Renters Help Book Cadillac Get to Half Full
Total Page：16
File Type：pdf, Size：1020Kb
20100510-NEWS--0001-NAT-CCI-CD_-- 5/7/2010 6:25 PM Page 1 ® www.crainsdetroit.com Vol. 26, No. 19 MAY 10 – 16, 2010 $2 a copy; $59 a year ©Entire contents copyright 2010 by Crain Communications Inc. All rights reserved Renters Page 3 Masco finding its way in First Michigan eyes smaller construction market help Book Lending Cadillac get a hand to banking’s big leagues young Jewish professionals to half full Financier Condo sales Inside Ross backs expected to pick Companies get help growth plan up with economy landing first-time BY TOM HENDERSON BY DANIEL DUGGAN CRAIN’S DETROIT BUSINESS government contracts, CRAIN’S DETROIT BUSINESS Page 8 At one point during the pre- The once-tiny First Michigan Bank sale period for the 63 condomini- of Troy is tiny no more, thanks to ums atop the Health Care Extra the acquisition on April 30 of $1.1 Book Cadillac billion in assets from CF Bancorp of building, all New residency programs Port Huron and its 22 Citizens First but four units come with big expectations Bank branch- were sold. SHUTDOWNS es, including But after the at St. Mary Mercy, Page 9 six in South- irrational exu- Troubled banks: east Michigan. DAVID DALTON berance of 2006 Expect trail of Not satis- A new First Michigan sign signals the Troy-based bank’s acquisition of CF takeovers to became more This Just In fied by in- Bancorp of Port Huron — part of a growth strategy outlined by First Michigan rational, deals continue, Page 22 CEO and Chairman David Provost. creasing its as- were closed on sets by a factor Mt. Clemens hospital nears Troy bank, which opened in 2007, holding company if he exceeded a just five units of 10, First Michigan isn’t going to when the build- be satisfied just digesting this deal. had the winning bid, which includ- threshold of 24.9 percent in owner- trauma center designation ing opened in Book Cadillac Buoyed by about $50 million from ed retaining the 350 employees and ship of First Michigan. Mount Clemens Regional October 2008. New York financier Wilbur Ross, keeping its branches open. “We can’t put more money in Medical Center has been veri- Today, the residential por- with promises of more, the bank About a fourth of the money was this deal, but we’ll be willing to put fied as a Level II Trauma tion of the building is half occu- plans on establishing a statewide put up by W.L. Ross & Co. L.L.C., and in more money as it’s needed for Center by the Chicago-based pied in a mix of condos and presence and perhaps growing Ross told Crain’s last week that he later deals,” said Ross. American College of Surgeons. rental units. around the Midwest, said CEO and expects to invest more money as When asked about future Trauma center verifica- “Is it where we wanted to be? Chairman David Provost. First Michigan embarks on future fundraising efforts to support ac- tion is the first step in the No,” said Cleveland-based de- First Michigan, which had acquisitions, which would include quisitions, Provost said: “My process by which hospitals veloper John Ferchill, who led about $100 million in assets before other state banks closed by regula- lawyer told me not to discuss fu- become designated trauma the historic redevelopment pro- the purchase, closed on a capital tors and community banks looking ture fundraising. We don’t want to centers by the state’s EMS ject. “But it’s better than where raise of $200 million a week ago for buyers. be seen as soliciting. But if Wilbur Trauma Division. The EMS di- we were.” Friday, the same day state and fed- Ross said he would have invest- Ross said that, we’ll leave it at vision is part of the Michigan The current mark comes eral regulators shut down the trou- ed more in that Friday closing ex- that.” Department of Community roughly one year after Ferchill bled Port Huron bank and an- cept that federal regulations would Observers of the local banking Health. nounced that the relatively new have required him to form a bank See First Michigan, Page 22 See Book Cadillac, Page 24 If Michigan designates Mount Clemens Regional a Level II Trauma Center, the 288-bed teaching hospital owned by Flint-based McLaren Health Care would be Harwell as businessman: ‘Reliable, believable, trustworthy’ the first one in Macomb County. BY BILL SHEA ball,” said Grosse Pointe lawyer — Jay Greene CRAIN’S DETROIT BUSINESS FAREWELL TO HARWELL Gary Spicer, who was Harwell’s friend, attorney and business ad- It was a change in local beer Play-by-play: Ernie Harwell’s life and viser for more than 30 years. times; how to offer tributes, Page 25 Michigan Growth Symposium company