Cortland Banks announced revised fourth- quarter earnings Monday, determining that an additional $1.9 million provision for loan losses is necessary.
During the first quarter of 2013, the Cortland banks became aware that one of its commercial-loan customers had recognized material losses and that the borrower is insolvent and contemplating a bankruptcy filing. The bank now believes it will not be able to recover the debt.
The bank will write off the loss, amending its previous year-end income of $4.2 million, to $2.9 million, or 64 cents per share.
Consumers Bancorp announced Monday that it has set March 26 as the record date for its previously announced shareholder rights offering. Under the rights offering, the company is distributing, at no charge, to its shareholders as of the record date, proportional rights to purchase additional shares and, subject to availability, shareholders will have the opportunity to purchase shares in excess of their basic subscription rights. The company also may offer any shares not subscribed for in the rights offering through a subsequent public offering. It is expected that rights certificates will be mailed to shareholders of record shortly after the record date.
Burger King to offer turkey burgers
If you think a Whopper’s too indulgent but are sick of chicken sandwiches, Burger King is offering a turkey burger for the first time.
The Miami-based company is rolling out the new sandwich this week as part of its limited-time offers for spring, marking the latest fast-food effort to cater to health-conscious diners. Last week, McDonald’s said it plans to offer a lower- calorie version of its Egg McMuffin made with egg whites. The Oak Brook, Ill.-based chain said the egg whites will be available for any other breakfast sandwich on its menu as well.
McDonald’s and Wendy’s said they have no records indicating they ever offered a turkey burger, meaning Burger King would be the biggest fast-food chain to do so. But it’s not the first. Sister chains Carl’s Jr. and Hardee’s launched a trio of turkey burgers as limited-time offers in late 2010; they were so popular that they’re now a permanent part of the menus.
NYC would keep tobacco out of sight
Cigarettes would have to be kept out of sight in New York City stores under a first-in-the-nation plan unveiled by Mayor Michael Bloomberg on Monday, igniting complaints from retailers and smokers who said they’ve had enough with the city’s crackdowns.
Shops from corner stores to supermarkets would have to keep tobacco products in cabinets, drawers, under the counter, behind a curtain or in other concealed spots. Officials also want to stop shops from taking cigarette coupons and honoring discounts, and are proposing a minimum price for cigarettes, below what the going rate is in much of the city now, to discourage black-market sales.
Vindicator staff/wire reports