Regional Report
By T&D Staff Sunday, October 29, 2006’outstanding’ CRA
rating
COLUMBIA – First Citizens received an “Outstanding” Community Reinvestment Act rating from the Federal Deposit Insurance Corp., bank officials announced.
“This top rating by the FDIC illustrates our commitment to serve the communities where we operate,” First Citizens Chairman and CEO Jim Apple said. “I applaud the efforts of everyone who works for First Citizens because they are the primary reason we have achieved this rating.”
First Citizens was measured by its loans to low and moderate-income individuals as well as loans in low and moderate-income areas. The rating also measures the bank’s community involvement, where branches are located and financial education for low and moderate-income individuals.
There are four categories in the Community Reinvestment Act commonly called a CRA rating: Outstanding, Satisfactory, Needs to Improve, and Substantial Noncompliance. Banks are rated in three areas in the CRA: loans, investments, and services. Less than 15 percent of banks nationwide receive an Outstanding.
The CRA was passed by Congress in 1977 to encourage financial institutions to help meet credit needs of communities in which they operate, including low and moderate-income neighborhoods, consistent with sound banking operations.
in top 100
Columbia-based Ag First Farm Credit Bank and Central Electric Power Cooperative were ranked in the top 100 of the nation’s highest revenue-earning cooperative businesses for 2005, according to the annual report released by the National Cooperative Bank.
Ag First Farm Credit Bank ranked 26th in revenues for 2005 with $1.3 million. Central Electric Power Cooperative ranked 58th with $725,000 in revenues.
The rankings are part of the NCB Co-op 100 annual ranking.
The cooperative at the top of the list in 2005 revenues at $11.9 million was St. Paul, Minn-based CHS Inc. Dairy Farmers of American ranked 2nd at $8.9 million in revenues.
The entire NCB Co-op 100 report, as well as additional information on cooperatives, is available at www.co-op100.coop.
realigns leadership
DALLAS – Citing the need to further enhance business focus and agility in its growing commercial and residential businesses, Lennox International announced the realignment of its heating and cooling business segments leadership and internal reporting structure.
Harry Bizios, currently vice president and general manager, Worldwide Commercial Systems, has been appointed president and COO, LII Commercial Heating & Cooling.
Doug Young, currently vice president and general manager, North American Residential Products, has been appointed president and COO, LII Residential Heating & Cooling.
Both Bizios and Young will report directly to Bob Schjerven, CEO, and their appointments are effective immediately.
Based on this realignment, the company and current LII Heating & Cooling president and COO Bob McDonough have mutually agreed he will leave LII, following a transition period.
income dip
WINSTON-SALEM, N.C. – BB&T Corp. reported net income for the third quarter of 2006 totaling $417.0 million, or 77 cents per diluted share, compared with $442 million, or 80 cents per diluted share, earned during the third quarter of 2005.
The results reflect decreases of 5.7 percent and 3.8 percent, respectively, compared to the third quarter last year. Third quarter earnings were negatively affected by a one-time charge related to an unforeseen legal matter totaling $9.8 million after-tax, or 2 cents per diluted share.
Operating earnings for the third quarter of 2006 totaled $429.8 million, or 79 cents per diluted share, excluding $6.2 million in net after-tax merger-related charges and $6.5 million in after-tax equity-based compensation.
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