sponsorships that Earlier in his career, Harwell brought Ernie Harwell to Detroit. Through the years: Harwell in offers chance to pitch for VC Crain’s, crainsdetroit.com/harwell did sponsor spots for Stroh and Detroit-based Stroh Brewery Co. Chesterfield Kings in the age when More than 350 attendees, had replaced cross-street rival beer and cigarettes were the two including venture capitalists Goebel Brewing Co. as the lead spon- thought to be too associated with primary sponsors of baseball. from around the country, will sor for Detroit Tigers radio broad- Goebel, so he was fired. His on-air Such marketing endorsements casts before the 1960 season. sidekick, former Tigers slugger by Harwell and others was typical- See This Just In, Page 2 Incumbent broadcaster Van George Kell, was kept, and he rec- ly built into their contracts, but as Patrick, as the story goes, was ommended Harwell as Patrick’s Harwell became more popular, he replacement. Harwell and Kell had leveraged his personal brand into THE ASSOCIATED PRESS briefly done some broadcast work In 2002, Ernie Harwell stands near the additional dollars. together in Baltimore. statue honoring him at Comerica Park. “He was able, because of his Stroh, which would buy Goebel voice and reputation, to be paid in 1964, hired Harwell. He went on came a savvy businessman while on an a la carte basis. He was able to spend the next 42 years calling assembling a hall-of-fame broad- to build a separate dollar amount Tigers games and becoming an cast career that spanned seven for every radio spot, television icon. decades and 8,500-plus games. spot and personal appearance,” NEWSPAPER Harwell, who died Tuesday at “He became as successful on the age 92 of bile duct cancer, also be- business side as he was in base- See Harwell, Page 25 20100510-NEWS--0002-NAT-CCI-CD_-- 5/7/2010 6:04 PM Page 1 Page 2 CRAIN’S DETROIT BUSINESS May 10, 2010 gency at Waterford. legal promotion of the drug Topa- Maher of Livingston County, Anas- THIS JUST IN The way it was: 1986 When it opens this fall, Regency max. tasia Savka-Klovski of Washtenaw will offer 40 private rooms and 40 Two Johnson & Johnson sub- County and Virginia-based physi- ■ From Page 1 Throughout our 25th-anniversary semiprivate rooms for short-term sidiaries — Raritan, N.J.-based cian Gary Spivack. year, Crain’s will use this space rehabilitation and long-term care. Ortho McNeill Pharmaceutical L.L.C. David Haron, principal and chair- call the Marriott at Eagle Crest in to look at interesting items from Ciena also plans to break and Ortho-McNeil-Janssen Pharma- man of the False Claims Act prac- past issues. Ypsilanti home Tuesday and ground on a new community in ceuticals Inc. — will pay a com- tice at Troy-based Frank Haron Wednesday as they attend panel West Bloomfield Township bined $81.5 million to resolve Weiner & Navarro P.L.C. represented discussions and listen to pitches It’s great — Jay Greene criminal and civil claims, in a Maher and Savka-Klovski, and for capital from Midwest entre- “ deal announced by the U.S. Depart- said his clients will receive the ment of Justice. preneurs at the 29th annual Michi- fun to just sit “majority share” of the whistle- Jones Lang LaSalle hires John The settlement, which includes gan Growth Capital Symposium. blower settlement. there and a guilty plea and $6.1 million crim- The keynote speakers for the Cullen as vice president At issue in the case was a 2001- inal fine for a violation of the 03 promotional effort marketing symposium, hosted by the Ross watch the (switchboard) light The Detroit office of Jones Lang Food, Drug and Cosmetic Act, also School of Business at the University of LaSalle has hired longtime Detroit Topamax to physicians for “off- includes a $9 million settlement to label” uses. Michigan, are David Brailer of Health up and see what the public real estate consultant John Cullen. whistle-blower claims by Angela Evolution Partners of San Francisco Cullen most recently worked in — Chad Halcom and Kate Mitchell of Scale Venture wants to know. We get instant the Detroit office of Hines Interests Partners of Foster City, Calif., and L.P., which handles property man- the chair-elect of the National Ven- feedback. agement for buildings such as the CORRECTIONS Renaissance Center and the Cole- ture Capital Association. ” Ⅲ A story published on Page 1 of the May 3 edition incorrectly stated man A. Young Municipal Build- Panels include the convergence Bruce McIntyre, publisher Davison State Bank’s net loss for 2009. The story should have said Davi- ing. He was previously property of healthcare and technology; son’s 2009 loss was $986,000.