Loss to Profit, let's make your lost money back !

[IPRE-Paramount]

Oh MY GOD: IBCP to da moon:

Improvement: http://www.lansingstatejournal.com/article/20101219/NEWS03/12190520/Take-5--Rob-Shuster


Rob Shuster
• Position: Chief financial officer, Independent Bank Corp.
• Where: Based in Ionia, with a regional office in East Lansing and several branches in the Lansing area
• Career: President/CEO of Bay City-based Mutual Savings Bank, which was acquired by Independent in 1999.
• Education: Bachelor's in accounting, U-M
• Age: 53
• Residence: Grand Rapids

Take 5: Rob Shuster
Bank CFO sees brighter economic future for state
Melissa Domsic • [e-mail] • December 19, 2010 • From Lansing State Journal

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Independent Bank Corp.'s top financial executive sees better times in 2011 for the state.



Rob Shuster, the bank's chief financial officer, said Michigan's economic recovery should continue next year, with gradual improvements in everything from employment to consumer spending.

Michigan's jobless rate, which started the year above 14 percent, has inched lower throughout the year. In October, the rate dropped below 13 percent.

Things were better locally, where the Lansing-area jobless rate has dropped from 11.7 percent rate in January to 9.2 percent in October.

November data isn't due out until Jan. 4, 2011.

State jobless rates, released by the Michigan Department of Labor, Energy and Economic Growth, are adjusted for seasonal factors. Local rates are not.

Shuster said employment gains should continue, along with improvements in consumer spending, housing and other economic factors. He recently offered his economic forecast at the Lansing Regional Chamber of Commerce's Economic Club luncheon.

But Shuster cautioned that progress could be choppy and unemployment might spike here or there, but should follow an overall downward path.

"I use the analogy two steps forward and one step back," he said. "I wouldn't get discouraged if we had a month where we get some bad data. I think the long-term trends are still positive."

• What is your projection for unemployment in mid-Michigan next year?

I think the improvement in mid-Michigan is probably going to be similar to the improvement from across the state. Most people are forecasting about a 1 percent or so improvement in the unemployment rate in the state during 2011 and then some more follow-through in reduced unemployment in 2012.

• What about housing in mid-Michigan?

Higher-end homes are going to still struggle in terms of the length of time to sell and what type of price they're going to be sold at. Lower-priced homes, there has been quite a bit of firming in the market.

• What are your projections for consumer spending?


(2 of 2)


Consumer spending has been growing at a gradual pace and I think one of the positives is it's growing without the consumer taking on more debt. I think we're better off with a more modest growth rate but one that's more sustainable.


• You mentioned the average age of vehicles on the road today is 10.2 years. How will that impact auto sales next year, especially if there aren't any more incentive programs like Cash for Clunkers?

As the employment picture continues to improve, I think the confidence to make larger ticket purchases like autos or other durable goods is going to increase. And you overlay that against that aging vehicle. People have been waiting to replace their automobiles and I think that bodes well for a pent-up demand that will not require special programs to materialize.

• Have we hit bottom yet on commercial real estate prices?

With the economy improving, I think commercial real estate prices have started to firm and maybe there's even some potential for a little bit of improvement. I definitely think the worst is behind us.