waste more than $ 50 each month, which can impact monthly balances and support expenses that are simply no longer needed

Recurring payments are here to stay

Almost every online purchase offers the option of adding a credit card for future or recurring payments. What was once a few clicks can now be done with just one touch. However, these payments can be confusing as to what cardholders actually spend each month.

  • Seventy-eight percent of respondents have at least one recurring charge on their card each month; 40% have between three and five. Cardholders look for simplicity and frictionless payment options when given the choice.

  • Almost 70% of consumers note that recurring payments can make it easier to manage and track their money. Conversely, 55% of those questioned admit not knowing how much is withdrawn each month in the form of recurring payments.

Cardholders want more context

The survey further indicated that consumers want to know where their financial information is located online, including where their credit cards are stored.

  • Sixty percent think that knowing where their card is stored will help them better understand their recurring payments and finances

  • More than half (56%) say that recurring payments are difficult to locate and that it takes them on average about three months to cancel unnecessary recurring payments.

  • Almost all respondents (90%) note that it would be helpful to know where their card is stored at all times. Chase’s digital tools provide a clearer picture of overall finances and a fundamental understanding of the short- and long-term impact of recurring payments.

Bhatia adds, “With this increased transparency, our goal is to provide another layer of visibility and peace of mind to customers. We will continue to add more innovative features to give customers even more control directly in their accounts. ”

For more information on the new Chase feature, please visit:

The survey of more than 2,000 Americans nationwide was conducted by SWNS OnePoll and commissioned by Chase.

About Chase

Chase is the commercial and consumer banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services company with $ 3.4 trillion in assets and operations worldwide. Chase serves more than 60 million U.S. households with a wide range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans, and processing. payments. Customers can choose how and where they want to bank: More than 4,700 branches in 38 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, visit

Ashley dodd

Source: JPMorgan Chase & Co.

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Planning for the next agricultural law Thu, 08 Apr 2021 02:38:07 +0000

There are two things every farmer I know enjoys: harvesting a good crop and making a profit while doing it. While we are at nature’s whims for the quality and quantity of crops, profitability is where we need to have a say. Without profitability, family farms cannot repay their loans, care for their families or contribute to their community.

There are about three years left on the current farm bill, and the US Congress will begin work on the next bill in about a year. This is the time when agricultural producers should plan for what we want and need to have in the next Farm Bill. If we want to increase the price of grain, we should ask Congress to change USDA’s crop lending policy. Rising grain prices will eventually lead to higher prices for meat and dairy products.

First, I propose that the loan repayment funds remain with the USDA. The current system channels loan repayments directly into the general fund. It makes sense that these loan repayment funds stay with the USDA because Congress allocates a budget each year for the loan program. In doing so, the fund would grow over time, due to the accumulation of interest, and this item would not have to be dealt with with every farm bill. The farmers would act as each other’s bankers, with the USDA acting as a middleman.

Second, the loan repayment term should be extended. Currently, loans must be repaid within nine months. The repayment schedule should be longer, maybe 18 months. This would allow the harvest of the following year to be completed. Right now the grain companies know the loans are due just before harvest. They have no incentive to increase prices, which puts them in a position of financial power over producers. These multinational corporations just have to wait and let the grain in because the farmers have to pay back those loans.

Extending the loan period would allow farmers to wait for the second crop year harvest to sell, which would result in less grain coming to market in the first crop year. Grain companies would then be incentivized to pay more than the loan rate to convince farmers to sell. It should push up the markets and put more money in the pockets of farmers.

Third, loan default payments should be eliminated. Currently, farmers are able to accept the price offered to them by a grain company, with the expectation that they will be subsidized by the USDA for grain sold below the loan rate. PDLs appear to be a great way to ensure that farmers remain profitable. However, this is not always the case. We need to develop a formula for making family farms profitable, free from gimmicky approaches. Producers would prefer to receive honest purchase prices for their products rather than government subsidies. The changes I am proposing will reduce agricultural subsidies. This will save American taxpayers millions of dollars every year.

