Farmers National Bank President and CEO John S. Gulas, in a letter to shareholders this week, asked the bank’s investors to vote in favor of authorizing the institution to issue more shares and eliminate pre-emptive rights.
The approach is two-pronged, according to Gulas. Issuing more common stock would allow the bank to raise capital for any future expenditures, such as mergers and acquisitions, that management and the board of directors believe will help the bank continue on the path of sustained growth it has experienced as of late.
Furthermore, by eliminating pre-emptive rights, Gulas wrote that it would allow the bank to more quickly raise capital without a lengthy and costly pre-emptive rights offering.
Small fire at Sears
A small fire that started on a maid’s cart in a maintenance closet inside Sears at Southern Park Mall on Thursday led to a brief, storewide evacuation.
Sheryl Raulin, spokeswoman at the mall, said the evacuation lasted about 15 minutes. A sprinkler system inside the closet was triggered by the blaze, which was extinguished quickly, Raulin said. The sprinkler system throughout the store was not affected, and the first floor was reopened quickly.
The Boardman Fire Department cleaned up water in the home-goods section on the second floor, which was opened shortly after the first. No merchandise was affected, and no one was injured.
New take-out eatery
A new take-out restaurant offering pizza, gyros, seafood and sandwiches, among other things, will open officially at 10 a.m. Monday.
The new restaurant, called Pizza and Gyro Place, will be at 2841 Market Street in the old East Wind location.
A formal ribbon-cutting will take place early Monday, as well. For take-out, call 330-788-0800.
The PNC Financial Services Group declared a quarterly cash dividend on common stock of 44 cents per share, an increase of .04 cents per share, or 10 percent, from the prior quarterly dividend of 40 cents per share.
The new dividend payment date is May 5, 2013, payable the next business day, to shareholders of record at the close of business April 16. The bank also declared a quarterly cash dividend on preferred stocks. Visit pnc.com for a full listing.
Vindicator staff reports