Business at a glance
Farmers reports increased quarterly earnings
CANFIELD – Farmers National Banc Corp. reported an half-million dollar increase in net income to $2.4 million compared to the same period last year.
It is the 126th consecutive quarter of profitability for the company.
Farmers National President and CEO Kevin J. Helmick attributed the improvement to continued focus on increasing fee income and control of noninterest expenses.
“It is important to note that noninterest income has increased 17.7 percent in comparing the second quarter of 2014 to the second quarter of 2013, while noninterest expenses decreased 4.5 percent,” Helmick said. “We are also pleased to report that loans increased 6.9 percent in the past 12 months.”
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.
First Niles Financial announces earnings
NILES – First Niles Financial, Inc., the holding company for Home Federal Savings and Loan Association of Niles reported improved net income results for the three months ended June 30.
The company recorded net income of $122,000 for the quarter, compared to a loss of $79,000 for the same period in 2013, for an increase of $201,000.
The increase in net income in the current three-month and six-month periods as compared to the same periods one year ago came primarily due to the increased net interest income and non-interest income.
Net interest income improved due to an increase in market interest rates, the company said.
Dollar Tree steps up fight, buys Family Dollar
NEW YORK – The fight for penny pinchers is intensifying.
Dollar Tree said Monday it is buying rival discounter Family Dollar for $8.5 billion, significantly broadening its reach as it looks to fend off Wal-Mart, which has been stepping up its courtship of lower-income customers
The deal makes Dollar Tree the biggest player in the dollar store segment, with its more than 13,000 combined locations eclipsing current leader Dollar General Corp., which has about 11,300.
Dollar stores grew during the recession as people across income groups searched for cheaper options. To attract a broader array of customers, they also expanded their offerings to include more groceries and brand-name products.
EPA reports big fish kill from well fire
HANNIBAL – Water samples of runoff taken shortly after a June 28 fire at a Monroe County natural gas drilling site show the presence of many fracking chemicals and resulted in roughly 70,000 dead fish and other aquatic life.
Regulators counted roughly 70,000 dead fish, frogs, crayfish, salamanders and other aquatic after the accident at the Statoil Eisenbarth well pad. Ohio Environmental Protection Agency documents state tests show the presence of benzene, ethylbenzene, xylenes, toluene and pyrene, all chemicals commonly used during well fracking.
Local bank stocks reported
First Niles Financial shares remained unchanged in trading Monday, closing at $9. Cortland Bancorp rose 68 cents to close at $12.98 a share.
Staff, wire reports
Business at a glance
l Hubbard Company gets new patent: The European Patent Office has announced that an application filed by Hubbard-based NanoLogix for its BioNano Pore, or BNP, kit has been granted and will apply to 38 European states including Germany, France, United Kingdom, Sweden, Italy, Austria and more.
This BNP patent joins NanoLogix’s portfolio of patents for the BNP granted in Japan and Russia.
l Executive Care expands franchise in northeast Ohio: Executive Care has signed a multi-unit franchise agreement to open offices serving three new territories in northeast Ohio, including Youngstown, Canton and Cleveland, with skilled nursing and home health aid services.
Michael Creatore, of northeast Ohio, is launching the business, bringing a wealth management consulting, leadership development, finance and business start-up experience to his Executive Care investment. He will take on operational, sales and marketing responsibilities in the business.
l Real Living announces top agents: Real Living Volpini Realty Group announced its Howland office top agents for June.
Top listing agents were Patty Helmick and Darlene Mink-Crouse. Top sales agents were Sandy Davis, Kim Griffin and George Reed.
l Leadership Mahoning Valley deadline approaches: Applications for this year’s Leadership Mahoning Valley class are being accepted through Friday.
The monthly sessions for nine months provide adult community leaders with a general overview of the Mahoning Valley, an opportunity for increased understanding of key community issues and the potential to develop effective working relationships with other civic leaders.
Up to 40 participants will be selected.
