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Business briefs - Nov. 18

November 18, 2012

Jersey Mike’s Subs

Jersey Mike’s Subs
of Hagerstown recently was named a finalist for the Small Employer Award in the 2012 Maryland Chamber/Baltimore Business Journal Business Philanthropy Awards.

Nominated by the Hagerstown-Washington County Chamber of Commerce with assistance from the Boys & Girls Club of Washington County, Jersey Mike’s exemplified the characteristics the Maryland chamber was seeking for the award by supporting many local nonprofits and charities.

The winners were expected to be announced Nov. 16 at the Philanthropy Day Luncheon at the Baltimore Waterfront Marriott Hotel.

Pat and Beth Provost opened the local Jersey Mike’s in May 2011 with a fundraiser to support the Boys and Girls Club of Washington County, which raised more than $2,000. They celebrated their one-year anniversary in business with a second fundraiser; where they raised $656 for the Boys and Girls Club.

They have proudly supported many local golf outings with gift certificates, and have supported the Humane Society of Washington County, FCA Power Camps, Habitat for Humanity, Breast Cancer Awareness-Cumberland Valley Inc., Relay for Life, March of Dimes and the Susan G. Komen Mike’s Way for a Cure and Wreaths Across America National campaigns.

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Allegany Optical

Dr. Nagaraju Kemidi of Allegany Optical in Hagerstown joined the World Sight Day Challenge during the month of October to help give the gift of vision to people in developing countries and underserved communities.

On World Sight Day, Oct. 11, Allegany Optical made a donation to help the more than 600 million people in the world who are blind or vision-impaired because they do not have access to eye exams or glasses.

Children are especially vulnerable. Providing vision correction to a school-age child can literally transform their entire life. Just $5 can provide an eye examination and a pair of glasses for someone in a developing country.

Kemidi also invited his patients to make donations at Allegany Optical offices on Leitersburg Pike and Dual Highway in Hagerstown and just off the Spring Mills exit of Interstate 81 north of Martinsburg, W.Va., throughout the month of October. Allegany Optical and its employees will contribute to the fundraising effort.

Optometry Giving Sight guarantees that 85 percent of all funds raised by optometrists and their patients go directly to supporting programs that give sight to those most in need. Funds raised from World Sight Day Challenge will be directed to projects in 35 projects across 23 countries around the world.

MVB Financial Corp.

FAIRMONT, W.Va. — MVB Financial Corp. and its bank holding company, MVB Bank, Inc., recently announced its quarterly results for the period ending Sept. 30.

Third-quarter 2012 net income of $1 million increased by 56 percent compared to third quarter of 2011 net income of $673,000. For the nine-month period of 2012, net income reached $2.7 million, a 38 percent increase compared to the same period in 2011.

MVB’s net interest income was $4.4 million for the third quarter of 2012, an increase of $700,000, or 19 percent, from the same time period in 2011. It was driven mainly by the continued growth of MVB’s balance sheet, with $92.5 million in average loan growth and a significant demand in refinancing created by historic low mortgage rates.

Deposits totaled $471.2 million for the first nine months of 2012, an increase of $80.7 million since Dec. 31, 2011. Interest expense of $1.2 million in the third quarter of 2012 was comparable to the third quarter of 2011. Total interest income in the third quarter 2012 was $5.6 million, an increase of $697,000, or 14.2 percent, compared to the third quarter of 2011, due primarily to continued growth in loan volume.

MVB’s loan portfolio continues to drive the bank’s asset growth with an 18 percent increase, or $93.5 million addition in commercial and mortgage lending during the third quarter of 2012, compared to 2011.

Total assets at Sept. 30 were $613.6 million, an increase of $80.2 million since Dec. 31, 2011. Total capital increased by $3.1 million, or 6.5 percent, since Dec. 31, 2011, driven mainly by MVB’s earnings of $2.7 million for the nine-month period of 2012.

Recently, MVB Bank opened the first new bank branch in downtown Clarksburg, W.Va.’s historic district in more than 15 years. Additional branches are either in development or being planned in Morgantown, W.Va.’s Sabraton area, to the east with an additional branch in the Martinsburg, W.Va., market, and in the Charleston, W.Va., market.

The Manitowoc Co. Inc.

MANITOWOC, Wis. — The Manitowoc Co. Inc. recently reported sales of $955.7 million for the third quarter of 2012, an increase of 2.2 percent compared to sales of $935.4 million in the third quarter of 2011.

The sales increase was primarily driven by a 4.9 percent increase in crane segment sales — 10.4 percent at consistent foreign-currency translation rates.

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