Business Briefs - Oct. 21

October 21, 2012

Cornerstone Wealth Management Group

The advisers at Cornerstone Wealth Management Group, a Hagerstown-based independent investment and wealth-management firm, recently announced their affiliation with CWM LLC, a U.S. Securities and Exchange Commission-registered investment advisory firm in Omaha, Neb.

The affiliation will help optimize pricing arrangements for clients, offer enriched technology platforms, and enhance real-time communication and rationale for portfolio transactions. Client assets will continue to be custodied at Cornerstone’s partner LPL Financial.

Giant Food Stores/Martin’s Food Markets

CARLISLE, Pa. — Customers at Giant Food Stores and Martin’s Food Markets supported two major in-store efforts to fight hunger during September’s Hunger Action Month, donating $717,783.

Through the grocers’ twice-annual Bag Hunger in-store campaign, which ran Sept. 2 to 15, customers had an opportunity to donate $1 at the checkout to benefit their local regional food banks and pantries, donating $561,883.

In addition, customers also could purchase a $10 hunger-relief box filled with Healthy Ideas-brand items for a local food pantry or soup kitchen in their area. Contributions from the boxes totaled $155,900.

Recipient food banks include the Central Pennsylvania Food Bank, Philabundance, Second Harvest Food Bank of Lehigh Valley, Food Bank of Western Maryland, Greater Berks County Food Bank, Water Street Rescue Mission in Lancaster and Blue Ridge Area Food Bank in Virginia.

The Manitowoc Co. Inc.

The Manitowoc Co. Inc. recently announced that it commenced a public offering of $250 million in aggregate principal amount of its senior notes due in 2022, subject to market and other conditions.

Manitowoc plans to use the net proceeds of the offering to redeem the entire $150 million aggregate principal amount of its 7 1/8 percent senior notes due 2013 and to repay a portion of the outstanding borrowings under its senior secured credit facilities.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the joint book-running managers for the offering.

CNB Financial Services Inc.

Thomas F. Rokisky, president/chief executive officer of CNB Financial Services Inc., the parent company of CNB Bank Inc., announced for the three months ended Sept. 30, 2012, CNB had consolidated net income of $249,000, or $0.57 per share, as compared to $537,000, or $1.27 per share, for the three months ended Sept. 30, 2011.

For the nine months ended Sept. 30, 2012, CNB had consolidated net income of $1.1 million, or $2.55 per share, compared to $1.5 million, or $3.60 per share for the nine months ended Sept. 30, 2011.

Capital is a key measure of a bank’s financial health, and CNB continues to be rated a well-capitalized financial institution by regulatory authorities. CNB’s capital totaled $28.3 million, or 10.1 percent of total assets as of Sept. 30, 2012.

CNB, with total assets at Sept. 30, 2012 of $281.5 million, has two full-service offices and ATMs in Berkeley Springs, W.Va. The bank has full-service branch offices and ATMs in Hedgesville, south Martinsburg and Falling Waters in Berkeley County, W.Va. The bank also has a full-service branch office and ATM in Hancock.

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