Shareholders reject Farmers proposals

Shareholders reject Farmers proposals

canfield

Two proposals recommended by the management of Farmers National Banc Corp. were rejected by the company’s shareholders at a recent special meeting. The first proposal would have eliminated pre-emptive rights, giving the company greater flexibility to access capital markets. The second would have changed the quorum requirements to comply with listing requirements for the Nasdaq. Listing on the Nasdaq likely would increase trading activity of the company’s common shares.

About 60 percent of outstanding shares voted in favor of the proposals, just below the two-thirds required for approval.

John Gulas, the bank’s chief executive, said in a statement that he is confident the proposals will be approved at a later date.

Eatery to sponsor chance to win $1M

sharon, pa.

Quaker Steak & Lube, 29 South Dock St., will host the Million Dollar Bike Nite, sponsored by First National Bank, on Wednesday. All of the 150 contest qualifiers will be given one chance to roll six dice. The player who rolls six ones will receive a check for $1 million. The event begins at 7 p.m.

Gas prices drop 8 cents in Ohio

COLUMBUS

Gas prices are down 8 cents this week around Ohio, and analysts look for further price drops after Labor Day.

The latest survey from auto club AAA, the Oil Price Information Service and Wright Express puts the state’s average price for regular-grade gasoline at $2.57 per gallon, down from $2.65 on Aug. 16. The Ohio price is 14 cents below the national average of $2.71.

FDA: No evidence outbreak has spread

WASHINGTON

Food and Drug Administration officials said Monday there is no evidence a massive outbreak of salmonella in eggs has spread beyond two Iowa farms, though a team of investigators still is trying to figure out what caused it.

FDA officials said they do not expect the number of eggs recalled — 550 million — to grow.

Dr. Jeff Farrar, FDA’s associate commissioner for food protection, said 20 FDA investigators are at the two farms, Wright County Egg and Hillandale Farms, and could be there until next week.

AIG to make $4 billion payment

In its single biggest repayment of bailout loans so far, American International Group Inc. said Monday it is paying back nearly $4 billion in taxpayer aid with proceeds from a recent debt sale.

The insurer’s aircraft leasing company, International Lease Finance Corp., completed the sale of $4.4 billion in debt. AIG will use more than $3.9 billion of the proceeds to repay the Federal Reserve Bank of New York, trimming the balance on its credit line with the Fed to about $15 billion. Adding interest, the total is about $21 billion.

Vindicator staff/wire reports