The general public does not like the welfare of corporations. Rising loan rates will force grain companies to pay fair prices. Right now the system pays farmers, but only because multinationals refuse to pay them a fair price. They understand that politicians will bail out producers. Even though the payments go directly to farmers, voters see it as a corporate welfare.

Politicians have allowed this system of underpayment of family farmers to escalate over the years. The practice must stop. We need to make sure that the next Farm Bill contains legislation that allows for a profitable family farming system. Then the farmers can produce the food and fiber this country needs to be safe, and the multinational corporations pay what the grain is really worth.

The author is the vice president of the National Farmers Organization. He is a cow / calf rancher in Montana.

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The 13 Hotel sells Rolls-Royce Phantom to improve cash flow Thu, 08 Apr 2021 02:37:53 +0000

The company responsible for The 13 Hotel sold one of its custom Rolls-Royce Phantoms for HK $ 3.5 million (US $ 449,664), in an effort to improve cash flow.

According to a document filed on the Hong Kong Stock Exchange, the sale was made by The 13 Group (Macau) Ltd., a subsidiary of South Shore Holdings Limited, with Empresa de Fomento Industrial e Comercial Concórdia

In 2016, the company behind the hotel announced that it had purchased 30 custom Rolls-Royce Phantom luxury cars designed and commissioned by its former owner, billionaire Stephen Hung, for an estimated $ 20 million (160 million MOP).

The Phantoms were said to have been used to drive VIP guests to and from the hotel and were considered the only commission in Rolls-Royce history, with two of the models said to have been built with gold and the most expensive that the company has ever produced. .

In 2019 South Shore announcement that he had sold 24 of his 30 custom Rolls-Royce Phantom Extended Wheelbase luxury cars for some HK $ 24 million to help pay off some of his bank loans.

Part of Orient Town Ltd., Empresa de Fomento Industrial e Comercial Concórdia SA is a company engaged in real estate development and investment.

Concórdia is the developer behind the One Oasis and Sky Oasis complexes next to the hotel, with shareholders including Nan Fung Group, Success Universe Group Ltd, ARCH Capital and Linkeast Investments Ltd, based in Macau, which is linked to the family of the late local business tycoon. My Man Kei.

A 35 percent stake in Concórdia is also owned by ITC Properties, a Hong Kong listed company that indirectly holds an interest in the hotel and its land.

The land rights to the land on which The 13 Hotel was developed were sold by Concórdia to Paul Y. Engineering Group Ltd – now known as South Shore – for HK $ 2 billion in 2012.

Due to COVID-19, the South Shore has decided to suspend the operations of the hotel since March 2020, the property remaining closed since then.

The hotel segment of the group recorded total liabilities of approximately HK $ 6.4 billion, which includes convertible bond liabilities issued and bank and other loans to finance the development and operation of the hotel. .

The South Shore indicated in its 2020 annual report that it “is working hard to seek potential buyers for the hotel as well as other measures to strengthen our balance sheet”.

This was after an attempted sale of ownership of the property for HK $ 750 million fell through, in September of last year.

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Michigan State’s Chris Kapilovic named assistant head coach Thu, 08 Apr 2021 02:37:29 +0000

Michigan State Assistant Coach Chris Kapilovic has an addition to his job title.

Offensive line coach and race coordinator was named assistant head coach for Mel Tucker on Wednesday, the program announced. Kapilovic will continue to be the offensive line coach and the running game coordinator.

“I believe Kap is one of the best offensive line coaches in the country, college or pro,” Tucker said in a college press release. “He not only emphasizes technique and fundamentals, but he’s also a great motivator who is extremely passionate about football. He understands the culture and goals of this program and is determined to get the best out of every player, every day. He is a relentless and efficient recruiter, and I feel very fortunate to have him as a true leader within our team.

Tucker has just completed his first season at the helm of the Spartans and brought Kapilovic with him from Colorado after the two worked together in 2019. Michigan State did not have an assistant head coach this season while finishing 2-5 and defensive coordinator Mike Tressel held on. the title under Mark Dantonio in 2019 before Dantonio retired.

