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Business Briefs - Aug. 7

August 07, 2011

Pump It Up of Hagerstown

Pump It Up of Hagerstown recently was awarded two top honors by its franchise.

During the Pump It Up National Convention in Scottsdale, Ariz., owner Kim Cunha was awarded Best Staff and Service and Best Overall Experience within her facility.

There are 155 Pump It Up locations nationally. They specialize in private children’s parties with exclusive use of their gigantic inflatable slides, bounce houses and obstacle courses. Each party has a dedicated team of staff that takes care of everything so guests can just relax and enjoy their party.

For more information, go to www.pumpitupparty.com.



Hagerstown-Washington County Chamber of Commerce

The following is the list of new members to the Hagerstown-Washington County Chamber of Commerce for the month of July:

  • Sentinel Capital Solutions, Cort Meinelschimdt, Hagerstown
  • Alfred E. Martin CPA, Hagerstown
  • Fast-Teks On-Site Computer Services of Central Mason-Dixon Region, Mark Beirman, Walkersville, Md.
  • Pre-Paid Legal Services, Bryan Turner, Hagerstown
  • Inn at Red Hill, Cindy Neugebauer, Keedysville
  • Washington County Community Mediation Center, Jack Carpenter, Hagerstown



Greater Chambersburg Chamber of Commerce

CHAMBERSBURG, Pa. — The Greater Chambersburg Chamber of Commerce welcomed 11 new members in July: Absolute Document Destruction, 2047 Loop Road; Bair’s Express, Spring Run; Bravo Fireworks, 1133 Lincoln Way East; Everhart & Hoover Power Line Construction, Hustontown; Gilland Guest House, 3374 Lincoln Way East, Fayetteville; Hoppers, 10102 Wayne Highway, Waynesboro; Hot Dogs Plus, 1375 Pleasantview Drive; IMPACTomorrow, 1743 Holly Lane; Lucy’s Custom Silk Floral Designs, 691 Lucey Lane; Penn National Insurance, Harrisburg, Pa.; and The Morrow Group, 550 Cleveland Ave., Suite 111.

For information about joining, contact Doug Harmon at 717-264-7101, ext. 202, or send an email to dharmon@chambersburg.org.



Chiropractic and Massage Center of Hagerstown

The entire staff of the Chiropractic and Massage Center of Hagerstown was invited to work at the 111th U.S. Open Championship at Congressional Country Club in Bethesda, Md., from June 13 to 19.

Drs. Marc M. Gamerman and Brenna Bacon Ranieli, and Licensed Massage Therapist Aimée Grahe treated players, caddies and staff. Holly Kauffman, chiropractic assistant, and Jennifer King assisted with scheduling, organization and record keeping.



Tower Bancorp Inc.

HARRISBURG, Pa. — Tower Bancorp Inc. , the parent company of Graystone Tower Bank, reported net income available to shareholders of $3.5 million, or $0.29 per diluted share, for the second quarter of 2011. That marks an increase of $2.3 million, or $0.12 per diluted share, over the same period in 2010 and an increase of $3.3 million, or $0.27 per diluted share, when compared to the first quarter of 2011.

Net income for the second quarter of 2011 was affected by a net loss of approximately $1.2 million. The loss was incurred by the residential mortgage banking segment, which completed the wind down of the mortgage banking operations acquired as part of the First Chester County Corp. merger and after-tax merger expenses related to the pending merger with Susquehanna Bancshares Inc. of approximately $350,000.

The board of directors declared a quarterly cash dividend of $0.14 per share, payable Aug. 31 to shareholders of record at the close of business on Aug. 15.

Total assets at June 30 totaled $2.5 billion, representing a decrease of $89.4 million or 3.4 percent from March 31 to June 30. The company has experienced lower levels of loan originations than anticipated, given the continued uncertain economic conditions and increased competition for high-quality loans in the company’s markets.

The investment portfolio increased $1.2 million, or 0.56 percent, from March 31 to $209.2 million at June 30, which represents approximately 8.28 percent of the total assets. The investment portfolio has grown $106.5 million, or 103.7 percent, from Dec. 31, 2010, to June 30, 2011.



United Bankshares Inc.

WASHINGTON, D.C. — United Bankshares Inc. reported that earnings for the second quarter of 2011 were $17.5 million, or $0.40 per diluted share, while earnings for the first half of 2011 were $35.3 million, or $0.81 per diluted share.

Results for the second quarter of 2011 produced a return on average assets of 0.98 percent and a return on average equity of 8.66 percent, respectively. For the first half of 2011, United’s return on average assets was 1 percent, while the return on average equity was 8.85 percent. These returns compare very favorably to United’s most recently reported Federal Reserve peer group’s (bank holding companies with total assets between $3 billion and $10 billion) average return on assets of 0.7 percent and average return on equity of 6.57 percent for the first quarter of 2011.

The results for the second quarter and first half of 2011 included noncash, before-tax, other-than-temporary impairment charges of $4.1 million and $6.2 million, respectively, on certain investment securities.

Earnings for the second quarter of 2010 were $17.9 million, or $0.41 per diluted share, while earnings for the first half of 2010 were $35.3 million, or $0.81 per diluted share. The results for the second quarter and first half of 2010 included before-tax, net gains of $796 thousand and $1.9 million, respectively, on the sale of investment securities and noncash, before-tax, other-than-temporary impairment charges of $1.1 million and $2.6 million, respectively on certain investment securities.

United’s annualized returns on average assets and average equity were 0.96 percent and 9.23 percent, respectively, for the second quarter of 2010, while the returns on average assets and average equity were 0.94 percent and 9.2 percent, respectively, for the first half of 2010.

During the second quarter of 2011, United’s board of directors declared a cash dividend of $0.3 per share. The annualized 2011 dividend of $1.20 equates of a yield of approximately 5 percent based on recent UBSI market prices.

On July 8, United acquired 100 percent of the outstanding common stock of Centra Financial Holdings Inc. (Centra) of Morgantown, W.Va. The acquisition of Centra enhances United’s existing footprint in Maryland and West Virginia, and provides an entry into Pennsylvania. At consummation, Centra had assets of $1.3 billion, loans of $1.1 billion and deposits of $1.1 billion.

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