Business news digest

REGION

Cortland Banks plans
groundbreaking event

BROOKFIELD — Cortland Banks will hold a groundbreaking ceremony at 11 a.m. Jan. 28 as it starts construction on a new branch at Warren-Sharon and Castle Rock roads. It is across the street from an existing branch. Construction is to be completed by June 2008.

F.N.B. Corp. reports
quarterly earnings

HERMITAGE, Pa. — F.N.B. Corp. earned $17.1 million, or 28 cents a share, in the fourth quarter, compared with $17.6 million, or 29 cents a share in the same quarter of 2006.

For all of 2007, F.N.B. earned $69.7 million, compared with $67.6 million in 2006. Per-share earnings increased by 1 cent last year to $1.15.

Stephen J. Gurgovits, company chairman and chief executive, said he was pleased the company has avoided financial traps that have snared other financial institutions. He said subprime lending and investments in risky securities haven’t been a problem for the parent company of First National Bank of Pennsylvania.

Stoneridge predicts
quarter, year earnings

HOWLAND — Stoneridge said that earnings for the fourth quarter are expected to be between 24 cents and 30 cents a share. As a result, full-year earnings are expected to be between 67 cents and 73 cents a share. The Howland-based company previously had announced a range of between 45 cents and 55 cents a share for 2007.

The company said fourth-quarter results improved because of its North American and European electronics business and improvement in its China operations. Stoneridge, which makes electrical and electronic parts for vehicles around the world, will report its fourth-quarter earnings Jan. 31.

STATE

Unemployment rate
increases in Ohio

COLUMBUS — Ohio’s unemployment rate was 6.0 percent in December, up from 5.6 percent in November, the state said Friday.

The number of workers unemployed in Ohio in December was 361,000, up from 334,000 in November. The number of unemployed has increased by 27,000 in the past 12 months from 334,000. The December unemployment rate for Ohio was up from 5.6 percent in December 2006.

“Ohio’s labor market showed weakness in December, mirroring that of the U.S.,” Helen Jones-Kelley, director of the Ohio Department of Job and Family Services. “Total employment decreased slightly in both goods-producing and service-providing industries.”

Vindicator staff reports