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Union Bankshares announces Q2 earnings and quarterly dividend payment

first_imgUnion Bank,Union Bankshares, Inc (NASDAQ ‘ UNB) today announced Net Income for the second quarter 2011 of $1.0 million, or $0.23 per share, compared to $1.5 million, or $0.34 per share, for 2010. Results for the second quarter of 2011 reflect a $0.05 decrease in earnings per share due to direct expenses incurred during the quarter related to the May 27, 2011 purchase of branches in Grafton, Littleton and North Woodstock, New Hampshire. There was also an increase in the loan loss provision of $60 thousand due mainly to the growth and composition of the loan portfolio. Non-acquisition operating expenses also increased between years as the Company grew, outsourced and enhanced marketing efforts, and incurred increased OREO costs. Year to date earnings for 2011 were $2.1 million, or $0.46 per share, compared to $2.7 million, or $0.62 per share, for 2010. Year to date direct costs associated with the acquisition of three New Hampshire branches were $358,000; there was a $120,000 increase in the loan loss provision due mainly to the growth and composition of the loan portfolio; the Loan Center was operating throughout 2011 and became profitable in May of 2011; communication lines, equipment and the internal data backup center were upgraded; marketing efforts were outsourced and enhanced; and the operating costs of OREO and Bank properties were higher due to the long winter and wet spring. Balance Sheet accounts increased substantially as the acquisition of the three New Hampshire branches added $67 million to deposits, $33 million to loans and another $5 million to various other asset categories. Total loans grew to $401 million, or 15.1%, as of June 30, 2011 from $349 million as of June 30, 2010 due to the acquisition and in spite of the Company selling $31 million of residential mortgage loans to the secondary market during the first half of 2011 to manage long term interest rate risk. Total deposits reached $433 million compared to the prior year of $354 million. The Company had total capital of $42 million with a book value per share of $9.39 as of June 30, 2011. A quarterly cash dividend of $.25 per share was declared on July 20, 2011 to shareholders of record July 30, 2011, payable August 11, 2011. Union Bankshares, Inc., with headquarters in Morrisville, Vermont is the bank holding company parent of Union Bank, which offers deposit, loan, trust and commercial banking services throughout northern Vermont and northwestern New Hampshire. As of June 30, 2011, the Company had approximately $514 million in consolidated assets compared to $428 million at June 30, 2010. The Company operates 13 banking offices, a loan center and 29 ATM facilities in Vermont; 4 branches and ATM facilities in New Hampshire. Union Bank has been helping people buy homes and local businesses create jobs in area communities since 1891. Union Bank has earned an outstanding reputation for residential lending programs, is an SBA Preferred lender and has an outstanding Community Reinvestment Act rating. Union is proud to be one of the few community banks serving Vermont and New Hampshire and maintains a strong commitment to traditional values. Union is dedicated to providing genuine customer service and community support, donating tens of thousands of dollars to local nonprofits annually. These values-combined with financial expertise, quality products and the latest technology-make Union Bank the premier choice for your banking services, both personal and commercial. Member FDIC. Equal Housing Lender. Statements made in this press release that are not historical facts are forward-looking statements. Investors are cautioned that all forward-looking statements necessarily involve risks and uncertainties, and many factors could cause actual results and events to differ materially from those contemplated in the forward-looking statements. When we use any of the words ‘believes,’ ‘expects,’ ‘anticipates’ or similar expressions, we are making forward-looking statements. The following factors, among others, could cause actual results and events to differ from those contemplated in the forward-looking statements: uncertainties associated with general economic conditions; changes in the interest rate environment; inflation; political, legislative or regulatory developments; acts of war or terrorism; the markets’ acceptance of and demand for the Company’s products and services; technological changes, including the impact of the internet on the Company’s business and on the financial services market place generally; the impact of competitive products and pricing; and dependence on third party suppliers. For further information, please refer to the Company’s reports filed with the Securities and Exchange Commission at www.sec.gov(link is external). Morrisville, VT July 20, 2011 ‘ Union Bankshareslast_img read more

