Category: Economy

Report: Seaway Bank’s Failure Was Self-inflicted, Acquiring Maywood Bank Didn’t Help

Friday, September 22, 2017 || By Michael Romain || @maywoodnews 

A report released in August by the Federal Deposit Insurance Corporation concluded that Seaway Bank & Trust failed because of bad governance and risk management practices that flowed from the institution’s board of directors.

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Navistar to End Engine Production in Melrose Park, Lay Off 170 Workers

Thursday, August 3, 2017 || By Local News Curator || @maywoodnews || Photo: Getty Images

Navistar, the international truck and engine corporation based in Lisle, will stop producing engines at its Melrose Park location, according to an Aug. 3 report in Crain’s Chicago Business.

The move, which will reportedly take effect next year, will mean that 170 employees will be laid off, a company spokesperson told Crain’s.

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County Judge Dismisses Sugary Drink Beverage Lawsuit

Monday, July 31, 2017 || By Thomas Vogel/Forest Park Review || @maywoodnews

A Cook County judge on July 28 dismissed a lawsuit brought by the Illinois Retail Merchants Association (IRMA) aimed at stopping a one-cent-per-ounce tax on sugary beverages.

The tax will go into effect on Aug. 2, according to a press release from Cook County Board President Toni Preckwinkle.

The ruling, announced last Friday afternoon, comes about a month after the new tax, passed in November 2016, was to be implemented. Friday’s decision is the latest twist in a weeks-long legal battle.

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