Tressel, who has coached the safeties this season, was officially named Cincinnati’s new defensive coordinator on Wednesday afternoon – a move Tucker confirmed last week. The Spartans haven’t named a replacement for Tressel after Tucker said last week they would likely have him finished by the weekend.

Kapilovic, 52, started his professional coaching career in high school and has spent the last two decades in college. He spent time in Alabama, Missouri, southern Mississippi, and North Carolina before Tucker hired him in Colorado in 2019. Kapilovic followed Tucker to East Lansing in February and signed a two-year contract with an annual salary of $ 700,000.

Michigan State has sacked nine offensive linemen this season who started at least one game in 2019, but the squad has not shown the growth some expected. The Spartans ranked 122nd nationally in rushing with 91.4 yards per game and had just two rushing touchdowns – one by quarterback Payton Thorne and the other by tight end Tyler Hunt . Michigan State passed 100 rushing yards in just two games and those were his two wins – at Michigan and against Northwestern.

Michigan State Football Stories:

Michigan State DB Dominique Long enters transfer portal

Breakdown of Michigan’s 10 Mid-Year Additions and Their Potential in 2021

5 questions Michigan state football faces as offseason conditioning begins

Potential options for Mel Tucker to replace Mike Tressel at Michigan State

Mel Tucker and Michigan State had to “fight” Oklahoma for OL, not finished trying to add transfers

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bne IntelliNews – The EBRD lends € 25m to Elemental Holding for an automotive battery recycling facility Thu, 08 Apr 2021 02:37:00 +0000

polish society Elementary outfit has secured up to € 25 million in funding from the European Bank for Reconstruction and Development (EBRD) for a car battery recycling plant, a first in the EU, the EBRD announced on April 7.

The facility will process both car batteries as well as other wastes containing metals essential for electric mobility in response to the rapid growth of electric vehicles. Poland has recently become Europe’s hotspot for manufacturing batteries, primarily for electric cars, but also for a range of other uses, primarily for power grids and industry.

Elemental Holding’s facility will produce secondary metals and other materials that can be reused as raw materials for new batteries or other applications, providing an essential service in the lithium-ion battery value chain.

These batteries are an essential component of electric vehicles, whose sales are expected to exceed those of gasoline and diesel cars as the transition to a low-carbon economy progresses.

The project will reduce greenhouse gas emissions and support the circular economy in the electric mobility sector, the EBRD said. The production and use of batteries and recycled metals can lead to carbon savings of up to 98% compared to their primary counterparts, as well as a more efficient use of scarce natural resources.

Elemental Holding is a Polish company engaged in the collection and recycling of platinum group metals and electrical waste. The company is present in Poland, other European countries, the Middle East and the United States.

The installation involves the deployment of cutting edge innovative technology complemented and co-funded by the Polish National Research and Development Center (NCBR) with support from the European Commission.

The project also benefited from technical cooperation support provided by the Taiwan Business-EBRD Technical Cooperation Fund and Spain.

Elemental Holding was delisted from the Warsaw Stock Exchange in late February, with company executives saying its valuation fell short of expectations.

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RMV offering grace period for Massachusetts residents with expired inspection stickers – WWLP Thu, 08 Apr 2021 02:36:23 +0000

Survey: Financial hardship accumulates for patients

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Mass. and Cass cited in drug use site push

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Back masks, poker on the way to the Springfield casino

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Gender Identity Bill Passes Unanimously in Massachusetts Senate

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Massachusetts COVID-19 Daily Report: 24 new deaths, 1,821 new cases

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PVTA Solar Array Grant Money

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When to sell Bitcoin, Dogecoin, or Meme stocks Wed, 07 Apr 2021 23:17:42 +0000

Bitcoin hit another all-time high this week, and everyday investors quickly made (and lost) fortunes on stocks like GameStop and the meme-turned-cryptocurrency Dogecoin. These purchases are risky, especially if you don’t know when to fold and when to step away from the table.

