New leadership: Business First Bank has named the presidents of its East and West Baton Rouge markets. David Lonibos, formerly of The Bank of New York Mellon Trust Co., will serve as president of the bank’s East Baton Rouge market, while Lawrence “Sonny” Gascon will be president of the West Baton Rouge market. Lonibos has more than 26 years of banking experience and has held positions in national sales and relationship management at The Bank of New York Mellon Trust Co. Gascon is a former Brusly alderman and a former member of the Greater Baton Rouge Port Commission.
Strong indicator: Led by a big jump in auto purchases and durable goods, consumer spending surged in April by the largest amount in more than six years. The Associated Press reports consumer spending rose 1% last month after a flat reading in March, the Commerce Department says today. Incomes also were up a 0.4%, matching the March gain. Wages and salaries, the most important component of incomes, gained 0.5%. Consumer spending accounts for 70% of economic activity. Read the full story.
On tap: Starbucks, which has more than a dozen Baton Rouge locations, plans to start tapping kegs of coffee this summer. USA Today reports the Seattle-based coffee company says it will introduce nitro cold brew in 500 stores as it aims to capitalize on the explosive growth in iced coffee drinks. Nitro cold brew coffee started dotting menus of local cafes and trendy shops like in the past few years. It’s often served on tap like beer, and has a creamier, richer taste than regular cold brew coffee. Read the full story.
