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Farmers National reports 3Q profit



Published: Thu, October 24, 2013 @ 12:00 a.m.

Farmers National reports 3Q profit

CANFIELD

Farmers National Bank on Wednesday reported a third-quarter profit of $1.6 million, or 9 cents per share.

Profit was down from the same time last year when the bank reported $2.5 million in net income, or 13 cents per share.

The bank said that third-quarter profit would have been higher without $1.3 million in severance costs for terminated employees.

Earlier this month, the bank fired John S. Gulas, who had served as president and chief executive officer.

Kevin J. Helmick, who currently serves as the interim president and chief executive officer, said the bank is encouraged by a 24 percent increase in noninterest income and its recent acquisitions.

700 IRS workers owe $5.4M in back taxes

WASHINGTON

Nearly 700 employees of Internal Revenue Service contractors owe $5.4 million in back taxes, said a report Wednesday by the agency’s inspector general.

More than half of those workers are supposed to be ineligible to do work for the IRS because they are not enrolled in installment plans to pay the taxes they owe.

Unlike other federal agencies, the IRS requires employees and those who work on agency contracts to comply with federal tax laws. That means they have to file returns on time and either pay all the taxes they owe or enroll in a payment plan.

FDA seeks help on dangerous pet treats

WASHINGTON

The Food and Drug Administration is trying to solve a stubborn mystery surrounding the deaths of almost 600 dogs that ate jerky treats, and officials are hoping pet owners and veterinarians can help them figure out what exactly may be causing the illnesses.

The problem appears to be tied to dog pet treats made in China, the FDA said, though investigators haven’t yet found a certain cause. The FDA says it has received reports of illnesses in 3,600 dogs and 10 cats in the United States since 2007, and 580 dogs died. The pet treats were sold under a wide variety of brand names.

The FDA has issued previous warnings, and a number of jerky pet treat products were removed from the market in January after a New York state lab reported finding evidence of up to six drugs in certain jerky pet treats made in China.

The products removed from the market then included Milo’s Kitchen Chicken Jerky Treats and Chicken Grillers, made by Del Monte, and Waggin’ Train and Canyon Creek Ranch dog treats, made by Nestle Purina.

But others remain on store shelves, and FDA doesn’t want to conduct a recall without a definitive cause.

Vindicator staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .61, 25.19 —.01

Avalon Holdings,5.2499—.0301

Clear Channel, .61 27.25 —.32

Cortland Bancorp, 9.60.00

Farmers Nat., .126.22 —.01

First Energy, 2.20, 38.0099—.390003

FirstMerit Corp., .64,23.22 .10

First Niles Financial, .32,6.50.00

First Place Fin., .004.00

FNB Corp., .48,12.85.03

General Motors,35.04—.37

Gen. Electric, .76,25.6849—.335001

Motors Liquidation, .0422.00

Huntington Bank, .20, 8.83—.07

JP Morgan Chase, 1.52,52.76—.86

Key Corp, .22,12.625—.0150

LaFarge, 17.70 .20

Macy’s, 1.00, 44.545—.055

Parker Hannifin, 1.80, 113.55—.76

PNC, 1.76,75.25—.31

RTI Intl. Metals,34.38—.5399

Simon Prop. Grp.,4.60,158.78—.97

Stoneridge 12.80 —.04

United Community Fin. 3.90.07

Selected prices at 4 p.m. Wednesday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.


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