REGION
REGION
Appointed by governor
COLUMBUS — Joseph A. Kaczka, vice president, finance and chief financial officer for Republic Engineered Products, has been appointed by Gov. Ted Strickland to the Ohio Steel Industry Advisory Council.
Kaczka, of Avon Lake, brings to the council more than 27 years of experience in the Ohio steel industry. From 1999 to 2006, Kaczka was vice president, finance and controller for Republic and its predecessor companies. He was treasurer and controller of USS/KOBE Steel Co. for 10 years, and before that spent 18 years in various positions with U.S. Steel Corp. Kaczka holds a bachelor of arts degree and master’s in business administration in finance from the University of Pittsburgh.
“I am very much looking forward to adding a broadly based background to the Ohio Steel Council,” Kaczka said. “I am also thankful that my appointment to the Ohio Steel Council was approved by Gov. Strickland’s office. The steel industry has been an important part of my life for many years and I am excited by the opportunity to work with our state legislators on issues affecting Ohio’s steel industry,” he said.
The Ohio Steel Council is a public/private partnership designed to strengthen ties among the steel industry, the state of Ohio and its citizens.
Declaring dividend
MIDDLEFIELD — Middlefield Banc Corp.’s board of directors has declared a 5 percent share dividend for shareholders of record Dec. 1, 2007, and a quarterly cash dividend of $0.245 per common share.
On Dec. 14, 2007, shareholders of record will receive additional stock shares equal to 5 percent of their present holdings plus payment representing any fractional shares on the record date. Payment of the fourth quarter cash dividend in the amount of $0.245 per share will be on the total holdings including the share dividend. The fourth quarter cash dividend, after adjustment for the stock dividend, is 7.2 percent higher than the fourth quarter 2006 cash payout.
The company also paid a 5-percent stock dividend in 2002, 2003, 2004, 2005, and 2006, as well as 10-percent stock dividends in 1997 and 1998, and a two-for-one stock split effected in 2000, said Thomas G. Caldwell, president and chief executive officer.
NATION
Mulling non-U.S. lender
MINNEAPOLIS — GMAC Financial Services may buy a non-U.S. lender to combine with its struggling Residential Capital, and GMAC managers plan to inject money to keep the struggling mortgage lending unit afloat, ResCap said Wednesday. ResCap’s net worth has been drifting downward to $6.2 billion as of the end of September. Its lending agreements require it to keep a net worth of $5.4 billion.
GMAC management “currently intends to take steps, to the extent necessary, to cause ResCap to be in compliance with all of the consolidated tangible net worth covenants contained in its credit facilities,” including contributing money, ResCap said. But it warned that there is no guarantee that GMAC’s board will sign off on the financial help.
GMAC is owned by an investment group led by Cerberus, and General Motors still owns a 49-percent stake.
ResCap also said GMAC has submitted a second-round, nonbinding “indication of interest to acquire a large non-U.S. mortgage lending institution.” ResCap said GMAC’s plan if it makes the acquisition is to fold ResCap’s mortgage business into the acquired entity.
Vindicator staff/wire reports