Friday, May 21, 2010
First Niles adjusts 1st-quarter report
niles
First Niles Financial Inc., the holding company for Home Federal Savings and Loan of Niles, adjusted its first-quarter earnings report this week to reflect increased loan-loss provisions. The allowance for loan losses totaled $530,000 in the first three months of 2010. The bank reported $308,000 in first-quarter loan-loss provisions in its original April 19 report. The losses were largely the result of an increase in home foreclosures, First Niles president Larry Safarek said last month.
The company also announced it will pay a cash dividend of 8 cents per share on common stock and a 9-cent dividend on shares of preferred Class A stock for the second quarter of 2010. The dividend will be payable June 18.
Delphi hearing set
washington
U.S. Reps. Charlie Wilson of St. Clairsville, D-6th, and Tim Ryan of Niles, D-17th, will host a congressional field hearing on the plight of the Delphi retirees in Ohio this summer.
Many Delphi retirees are at risk of losing a substantial percentage of their pension income and health benefits if their pensions go under the Pension Benefit Guaranty Corp. Wilson, a member of the House Financial Services Committee, requested the field hearing and was granted permission by committee chairman Barney Frank, D-Mass.
The date and location of the hearing have not been announced.
Vindicator staff/wire reports