Business at a glance
Eastwood Mall sees management changes
NILES – After more than two decades as property manager of the Eastwood Mall Complex, Kenneth Kollar is leaving his post to assume a new position in the mall’s corporate office.
Kollar is being promoted to regional operations manager, with responsibility for Eastwood and several other retail properties in the Cafaro organization. The new property manager for the Eastwood Mall Complex is Matthew Boarts.
Boarts, 37, a Penn State graduate, joined the Youngstown-based Cafaro organization in 1999, as marketing director at Millcreek Mall in Erie, Pa. He became the operations manager for Spotsylvania Towne Centre, near Fredericksburg, Va., in 2005.
Kollar, 55, went to work in 1982 as a management trainee at Cafaro Co. The following year he briefly went to Millcreek Mall as its operations manager, then became a regional operations manager. He took on his current position at Eastwood in 1993. He earned his degree at Syracuse University, where he also was a stand-out linebacker.
Eastwood Mall Complex is one of America’s largest shopping complexes, with more than 200 department stores, specialty shops, restaurants and entertainment options.
Farmers announces first quarter results
CANFIELD – Farmers National Banc Corp. on Wednesday reported first quarter financial results that represented the company’s 125th consecutive quarter of profitability.
Net income for the three months ended March 31 was $2.2 million, or 12 cents per share, compared to $2 million, or 11 cents per share for the same quarter last year.
First quarter financial highlights include loan growth and improved loan quality, bank officials said. Net interest margin for the quarter also showed 3-point investment.
“Although loan production was moderate in the first quarter of 2014, we look forward to the ensuing quarters as the economic outlook begins to improve,” said Kevin J. Helmick, Farmers president and CEO. “We also continue our discipline of closely monitoring levels of non-interest expense while growing non-interest revenues.”
Farmers National Banc Corp. is the bank holding company for the Farmers National Bank of Canfield, Farmers National Insurance LLC, Farmers Trust Company and National Associates Inc.
Local bank stocks reported
First Niles Financial held steady in trading again Wednesday to close at $7.50 per share. Cortland Bancorp also was unchanged at $10.90 per share.