Chamber wins 1st for video, report

January 16, 2011 at 12:00a.m.

The Mid-America Economic Development Council has named the Youngstown/Warren Regional Chamber a first-place winner for its annual economic development video and report.

The projects were unveiled last January at the Chamber’s Economic Outlook breakfast and highlighted the Chamber’s economic development activity in 2009.

The MAEDC’s annual Economic Development Awards competition is open to organizations in the group’s 10-state region that includes Ohio. The program recognizes outstanding efforts in development of marketing materials, marketing events and economic development.

Last year, the International Economic Development Council presented the Chamber with its Excellence in Economic Development Award in the Single Event Business Retention and Expansion Category. The award (for metropolitan areas with populations greater than 500,000) was presented for the Chamber’s work in helping to secure V&M Star’s $650 million expansion.

Regional Chamber will host 2 sessions

youngstown

The Regional Chamber is hosting two free informational sessions in February to discuss details of a vacation trip to China planned for Nov. 2-11. The trip is open to residents of the Mahoning and Shenango valleys and their guests.

The sessions will be 5:30 p.m. Feb. 1 at Holiday Inn Boardman, 7410 South Avenue in Boardman, and at 5:30 p.m. Feb. 23 at Ciminero’s Banquet Centre, 123 Main Street in Niles.

The trip, hosted by the Regional Chamber and Chamber Explorations, will cost $2,099 per person. For more details, visit www.regionalchamber.com. For reservations, call 330-744-2131, ext. 12.

Home Federal enters into agreement

NILES

First Niles Financial Inc., said its wholly-owned subsidiary, Home Federal Savings and Loan Association of Niles, has entered into a settlement agreement to recover losses associated with its single-largest nonperforming loan obligation.

The association will realize, on a post-foreclosure deficiency settlement, between $1.75 million and $1.8 million.SFlbThe parties to the agreement are current on the payment schedule under the new agreement, having paid $250,000 to date, and have agreed to pay the full amount on or before Sept. 30, officials said.

Home Federal Savings will recognize pre-tax income of $1.75 million, or $1.52 per common share, in 2010, due to this agreement. Also, the agreement will contribute after-tax income of $1.155 million, or $1 per share for 2010, with the potential of another $50,000 of pre-tax income being recognized this year.

The association used about $175,000 of the proceeds for its allowance for loan losses in the fourth quarter of 2010. First Niles Financial expects to release its quarterly and full-year earnings during the week of Feb. 14.

Vindicator staff reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .62, 23.33 .21

Avalon Holdings,2.85.00

Clear Channel, .80 58.65 .49

Cortland Bancorp, 5.35.00

Delphi Automotive, .02 .00

Farmers Nat., .12, 3.62 —.08

First Energy, 2.20, 38.60.24

FirstMerit Corp., .64,19.96 .72

First Niles Financial, .32,6.75.00

First Place Fin., 2.97.05

FNB Corp., .48,10.53.43

General Motors,38.20—.07

General Electric, .56,18.82.22

Motors Liquidation, .09.00

Huntington Bank, .04, 7.25.13

JP Morgan Chase, .20,44.91.46

Key Corp, .04,8.77.20

LaFarge, 15.55 .38

Macy’s, .20, 23.08.09

Parker Hannifin, 1.16, 89.65.42

PNC, .40,64.223.09

RTI Intl. Metals,26.22—.07

Rural/Metro, 14.51 .17

Simon Prop. Grp.,3.20,98.94.79

Stoneridge 15.61 —.29

United Community Fin. 1.59.05

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.