Fear of Running Out (FOMO) may make you want to participate in these investments, but it also prevents traders from exiting when they should. Suppose you hit the jackpot on $ 100 of Bitcoin you bought in 2011 and you are sitting on over a million dollars. It’s probably more money than you’ve ever had, but if you could have… $ 2 million. Sometimes taking a huge bet works; Mark Zuckerberg could have sold Facebook to Yahoo for $ 1 billion, but he didn’t and he’s now one of the the richest people in the world. But we’re not all Mark Zuckerbergs and as quickly as those returns can double, they can also disappear. GameStop, which was trading at $ 483 per share at its highest in late January, is now trading around $ 50.

So how do you balance the fear of selling now and potentially missing out on bigger returns, while making wise investment decisions?


If you are a 100% rational human being, the answer may seem simple: you currently have more than you had when you started out, so end the risk here and go with your returns. But none of us are 100% rational, and the potential for your returns to skyrocket in a matter of weeks or months could, of course, make it difficult to sell.

When an investor sees a gain in his trading account that he has not yet sold, he tends to take more risk, says Dan Egan, general manager of behavioral finance and investments at robo-advisor Betterment. (If you have actually sold these assets and seen the tax bomb, that may be another story.)

And when investors start to see a loss, they usually dig to defend their positions, says Robert Frank, professor of economics at Cornell University.

“If someone goes to the racetrack and they are late for the last race, they are much more likely to bet on a long shot in the last race, although it is not a smarter bet. Frank says. “Betting on a long shot – if he wins – could help him avoid a loss. “

When someone has proof that they can make money this way once, they’ll wonder if they can do it again… and again… and again.

But novice investors should ask themselves: am I really good at trading or am I just lucky? We hope for the first, but it is better to plan for the second.

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What you should do

For every investor we see in the news making a lot of money, there are tons of them on the other side who have lost a lot of money – and next time it could be you.

“When you get such a deal, you want to eliminate the risk,” says Anjali Jariwala, certified financial planner and founder of Fit Advisors. “The best way to do that is to withdraw that money in increments. “

If you put money into the market and that position has accelerated, at least withdraw what you put in so you can get your investment back, she says. If it keeps going up, consider selling half so you’ve made some money, but you can still wait and see if there is more to be gained. Of course, if you’re more risk averse, selling once you’ve seen that jump in price might be the best decision for you (stop while you’re ahead, as they say).

If you’re new to self-directed trading, divide your money into a “get rich” pot and a “stay rich” pot, Egan says. The “get rich” prize pool is a small part of your wealth where you can experiment with trading, and the rest should be in more risk-managed vehicles, like target date funds. As your “get rich” pot increases, rebalance it and bring it back to where it started.

If you are really good at trading, you can make money this way. But rebalancing protects you in case you got lucky once and you’re not really good at it, Egan says.

Keep in mind that experts recommend having no more than 2% in riskier investments like Bitcoin – 5% at most.

It is also a good idea to make a plan before you start trading. If you buy a stock for $ 100, for example, tell yourself that if it ever hits $ 200, you’re going to take out or at least withdraw half of your earnings, Egan says. And if it’s a hobby, treat it like a hobby. Set a budget for yourself like you would for skiing or the climbing gym.

Finally, if you are one of the lucky ones who are making a lot of money fast, don’t change your lifestyle. If you make $ 100,000, spend only $ 10,000 more that year, Egan says.

“Having to downshift from a Bentley to an Audi is really bad,” he adds. “It’s much worse than good on the way up.”

I can’t understand, but the point is, the losses are considerably worse than the gains.

