Business digest

REGION

Award for Home Savings

YOUNGSTOWN — The Home Savings and Loan Co. received the 2009 WWR Outstanding Community Partner Award at the Community Bankers Association of Ohio annual convention at the Renaissance Hotel in Cleveland.

Sponsored by Weltman, Weinberg & Reis Co., in partnership with the CBAO, the WWR Outstanding Community Partner Award honors community banks in Ohio that actively partner with their local communities to provide educational, community outreach and/or community service programs and celebrates those that are investing time and resources into their communities and inspiring others through their work.

Along with a crystal trophy, Home Savings also received $2,000, which it plans to donate to further support its community efforts.

“Home Savings believes that an important aspect of being a community bank is to develop strong roots in each community we serve, through both financial support and employee involvement,” said Patrick Bevack, president and chief executive officer.

Ollie’s opens in Niles

NILES — Ollie’s Bargain Outlet has opened a store at 5555 Youngstown-Warren Road in the Eastwood Mall next to Sears in former Dunham’s Sports location. Ollie’s offers closeout, salvage and surplus merchandise.

NATION

Report: AIG to repay debt

Shares of American International Group Inc. skyrocketed Thursday after the company’s new CEO was quoted by Bloomberg News as saying the company will repay its debts to the government.

New York-based AIG named Robert Benmosche its new CEO earlier this month. He had previously been CEO of MetLife Inc., the largest U.S. life insurer.

An AIG spokeswoman declined to comment on the report.

Shares of AIG jumped $7.02, or 26.4 percent, to $33.66 in late morning trading.

When the credit crisis hit last year, the U.S. government rescued AIG from the brink of collapse with a loan bailout package worth up to $182.5 billion. The government now owns roughly 80 percent of the huge insurer. AIG is shedding assets and cutting costs as it restructures.

Vindicator staff/wire reports