There is a tuition fee. Applications may be requested by email at email@example.com or by phone at 330-744-2131, Ext. 41.
People on the Move
l Doctor joins practice: Ankle & Foot Care Centers announced the addition of Dr. Johnny Alayon to its staff of podiatric physicians and surgeons. Dr. Alayon is accepting new patients in the group’s Niles office.
Alayon’s practice includes general podiatry, diabetic foot care and other lower extremity ailments.
The doctor comes from Seattle, where he served as the director of podiatric medical education for the VA Puget Sound Health Care System since 2011. He is board certified by the American Board of Podiatric Surgery and has been practicing since 2001.
l Northwood has new location: The Regional Chamber and agent Robin Whitehair cut the ribbon last week on its new location of Northwood Realty at 5 W. McKinley Way, Poland. Northwood Realty now has more than 190 agents and five neighborhood offices in the tri-county region.
l Local firearms business opens: Elite Tactical Firearms and Training opened recently at 233 Youngstown Warren Road in McKinley Heights. The business carries firearms and accessories including silencers and ammo. For more information, visit www.elite-tac.com.
TO SUBMIT items for People on the Move, Business Briefs or New Business announcements, email business editor Brenda J. Linert at firstname.lastname@example.org or submit to the virtual newsroom at www.tribtoday.com.
Business at a glance
Chase branch to close Sept. 20
WARREN – The Chase Bank branch on Youngstown Road SE will close permanently Sept. 20.
JPMorgan Chase Bank filed paperwork June 17 with bank regulators, the Office of the Comptroller of the Currency, indicating plans to close the branch located at 2911 Youngstown Road S.E. The paperwork does not indicate a reason for the closure. Messages left seeking comment from a corporate spokeswoman in Columbus were not immediately returned.
Chase operates several other local branches. The offices nearest the branch that will close are located in front of Eastwood Mall in Niles, at 1160 West Market Street in downtown Warren and 204 Niles-Cortland Road NE in Howland.
Union Local receives state training grant
BOARDMAN – Plumbers & Pipefitters Local 396 received a $150,000 State Appalachian Development Grant to train workers for jobs related to the Marcellus and Utica Shale operations.
Jason Wilson, director of the Governor’s Office of Appalachia, along with Congressman Bill Johnson, Congressman Tim Ryan, and local officials announced the grant Tuesday.
It will be used to train a class of 40 apprentices and displaced welders in pipeline construction and downhill welding techniques. The pipe welders will be trained at the Local 396 facility in Boardman.
TimkenSteel spinoff complete
A spinoff of TimkenSteel from The Timken Company is now complete, and the new entity began trading independently Tuesday under the symbol TMST on the New York Stock Exchange.
The original company continues to trade under the symbol TKR. Timken shareholders of record received a share of TimkenSteel stock for every two shares of Timken stock. The spinoff, announced in September, was intended to drive value for both public companies. The original company will continue its focus on bearings and power transmission services.
Company officials said Tuesday the Niles Timken plant, which employs about 40 workers, will remain under the original Timken company and will be unaffected by the corporate changes.
Burger King sells ‘Proud Whopper’ in San Francisco
NEW YORK – Burger King is celebrating gay pride with a message on its Whopper wrappers.
The fast-food chain says it will post a video online Wednesday that shows scenes from a San Francisco location where it sold a “Proud Whopper.” Customers were not told what is in the burger, which comes wrapped in rainbow paper. Once opened up, a message inside the wrapper states, “We are all the same inside.”
The idea is that the Proud Whopper is no different from the regular Whopper, despite its colorful packaging.
The marketing effort is part of Burger King’s push to connect with customers in a more meaningful way, particularly with the younger individuals fast-food chains are known for courting.
Local bank stocks reported
First Niles Financial shares were unchanged in Tuesday’s trading to close at $9 a share.
Cortland Bancorp also remained steady at $11.90 a share.
Staff, wire reports