Bed & breakfast opens in Randleman
RANDLEMAN – Hill Top Bed & Breakfast opened July 1 at 306 N. Main St. in Randleman. Owned by Alice Brunner, Hill Top is a newly remodeled home from 1876 that offers amenities such as private baths in each room, thermostat control in each room, a large front porch, full breakfast everyday and the capability to host reunions, weddings and parties.
Call 259-3850 for more information.
FNB United Corp. announces Q2 results
ASHEBORO – FNB United Corp., the holding company for CommunityONE Bank, and its wholly owned subsidiary, Dover Mortgage Company, reported a net loss of $1.2 million, or $0.11 per diluted share, for the second quarter of 2009, compared to net income of $140,000, or $0.01 per diluted share, for the second quarter a year ago.
Second quarter 2009 results include a $5.5 million provision for loan losses.
For the first six months of the year, following a $19.6 million provision for loan losses, it reported a net loss of $7.4 million, or $(0.65) per diluted share, compared to net income of $2.5 million, or $0.22 per diluted share, in the first six months of 2008.
“Our year-to-date results have been negatively affected by the reserves set aside and loans written down due to diminished loan quality, an other than temporary impairment (OTTI) on an investment security of $1.0 million and an FDIC assessment exceeding $1.0 million. The decline related to loan quality is a result of the sluggish housing economy as well as our continued aggressive policy on loan re-evaluations focused on the value of collateral and the level and pace of sales,” said Michael C. Miller, president and CEO.
“We’ve set aside significant reserves for the last four quarters, doubling our allowance for loan losses, and remain ‘well capitalized’ under all regulatory requirements,” he added. “Although we anticipate provision for loan losses may continue to be elevated during the second half of 2009, it is expected that it will be at lower levels than provisions recognized over the last three quarters. We are encouraged about the future, as we believe our operating results will be sufficient to sustain us through these difficult economic times. We have the capital and the liquidity to carry us forward.”
Nonperforming loans increased during the quarter to $135.0 million, or 8.48 percent of total loans, at June 30, 2009, compared to 7.50 percent three months earlier. Construction and development loans were 68 percent of nonperforming loans for the quarter.
Nonperforming loans were $118.8 million at the end of the preceding quarter and $12.6 million at June 30, 2008.
“The housing market remains weak and continues to present challenges,” said Miller. “We continue to build our allowance for loan losses, with a provision expense of $5.5 million during the FNB United Corp. 2Q09 Results July 24, 2009 second quarter, and year-to-date provision expense of $19.6 million compared to net charge-offs of $17.5 million.”
Miller said the loan mix has become heavier in residential construction and development, “partially as a result of the decline of the manufacturing base, which used to be our ‘bread and butter,’ as well as our expansion into faster growing and actively developing communities.”
Edward Jones ranks highest in satisfaction
RANDLEMAN – For the fourth year out of the past five, financial-services firm Edward Jones ranks highest in investor satisfaction with full service brokerage firms, according to the J.D. Power and Associates 2009 Full Service Investor Satisfaction Study, said Colleen Mitchell, a financial advisor in Randleman.
The study measures overall investor satisfaction with full service investment firms based on six factors: account offerings, convenience, commissions and fees, financial advisor, investment performance and account statements. The J.D. Power and Associates study found that Edward Jones performed particularly well in convenience and account statements.
“We’re delighted to be recognized by J.D. Power and Associates as ranking highest in customer satisfaction for full-service investors,” said MItchell. “We believe this is a reflection of our long-time and unflagging commitment to treating our clients as we’d like to be treated.”
Edward Jones prides itself on giving their investors a personal, one-on-one relationship personified by their Web site communication of “A bad day is when I don’t meet any clients face-to-face.”
“The last year has been incredibly challenging for financial services firms and a long list of significant changes have occurred in the industry,” Mitchell said. “What hasn’t changed at Edward Jones is our focus on delivering superior client service. It absolutely shapes the way we do business, and more than ever, we intend to stay focused on that objective.”
Edward Jones ranked highest in investor satisfaction by J.D. Power and Associates in 2005, 2006 and 2007, and highest in 2002 in a tie, when the study began. Edward Jones in Canada also twice ranked highest in the J.D. Power and Associates Canadian Full Service Investor Satisfaction Study.
Mitchell is located at 114 Pointe South Drive in Randleman.
Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction.
The firm’s quality and satisfaction measurements are based on responses from millions of consumers annually.
For more information on full-service investor satisfaction, car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
The 2009 Full Service Investor Satisfaction Study is based on responses from more than 4,400 investors who primarily invest with one of the 21 firms included in the study.
The study was fielded in the spring 2009.
Edward Jones provides financial services for individual investors in the United States and, through its affiliates, in Canada and the United Kingdom. Every aspect of the firm’s business, from the types of investment options offered to the location of branch offices, is designed to cater to individual investors in the communities in which they live and work.
Edward Jones, which ranked No. 2 on FORTUNE magazine’s “100 Best Companies to Work For 2009,” is headquartered in St. Louis. The Edward Jones interactive Web site is located at www.edwardjones.com, and its recruiting Web site is www.careers.edwardjones.com.
