1990-12-21 Resolution 29 - Laserfiche WebLink

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;; ::~. s ~r.NERAL ECONOMIC AND FINANCIAL INFORMATION ~l ~ ~ 1 9 jg90 Financial Institutions The following is a list of financial institutions in the City of South Bend. t Total resources are reported as of September 30, 1990 as follows: - Numher of _ Number of Locations in Reported Locations South Bend Resources Standard Federal Bank 114 3 $9,485,000,:000 First Source Bank 27 12 1,193,174,000 Society Bank, Indiana 42 11 1,103,513,000 Ameritrust National Bank, Michiana 26 1 1,061,201,208 (1) Valley American Bank & Trust Co. 20 8 541,755,000 First Interstate Bank 8 8 259,914,.000 (2) Sobieski Federal Savings & Loan Assoc. 4 4 62,500,000 Midwest Commerce Bank 16 1 27,026,207 Summit Bank of South .Bend 1 1 19.,153,000 (1) Was formerly known as Pioneer Federal Savings & Loan Association. Was bought out by Ameritrust May, 1990. (2) On January 30, 1991 will consolidate into ;lorwest Bank, Indiana. Industry • The industries of South Bend manufacture a variety of products including engine controls, plastic pipes, vinyl .siding, electric switches and garden tractors. The Michiana area provides varied employment opportunities and for the calendar year 1989, the average total employment was at an all-time high of 129,890 out of a total labor force of 135,820., with an unemployment rate of 4.4~. As reported by the Indiana Department of Employment and Training Services.. The attraction of new business and the development of four industrial parks has expanded the economic base during. the last five years.' Total employment for 1989 in the industrial parks was 4,741 with an .annual payroll of $114.2 million. In early 1990, $4.9 million Redevelopment District bonds were sold and will be used for the acquisition and demolition of the old industrial corridor that used to house the Studebaker plant. A new industrial park. is expected to be developed and will provide for more economic development opportunities in South Bend. Bendix Aviation Corporation, initially an automotive brake factory is now a major part of Allied-Signal Inc., composed of three major businesses: aerospace, automotive, and engineered materials. Today, Bendix carbon brakes are used in a number of commercial and military .aircraft and is a world leader in this field. Small manufacturing firms (50 employees or less) are a growing force in the area's economy with 81.3 percent of all St. Joseph County manufacturing firms . being within this category. -7-