First Place sells insurance assets

First Place sells insurance assets

WARREN

First Place Bank has announced it has sold its assets in First Place Insurance Agency Ltd.

In a Security and Exchange Commission filing this week, New York-based USI Insurance Services bought the assets, with terms of the deal going undisclosed.

The deal is expected to contribute $3.6 million in revenues annually to USI. The local employees of the insurance agency now will work under the USI name.

The two sides also forged a joint marketing agreement to provide “expanded insurance and related products and services to their respective clients,” a release stated.

First Place said it continues to work on re-filing its financial statements to avoid possible delistment from the Nasdaq Stock Market.

Ohioans on list of richest people

COLUMBUS

Ohio has two representatives on Forbes’ most recent 400 Richest People in America list.

Leslie Wexner, 74, of New Albany, has a net worth of $3.8 billion and is the 85th- richest person in America.

Wexner’s fortune has grown by $900 million this year because of a 40-percent increase in the stock price of his Limited Brands retail chain.

Clayton Mathile, 70, of Brookville, has a net worth of $1.8 billion and is ranked 242nd.

He is the former chief of Iams, a popular dog-food brand, and has since invested in a video-chat company called ooVoo.

Bill Gates of the state of Washington is the richest person in America with a net worth of $58 billion. He is chairman of Microsoft Corp.

Auto talks stall

DETROIT

Two people briefed on the matter say negotiations over a new four-year contract between Chrysler and the United Auto Workers have broken down completely as both sides refuse to budge on key financial issues.

The people say bargaining ended Wednesday in a dispute over the number of workers who are paid an entry-level wage. The people didn’t want to be identified because the talks are private.

Negotiating teams went home after talks resulted in a stalemate. No more negotiations are scheduled.

Senate OKs aid to displaced workers

WASHINGTON

The prospect that Congress will vote on three long-stalled free-trade agreements has gotten a big boost with Senate passage of legislation to help workers who lose their jobs because of overseas competition.

The Senate voted 70-27 Thursday to revive provisions of the 2009 economic- stimulus act that enhanced benefits under Trade Adjustment Assistance, a Kennedy-era program that provides retraining and financial support to workers displaced by trade.

The vote removes a key obstacle to President Barack Obama’s submitting free-trade deals with South Korea, Colombia and Panama to Congress for final approval. Obama, while supporting the trade deals, has linked them to extension of the worker-aid program.

Staff/wire reports