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Business briefs - May 12

May 12, 2013

Tractor Supply Co.

BRENTWOOD, Tenn. — Tractor Supply Co., a retail farm and ranch store chain in the United States, announced it will be the exclusive retailer of the Jonsered brand of professional-grade chain saws. 

This marks the first time the international brand of power equipment has been made readily available to U.S. consumers.

Jonsered offers a range of premium chain-saw products for professionals and occasional users with specialty features that include the Clean Power engine design that offers reduced exhaust emissions by up to 75 percent and an increase in fuel efficiency by up to 20 percent.

In addition to a minimum of six models of professional and consumer chain saws at all store locations, the entire line of Jonsered power equipment will be available through special order at each store and online at www.tractorsupply.com.

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Meritus Health

Meritus Health recently received a credit profile from Fitch Ratings.

Fitch Ratings affirmed the “BBB” rating on the approximately $259.8 million series bonds issued by Maryland Health and Educational Facilities on behalf of Meritus Medical Center. The rating affirmation reflects the organization’s dominant market position, the successful completion of a replacement facility and improving operating performance.

Meritus Health

More than 300 Meritus Health employees, family members and friends filled the Williamsport Fire Hall in early April for the first Employee Bonanza MASH BASH.

More than $3,000 was raised in support of the new patient-assistance fund that will provide emergency support for financially challenged patients to obtain the care they need to heal and recover through assistance with transportation, medical equipment and other health-related services that aid in care and recovery.

Orrstown Bank

SHIPPENSBURG, Pa. — Orrstown Bank employees were invited to participate in the bank’s first “Foundation Friday” event April 19, during which they were asked to donate $5 to wear jeans to work and all funds raised were earmarked for the Orrstown Bank Foundation Scholarship program.

A total of 176 employees participated and raised $1,120 for the foundation.

“As a result of the incredible generosity of our team, the scholarship committee will be awarding one additional scholarship this year on behalf of the employees of Orrstown Bank,” said Barbara Brobst, senior vice president/human resources.

Audio-Video Group LLC

FREDERICK, Md. — Audio-Video Group LLC recently earned the designation of InfoComm International Diamond Certified AudioVisual Solutions Provider, or CAVSP, the only such designation available in the commercial audiovisual industry.

InfoComm awards individual certification to audiovisual professionals who demonstrate knowledge and comprehension of the science and technology used in communications, including audio, video, display and systems. Technicians, engineers, designers, salespeople, customer service personnel, managers and executives are eligible to take the individual certification test.

Audio-Video Group LLC is the only company in Maryland to hold the diamond-level CAVSP designation.

In addition to confirming that a large percentage of the company’s employees are InfoComm-certified and have completed important coursework, the diamond CAVSP designation means that Audio-Video Group LLC has agreed to comply with 10 standards of excellence developed in collaboration with industry experts to emphasize the best practices of audiovisual businesses.

The standards include the commitment to provide complete customer satisfaction with audio-visual solutions that provide value to clients. They convey the importance that audiovisual solutions providers place on their skills development through continuing education. They also cover the role that audiovisual professionals play as partners with information-technology specialists, architects, building managers and others.

Franklin Financial Services Corp.

CHAMBERSBURG, Pa. — The board of directors of Franklin Financial Services Corp. declared a $0.17 per share regular quarterly dividend for the second quarter of 2013. This matches the regular quarterly cash dividend paid during for the second quarter of 2012.

Total regular cash dividends paid during the first two quarters of 2013 will be $0.34 per share. The second quarter cash dividend will be paid May 22 to shareholders of record at the close of business on May 10.

In addition, Franklin Financial, the bank holding company of F&M Trust, reported earnings of $1.551 million for the first quarter ended March 31. When compared to first quarter 2012 earnings of $1.369 million, net income increased 13.3 percent. On a per-share basis, diluted earnings were $0.38 for the first three months of 2013, compared to $0.34 for the same period in 2012.

Total assets at March 31, 2013, were $1.05 billion, a 1.8 percent increase from total assets of $1.04 billion at March 31, 2012.

Total deposits and repurchase agreements were $941.5 million at the end of the first quarter of 2013, increasing 6 percent from the first quarter of 2012. At quarter’s end, net loans declined 2.5 percent from totals a year earlier, while the market value of trust assets under management increased 8.7 percent to $547.2 million.

Susquehanna Bancshares Inc.

LITITZ, Pa. — Susquehanna Bancshares Inc. recently announced that it earned a net income for the first quarter ended March 31 of $42.4 million, or $0.23 per diluted share, compared to net income of $23.5 million for the first quarter of 2012, or $0.14 per diluted share.

First-quarter highlights:

  •  Return on average tangible equity of 13.87 percent
  •  Net interest margin of 3.97 percent
  •  Second quarter dividend declared of $0.08 per share
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