Cortland profit up
Cortland Banks reported a profit of $4.18 million, or 92 cents per share, for 2012, a slight improvement from $4.07 million in 2011.
Its income in the fourth quarter, however, dropped from $828,000 for the same period in 2011, to $803,000.
The company chose to focus on profit improvement, balance-sheet restructuring and a reorganization of its management structure for much of last year, said James Gasior, the bank’s chief executive, in a statement released with the earnings report Thursday.
Total loans picked up in 2012, reaching $319 million, compared with $289 million a year earlier, signaling an improving local economy. Total assets also improved, while credit quality remained solid throughout last year.
Brown’s plea to GE
U.S. Sen. Sherrod Brown, D-Avon, called on the chief executive of General Electric Lighting to seek an alternative to closing two of its facilities in Warren and Ravenna.
In a letter sent Thursday, Brown implored the company to reconsider making a stronger investment in the factories, which includes the General Electric Ohio Lamp Plant on North Park Avenue.
Last week, the company announced it would close the plant, potentially leaving 179 of its workers unemployed.
“GE’s re-shoring initiatives have made headlines because of the company’s decisions to bring some of its manufacturing back to the United States,” Brown wrote. “GE can build on this success by bringing new lighting production to the Warren and Ravenna facilities. GE could enhance its Ohio lighting portfolio while also capitalizing on the great assets that Ohio workers have to offer.”
New railcar facility
Appalachian Railcar Services, a multidisciplinary rail-services organization, has opened a new location in the Warren Depot, Pine Street Extension.
With operations in 13 states, the facility will offer on-site railcar-repair work, wreck repairs and mobile crew services. The Warren site offers 200,000 square feet of warehouse storage and also is an ideal location for loading, company officials say.
Jobs council ends
President Barack Obama is letting his jobs council expire, cutting off one source of input from business leaders while unemployment remains stubbornly high.
Obama formed the Council on Jobs and Competitiveness in January 2011, when unemployment was about 9 percent. It’s now 7.8 percent, though more than 12 million people are out of work.
Obama’s executive order establishing the council said it would go out of business Jan. 31, 2013. The White House said Thursday that Obama had no plans to renew its charter.
Vindicator staff/wire reports