More money :

Investors who have made money trading stocks or bitcoin are on the verge of capital gains taxes

Is Bitcoin a Safe Investment? What you need to know about hackers, ransomware, and market volatility

The 6 Best Online Stock Trading Platforms of 2021

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Zions Bancorporation and National Association Release Fourth Quarter and Full Year 2020 Financial Results Wed, 07 Apr 2021 23:17:41 +0000

SALT LAKE CITY – () – Zions Bancorporation, NA (NASDAQ: ZION) (“Zions” or “the Bank”) today announced fourth quarter 2020 net income applicable to common shareholders of $ 275 million, or $ 1.66 per diluted common share, relative to earnings applicable to common shareholders of $ 174 million, or $ 0.97 per diluted common share, for the fourth quarter of 2019, and net earnings applicable to common shareholders of $ 167 million, or $ 1.01 per diluted common share, for the third quarter of 2020. The Bank reported net income applicable to common shareholders for 2020 of $ 505 million, or $ 3.02 per diluted common share, compared to $ 782 million. dollars, or $ 4.16 per diluted common share for 2019.

Harris H. Simmons, President and CEO of Zions Bancorporation, said: “We were very pleased with the quarter, which was characterized by stable revenues despite pressure from low interest rates and strong credit results, as evidenced by the very low net loan losses during a difficult time. Non-PPP loan volumes stabilized, with end-of-period loans stable compared to the third quarter, while deposits continued to show very strong growth, with average deposits up 10.6% on a steady pace. annualized over the third quarter and 20.3% compared to the same quarter a year ago. . ”

Mr. Simmons continued, “We are also pleased with the strength of our capital, as evidenced by the growth of our CET1 ratio to 10.8% from 10.2% a year ago. Finally, with the recently passed legislation allowing a second round of PPP loans, we are working hard to provide this assistance to several thousand small businesses across our footprint.

For the full version of the Bank’s fourth quarter 2020 results release, including financial calendars, please visit

Additional presentation and conference call

Zions has posted an additional presentation on its website, which will be used to discuss these fourth quarter results at 5:30 p.m. ET this afternoon (January 19, 2021). Representatives of the media, analysts, investors and the public are invited to join this discussion by calling (253) 237-1247 (domestic and international) and entering passcode 7491914, or via webcast at Requirement. A link to the webcast will be available on Zions Bancorporation’s website at The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation, NA

Zions Bancorporation, NA is one of the nation’s leading financial services companies with annual net sales of $ 2.8 billion in 2020 and over $ 80 billion in total assets. Zions operates under local management teams and separate brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming. The Bank is a regular recipient of national and state-wide client surveys in small- and medium-market banking, as well as a leader in public finance and lending advisory services. from the Small Business Administration, recently ranking the 9th largest provider in the United States of the SBA’s Paycheck Protection Program loans. Additionally, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local bank brands are available at

Forward-looking information

This earnings release includes “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to change. known and unknown factors. risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, industry results or regulatory results to differ materially from those expressed or implied by such forward-looking statements.

Without limiting the foregoing, the words “forecasts”, “targets”, “anticipates”, “believes”, “may”, “continue”, “could”, “”. “” Could “,” plans “,” plans “,” should “,” should “,” will “and the negative thereof and similar words and phrases are intended to identify forward-looking statements. Forward-looking statements, by their nature, deal with matters that are, to varying degrees, uncertain, such as statements regarding future financial and operating results. Actual results may differ significantly from those presented, explicitly or implicitly, in the press release. Important risk factors that can cause such material differences include, but are not limited to, the effects of the spread of the virus commonly known as coronavirus or COVID-19 (and other potentially similar pandemic situations) and the associated impacts on people. general economic conditions on, among other things, the ability of our clients to make timely payments on bonds, commission income due to reduced loan origination activities and card swipe income, business expenses ‘exploitation due to other approaches to doing business, and so on; the Bank’s ability to meet operating leverage objectives; the rate of change of interest rate sensitive assets and liabilities relative to changes in benchmark interest rates; the Bank’s ability to modernize its core deposit system and implement new digital products in order to remain competitive; risks associated with information security, such as breaches and system failures; and legislative, regulatory and economic developments. These risks, along with other factors, are discussed in the Bank’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (SEC) and available on the SEC website ( In addition, you can obtain documents filed with the SEC by the Bank free of charge by contacting: Investor Relations, Zions Bancorporation, NA, One South Main Street, 11th Floor, Salt Lake City, Utah 84133, (801) 844-7637.

