Today In Business

Published 12:00 am Tuesday, May 9, 2000

Gene Lucas, Judy Copas and Steve Collins recently were re-elected to three-year terms on the board of Desco Federal Credit Union during the institution’s 37th annual meeting.

Tuesday, May 09, 2000

Gene Lucas, Judy Copas and Steve Collins recently were re-elected to three-year terms on the board of Desco Federal Credit Union during the institution’s 37th annual meeting.

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Desco’s supervisory committee, which is appointed by the board, includes chairman Gene Arms, Sherri Davidson, Joyce Coakley and Max Behrer.

Officers also were elected at the meeting and included chairman Richard Bussa, vice chairman Gene Lucas, treasurer Bruce Blevins and secretary Judy Copas. John Queen was named to the board to fill the unexpired term of Bernard Counts. Other directors include Robert Richards, George O’Neal, George Lawson and Steve Collins.

Counts was named director emeritus and was cited by the board for his loyalty and service to Desco. He served Desco since 1968 when he was elected to the credit committee. Counts was appointed to fill an unexpired term on the board in 1975 and has been treasurer since 1981. As director emeritus, Counts will continue to assist the credit union.

Desco’s year-end assets were $130.2 million with an outstanding loan balance of $89 million and a membership of 28,310.

"In 1999, a great amount of time and effort had been devoted to assuring that credit union systems were Y2K compliant," Bussa said. "As 2000 began, no problems were experienced and all systems operated smoothly."

He added that on-line bill paying and Internet banking are planned for Desco during 2000.

Desco membership is open to all individuals who live or work in Portsmouth, New Boston, Porter Township, Washington Township or to those who were eligible for membership in the former Ironton-Lawco Employees Federal Credit Union or to individuals who are related to a Desco member.

All accounts are federally insured to $100,000 by the National Credit Union Administration, an agency of the federal government. An additional $250,000 of excess deposit insurance is provided through American Share Insurance, the nation’s largest private deposit insurer.

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First Federal Financial Bancorp, the parent company of First Federal Savings Bank of Ironton, has announced earnings of $87,887 and $162,124 for the three and six months ended March 31, respectively, as compared to $63,393 and $95,440 for the three and six months ended March 31, 1999.

For the three-month period ended March 31 as compared to March 31, 1999, net income increased $24,494 or 38.7 percent and for the six-month period ended March 31 as compared to March 31, 1999, net income increased $66,684 or 69.9 percent.

The company earned 17 cents per share and 31 cents per share for the three and six months ended March 31 as compared to 12 cents per share and 18 cents per share for the three and six months ended March 31, 1999, respectively.

The company paid a regular quarterly dividend of 7 cents per share during each quarter of fiscal 2000 and 1999.

Net interest income increased $38,207 or 8.9 percent from $431,022 for the 1999 quarter to $469,229 for the 2000 quarter. Interest income increased $61,479 or 5.7 percent, offset by a $23,272 or 3.5 percent increase in interest expense. The increase in interest income resulted primarily from an increase in the average volume of the loan portfolio during the 2000 quarter as compared to the 1999 quarter and from increased yields earned on the variable rate loan portfolio, such loans having been subject to increased repricing in recent months. These increases were partially offset by a decline in interest earned on mortgage-backed and related securities during the 2000 quarter as compared to the 1999 quarter, due to a decreased volume of such securities. The increase in interest expense resulted primarily from an increase in the volume of advances from the Federal Home Loan Bank.

The company provided $6,000 for loan losses during the 2000 quarter as compared to $4,500 for the 1999 quarter to correspond with the continued growth in the loan portfolio. However, past due loans are at historically low levels.

Non-interest income, which primarily consists of service charges on deposit accounts, remained relatively unchanged, totaling $28,235 for the 2000 quarter as compared to $29,012 for the 1999 quarter.

At March 31, the company had $67.4 million of total assets, $58.3 million of total liabilities and $9.1 million of total stockholders’ equity. The bank is the company’s only subsidiary and has a main office in Ironton and a full-service branch in Proctorville.

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The following jobs are posted with the Lawrence County Workforce Development Resource Center, 120 N. Third St.:

Account executive, credit clerk, fast-food worker, alterations worker, heating and air-conditioning installer/repairer, census enumerator, bookkeeper, production worker, sanitation worker, warehouse worker, machinist, management trainees, manufacturing engineer, physical therapist, registered nurse, insurance sales, nurse’s aides, security officer, telemarketer, truck drivers, welder, substitute teachers, accounting assistant, first-line supervisor, waiter/waitress, inventory clerk, truck mechanic, industrial worker, assistant manager, cook, laborer, legal/medical transcriptionist, Web page design and maintenance, accounts payable clerk, clerks, auto mechanics, bakers, bank teller, dishwasher, cable lineman, carpenter, crane operator, parts delivery driver, pizza delivery driver, counter attendant, digital film editor, fabricators, hairdresser, high-pressure boiler operator, landscape worker, maintenance repair for buildings, restaurant manager, roofers, small engine mechanics, stock clerks, heavy equipment operators, maintenance supervisor, shop foreman, pharmacy technician, child care worker, accountant and machinist.

Jennifer Allen is publisher of The Ironton Tribune.