Cortland Banks reported a third-quarter profit of $1.3 million, or 28 cents per share, Wednesday.
Compared with $1.1 million in the third quarter of 2011, growth at the bank was spurred on by commercial-loan growth, as net interest income increased by $7,000 from a year earlier.
Mortgage-banking gains also reached $1 million in the third quarter. Composite- loan portfolio growth grew 11 percent year-over-year and net charge-offs, or loans deemed uncollectible were only .03 percent of average loans.
The bank recently announced a cash dividend of 3 cents per share, payable on or after Nov. 26 to shareholders of record as of Nov. 5, as a result of growing confidence in its earnings.
American Eagle Imaging LLC, a document- management company, has opened at 790 Boardman-Canfield Road, Suite 3.
The business said its mission is to provide superior document-imaging services while offering employment opportunities to disadvantaged Americans and military veterans.
Its purpose is to develop a company where less- fortunate Americans can develop life skills by working side-by-side with experienced technicians.
Montrose Cadillac of Hermitage is hosting an event next Thursday to unveil the 2013 Cadillac ATS. The unveiling is from 5 to 8 p.m. at Shenango Valley Mall.
Studio open house
Picture This! photo studio in Canfield is having an open house today. Owner Dawn Kabetso said she’s inviting Mahoning Valley residents to visit her studio at 132 S. Broad St. from 5 to 8 p.m.
Kabetso, a lifelong Canfield resident, said she shoots all types of photography, including newborns, weddings, families and senior pictures. For information, contact Kabetso at 330-502-2141, or visit www.dawnkabetso.com.
YEIC receives funds
The Youngstown Edison Incubator Corp. will receive $262,500 in state funds that will help it focus on advanced materials, energy, manufacturing and clean technologies.
The funds also will allow YEIC to continue with renovations at its 25,000- square-foot facility at 241 W. Federal St.
The incubator was founded in 1995 to accelerate the startup and growth rates of technology-based businesses in the Valley.
Facebook stock falls
Facebook’s stock price fell Wednesday, the day employees were eligible to start selling restricted stock in the company.
A lock-up period that had prevented such sales expired Monday.
In all, 234 million additional shares and stock options held by employees as of Oct. 15 became eligible to flood the market.
Vindicator staff/wire reports