We caution you against placing undue reliance on forward-looking statements, which reflect our opinions only as of the date they are made. Except as required by law, Zions Bancorporation, NA specifically disclaims any obligation to update factors or publicly announce the outcome of revisions to any of the forward-looking statements included herein to reflect events or developments. future.

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Renovations begin at the house poet Theodore Roethke once frequented in Saginaw Wed, 07 Apr 2021 23:17:39 +0000

SAGINAW, MI – Just over a year ago, Stone House, the house owned by the uncle of famous poet Saginaw Theodore Roethke, was in preparation for demolition. Today, a team of volunteers from the Friends of Theodore Roethke Foundation are working hard to restore the house.

The stone house, named after its fieldstone structure, is located at 1759 Gratiot Ave., next to Roethke’s childhood home, 1805 Gratiot Ave., which is now Theodore Roethke Museum. While the museum is well known in the community, Roethke House intern Tony Groulx said the Stone House is just as important to the history of Saginaw and the Roethke family.

“When (the Roethkes) lived in these two houses, they ran a huge greenhouse called William T. Greenhouse,” said Groulx. “We preserve the historical context in which the poet grew up because he went back and forth between the two houses. It was really more like a house, like a family complex.

Although the Stone House, built in 1904, is a monument listed in the National Register of Historic Sites, the Friends of Theodore Roethke Board of Trustees voted to demolish the house in February 2019. The board of directors had been paying the mortgage on the house since it was first acquired in 1998. While Dow Chemical paid off the mortgage in 2014, the house had not been able to open to the public due to the repairs it needed.

Fundraising efforts began to restore the house shortly after the vote, however, and the board launched a campaign to raise money for the repairs. The council asked the public for $ 50,000, said President Anne Ransford. Recently, they finally raised $ 13,000, enough to start a million dollar restoration project involving both the Stone House and the museum.

The Stone House will become a community center, a poetry reading space and a housing unit for poets in residence for the Roethke Museum. Groulx expects the first phase to be completed by the end of the summer. The restoration of the entire stone house can take a year or more. Restorations at the nearby Roethke Museum will take longer, as a wheelchair lift and other accessibility features for people with disabilities will be added.

“Now it’s our job as a board to write grants, do fundraising, grow membership, all of that,” Ransford said. “We just hope the community sees what we’re working on and that we get more donations.”

Groulx, Ransford and a team of three other volunteers showed up around 10 a.m. on Monday, June 15 to begin demolishing the first floor of the Stone House. The first phase of the renovation process will be to replace the roof and windows, said Groulx. In the second phase, volunteers will paint the interior and exterior of the house, insulate the attic, renovate the kitchen, restore the furnace, and update the electricity.

On Monday, volunteer Rachel Worthing tore down walls and floors to prepare the house’s first floor for restoration. Although she had never been in a restoration process before, she came to volunteer due to a desire to help preserve the historic house.

“I’m looking for opportunities to give back to the community, and Tony had mentioned to me that the museum needs help,” she said.

Groulx said many volunteers and community members are eager to see the stone house restored and finally open to the public.

“There has been a huge community gathering around the home restoration over the past couple of years,” said Groulx. “I think it would be good for the community to see where this money is invested and how it will be used to enrich the community.”

As the teams work to create a new cultural center for the Saginaw community, the Friends of Theodore Roethke Foundation continues to accept volunteers and donations. Visit the organization’s website Save the Stone House page to learn more.

Read more

House associated with Theodore Roethke museum site in Saginaw at risk of demolition

Saginaw Art Museum Joins List of State Museums Choosing to Stay Closed After June 8

Saginaw Art Museum hosts ‘Quarantine Chronicles’ webpage during coronavirus pandemic

SVSU Student’s ’30 Day Quarantine’ Photo Challenge Seeks to Inspire Others

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