Business

Business

New economic development chief well-versed in trade

CHAMPAIGN – If Tim Hoerr needs a descriptive catch phrase after his name, he could easily use "your business connection."

The 47-year-old Champaign man serves as CEO for two different companies and as president of his own.

Bachrach menswear shop scheduled to close

CHAMPAIGN – Longtime customers of the Bachrach menswear store at Market Place Mall are fit to be tied over news the store is planning to close.

"I was shocked. I'm still shocked," said Ponce Palmer, an O'Brien Auto Park salesman who has shopped at Bachrach stores since the 1970s.

Chief operations officer steps down

CHAMPAIGN – A key official of Central Illinois Bank's parent company is stepping down, and the company doesn't intend to replace him.

Michael L. Rechkemmer resigned as chief operations officer of CIB Marine Bancshares on Tuesday, according to a filing made Thursday with the Securities & Exchange Commission.

Board gets opinions on liquor issues

PHILO – There is no legal obstacle to prevent a Philo resident from applying for a liquor license to open a second bar in town.

That was what the village board learned this week from attorney Marc Miller, who was representing his law partner, village attorney Paul Hendren.

Burglary roundup

Local police recently received the following burglary reports:

CHAMPAIGN

– 2700 block of Campbell Drive: Vehicle entered on Wednesday; in-dash stereo, video camera, global positioning system and Xbox game among stolen items.

Customers upset at bank failure but let money stay put

DANVILLE – Danville resident Willie Woods withdrew $700 from his First National Bank of Danville-Westville savings account on Thursday morning to pay some bills. When he heard that federal regulators had taken over the failed bank later that afternoon, his initial reaction was to empty out the rest of the account.

"I went back, but the doors were locked," said Woods, a longtime customer. "It was kind of scary. I was like, 'What's going on?'"

Hardware store in southwest Champaign to close

Ace Hardware in Champaign is expected to close later this summer.

The store, at 2411 Village Green Place, will close by mid-August, said a store manager who declined to provide his name on Thursday.

EDC chief urges board to push for high-speed rail

CHAMPAIGN – A project to bring a 220-mph train through Champaign-Urbana could be the most "transformative" development for the community since the founding of the University of Illinois, a local economic development official said.

Danville bank will have new owner, same staff, on Monday

DANVILLE – Officials with the Federal Deposit Insurance Corporation and the new owners of the First National Bank of Danville-Westville on Thursday assured customers that their money is safe after regulators closed the bank.

Clinton bank also among day's casualties

CLINTON – Customers of the John Warner Bank in Clinton shouldn't see much difference when the bank opens today, even though it failed Thursday evening.

FDIC spokesman David Barr said "all deposits are fully protected."