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Johnson City to enforce social distancing at parks

first_imgOn Monday, the city of Binghamton announced it was going discourage social gatherings at its parks. The parks remain available for use to the public but athletic areas and sporting fields are closed. They say Floral Ave Park is an exception and is not accessible. JOHNSON CITY (WBNG) — The village of Johnson City says it will enforce social-distancing guidelines at its parks in response to the coronavirus pandemic. The office of Johnson City Mayor Greg Deemie says it has removed rims from basketball hoops, swings from swing sets and placed caution tape around playgrounds. The following is a list of guidelines when using parks:center_img Village officials say they expect more people to use the parks as the weather gets warmer. Stay local and keep visits shortVisits should be solitary, or with small groups onlyBe ready to move quickly through places where people congregateAvoid activities where you may come in close contact with other peopleStay home if you do not feel wellStay home if you are over 70 and or from a vulnerable populationIf you arrive at a park and crowds are forming, choose a different park or return another time to visit For more coronavirus coverage, click here.last_img read more

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Wellington Council offers $100,000 contract to Roy Eckert, former county manager of Montrose, as new city manager

first_img Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments (27) Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings Sort by: Date Rating Last Activity Loading comments… You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. +4 Vote up Vote down notlla · 303 weeks ago I hope he doesn’t think Wellington has deep pockets like the last city manager did. Report Reply 0 replies · active 303 weeks ago +16 Vote up Vote down hmmmm · 303 weeks ago “Abruptly resigned” after 16 months??? Report Reply 0 replies · active 303 weeks ago -5 Vote up Vote down WellMom · 303 weeks ago $500 automobile allowance…Wow Report Reply 0 replies · active 303 weeks ago +8 Vote up Vote down Ted “Theodore” Logan · 303 weeks ago He also did a short stint as a double for Keith Olbermann. Report Reply 0 replies · active 303 weeks ago +7 Vote up Vote down Wondering Why · 303 weeks ago Why did he abruptly resign? Tracy, do some investigating. Is the City of Wellington getting someone else’s castoffs? https://www.rfcexpress.com/lawsuits/employment/co… Report Reply 1 reply · active 303 weeks ago +8 Vote up Vote down Crusader fan always · 303 weeks ago Making that kind of money I would think he would not need $500.00 a month for an automobile. Who are the idiots that put these incentives in? Report Reply 1 reply · active 303 weeks ago 0 Vote up Vote down guest · 303 weeks ago 35 years on the job already means he won’t be here long before he retires. Just a thought. Report Reply 1 reply · active 303 weeks ago +6 Vote up Vote down reasonable question · 303 weeks ago It sounds like Mr Eckert is highly qualified. Why did he accept the job in Florence Oregon for $120K Per year ony one week ago but now he is being as our city manager at $100K per year? Report Reply 1 reply · active 303 weeks ago +6 Vote up Vote down interesting · 303 weeks ago Too many unanswered questions. Don’t rush into this. Report Reply 0 replies · active 303 weeks ago +2 Vote up Vote down Guest · 303 weeks ago I am very impressed with Mr Eckert and welcome him sincerely to wellington. I just hope he is not taking this job in wellington for $20K less than the Florence Oregon job that he tentatively accepted only one week ago for the right reasons. Report Reply 0 replies · active 303 weeks ago 12Next » Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments Roy Eckertby Tracy McCue, Sumner Newscow — The city council will vote Tuesday evening on a resolution approving an employment agreement with Roy Eckert, a former county manager at Montrose, Colo., to become the Wellington City Manager for an annual salary of $100,000.The resolution states:“The city of Wellington has agreed to hire Roy Eckert, as city manager and said Roy Eckert has agreed to serve as city manager of said city to sign said Employment agreement.” If the resolution passes it will authorize Mayor Roger Stallbaumer to sign the agreement.Eckert has worked in city and county management for almost 35 years and served as city manager in Missouri, Georgia, and Alabama as well as borough manager for Ketchikan Gateway in Alaska. He abruptly resigned as the Montrose county manager in May after serving 16 months.The employment contract stipulations offered to Eckert if the resolution passes include: •a bi-weekly salary of $3,846 over the year which equates to $99,996;•an automobile allowance of $500 per month;•after the first six months the governing body will conduct a performance review on whether or not to provide the employee with a salary increase;•health benefits through the city’s 125 cafeteria plan;•80 hours of the vacation and 80 hours of sick leave with accrual of vacation, sick and injury capped, managed and paid out upon termination of the agreement.The agreement will commence on Nov. 10, 2014 and terminate at the end of Dec. 31, 2016.If resolution is approved, Eckerk will be replacing former Wellington City Manager Gus Collins, who resigned in May. Wellington City Clerk Shane Shields has been serving as the interim city manager since June 1.Follow us on Twitter.last_img read more