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Newspaper Oswego Valley News March-June 1996 - 0246

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Newspaper  Oswego Valley News March-June 1996 - 0246 Powered By Docstoc
					News from Business and Industry
                                                                                                 Chamber of Commerce night planned July 31
                                                                                                     Chamber of Commerce Night will be                   "Party on the Patio is a great place to
                                                                                                 observed at Quality Inns Party on the Pa-           network with other like-minded Fulton
                                                                                                 tio Thursday, July 31, from 4:30 p.m. to 10         business members/* stated chamber presi-
                                                                                                 p.m.                                                dent Betsy Sherman-Saunders. "There
                                                                                                     Admission is free. The celebration will         have been several new additions to the
                                                                                                 include drink specials, munchies and enter-         chamber membership list which could pro-
                                                                                                 tainment by RC Music. Prizes will be given          vide new business opportunities."
                                                                                                 out every hour. Land, Sea, Air Raffle tick-            More information on Chamber of Com-
                                                                                                 ets will also be available with "early bird"        merce Night at Quality Inn's Party on the
                                                                                                 draw ings held for flowers, champagne, gift         Patio is available by contacting the Greater
                                                                                                 certificates and other prizes.                      Fulton Chamber of Commerce, 598-4231.




                 Donation to Ronald McDonald House
The Jefferson Smurfit Corporation Container Division recently held a golf tournament to
raise money for the Ronald McDonald House. On hand for the check presentation of
$1,000 were, from left, Don Lewis, event organizer; Michelle Henderson from the Ronald
McDonald House; and George Kerr, superintendent.



Oswego City Savings announces second quarter earnings
    Oswego City Savings Bank (NASDAQ                Noninterest expenses increased $53,000
Small-Cap Market; symbol: PBHC, listing:        over the same period in the prior year. This
OswegoS) announced net income for the           increase is primarly comprised of $15,000
quarter ended June 30,1997 was $641,914         rise in compensation and employee ben-
compared to $471,506 for the same quar-         efits, a $30,000 increase in professional ser-
ter in the prior year. The annualized return    vice charges, and a $16,000 increase in data
on average assets and return on average         processing expenses offset by a reduction
equity for the quarter ended June 30,1997       of $21,000 in deposit insurance premiums.
were 1.35 percent and 11.79 percent, re-            For the six months ended June 30,1997
spectively. The increase in 1997 second         the bank's net income was $1,137,200 as
quarter earnings was primarily attributable     compared to $865,700 for the same period
to an increase in net securities gains of       in the prior year, the $271,500 increase in
$138,000. The increase in second quarter        net income was a result of an increase of
earnings was also the result of a $141,000      $174,000 in net interest income after pro-
increase in interest earned on loans receiv-    vision for loan losses combined with a
able and a $108,000 increase in interest on     $302,000 increase in noninterest income,
investments, partially offset by a $123,000     partially offset by a $75,000 increase in
rise in the cost of funds combined with a       noninterest expenses.
$21,000 increase in the provision for loan          At June 30,1997 the bank has total as-
losses. The increased loan interest income      sets of $190.9 million versus $189.9 million
was driven by upward reprieing of adjust-       at the prior fiscal year end. Shareholders'
able rate mortgages and higher yields gen-      equity was $22.4 million at June 30, 1997
erated from expanded commercial lending         representing a shareholders' equity to to-                                      Ready to sell tickets
activities. The increase in the cost of funds   tal assets ratio of 11.73 percent compared       Shown getting ready for Land, Sea, Air raffle ticket sales at Quality lnnV "Party on the
was caused by the interest expense from         to $21.4 million or 11.26 percent, at Decem-     Patio" are from left, Karen Hubel, Paul Howard, Donna Levesque and Chad I k e . Standing
borrowings.                                     ber 31,1996. The increase in shareholders'       is Pam Kesterke, raffle co-chairman.
     Noninterest income increased $253,000,     equity is primarily the result of a $913,000
for the quarter ended June 30,1997 as com-      increase in retained earnings.
pared to the same period in the prior year.          June 10, 1997 the Board of Directors
The increase in noninterest income is pri-      declared a $.07 cash dividend to sharehold-
marily attributable to revenue derived from     ers of record as of June 30, 1997 payable
service charges on checking accounts and        on July 15,1997. This represents a $.02 per
the above mentioned increase in net secu-       share increase in the quarterly dividend
rities gains.                                   rate.


                                                Fulton native promoted
                                                to systems manager
                                                     FHC, Inc. has announced the promo-
                                                tion of Michael Apicelli to Systems' Man-
                                                ager responsible for the company's docu-
                                                mentation and communication systems.
                                                                                                                01
                                                                                                                      Anniversary Celebration
                                                                                                                                        - in conjunction with -
                                                    Apicelli joined the engineering depart-                                                 Our affiliation with
                                                ment at FHC, Inc. in July, 1994. He was                                      AUTO VALUE PARTS STORES
                                                previously employed at Digital Equipment
                                                in Augusta. A native of Fulton, Michael
                                                and his wife, Cheryl, reside in West Bath.                                                                             OIL FILTER
                                                                                                                                                                           #1-3387A
                                                They have two children.                                      ALL-SEASON MOTOR OIL                    • For most popular
                                                    FHC manufacturers and markets mi-                       10W30,10W40,20W50, 5W30. HO30              cars and light trucks
                                                croelectrodes and electronic instrumenta-
                                                                                                             EXTEND                                  • Regular oil
                                                tion worldwide to institutions involved in
                                                                                                             THE UFE                                   changes
                                                brain research. Its facilities are located in                                                          add life •
                                                Bowdoinham, Maine.                                           OF YOUR
                                                    44                                                                                                 to your
                                                      As our products become more clini-                       CAR
                                                                                                                                                       car.
                                                cally oriented, we will depend on our in-                                     -V
                                                                                                                             *"
                                                formation systems to assure the quality of
                                                our development and manufacturing ef-                      Fro*      BRAKE SHOE SET                           BRAKE ROTORS
                                                forts," reports F H C , Inc. president,                                                                                #60781
                                                                                                                                                         Maintain proper
                                                Frederick Haer. 'The company is initiat-                                                                 brake system
                                                ing programs to bring its systems into FDA                                                               function and
             Michael Apicetli                   compliance and Michaels efforts will be                      AVAILABLE FOR MOST APPLICATIONS -
                                                                                                                                                         performance
                                                instrumental in assuring our success."                       RELIABLE QUALITY AT A GREAT PRICE
             Systems' manager
                                                                                                            SEMHNFMUfCitfC
                                                                                                                flltf
                                                                                                                                                                               Auto
  #1 Rest Price On Auto Insurance
                                                                                                                                                                           BUTTS STORES
                                                                                                         Join us In our celebration July 12-26
      THE         DAGGETT                                             AGENCY
                                                                                                                                    extended
                                                                                                                                       thru
        598-2255                                         422-2203                                                                  sale period             j 598-2153
                                                                                                                                                            17We«Fir«Sr. Fulton
           352 West 1st St. S.                              350 North Salina St.
     Rte. 48. Fulton (otd KBC Btdg.)                Extended Office Hours: Mon.-Thur».,
                                                     8:30-7; Friday 8:30-5; Saturday »-l
      Office Hours: Mon-FrL, 8*0-5

                                                                                                                                        THE VALLEY NEWS - Monday, Juty 2 1 , 1 9 9 7 - P a y 17

				
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