Elmore named development manager
ASHEBORO – Patricia H. Elmore has been named market development manager for CenturyLink. Embarq completed a merger with CenturyTel based out of Monroe, La., in June. The combined company will operate as CenturyLink beginning mid-October. Elmore replaces Kaye Bryan who will retire as public affairs manager in November.
Elmore will assume responsibilities for external affairs activities for the Tri-Cities area of Tennessee, and 15 counties of western North Carolina. In this role, she will handle public relations activities, including serving as a liaison for community and business leaders, news media and facilitate local governmental affairs activities.
A 36-year employee with Embarq and its former companies, Elmore most recently held the position as public affairs manager for 13 counties of western North Carolina where she handled public relations activities, including serving as a state lobbyist. She is also a former journalist with the company.
FNB United announces Q3 results
ASHEBORO – FNB United Corp., the holding company for CommunityONE Bank, and its wholly owned subsidiary, Dover Mortgage Company, reported financial results for the third quarter of 2009. During the quarter, FNB United recognized a provision for loan losses of $17.5 million, charged off goodwill of $52.4 million, established a valuation reserve of $6 million for deferred tax assets, and took an Other Than Temporary Impairment (OTTI) write-down of $4 million on a specific investment security.
As a result, FNB United reported a net operating loss, excluding the goodwill impairment charge, the OTTI charge, and the deferred tax asset valuation reserve, of $7.3 million. The net loss on a GAAP basis was $67.5 million. Adjusting for dividends paid to the U.S. Treasury on the preferred stock issued in the Capital Purchase Program, the resulting loss allocated to common shareholders was $68.3 million, or $5.98 per diluted share, in the third quarter of 2009.
The non-cash goodwill impairment charge represents the write-off of FNB United’s remaining goodwill recorded from prior bank acquisitions. The goodwill impairment charge does not affect liquidity, operations, tangible capital or the corporation’s regulatory capital ratios.
“Like many other banks, the prolonged downturn in the residential real estate market and its resulting impact on contractors, developers, and property values, has adversely affected our loan portfolio and caused us to add to our reserve for loan losses,” said Michael C. Miller, president and CEO. “The continued decline in the real estate market has resulted in an increase in nonperforming loans and charge-offs, primarily in the residential land and construction portfolios. We are facing the current economic challenges head-on by aggressively and proactively identifying and working-out potential problem loans. The bank continues to be ‘well-capitalized’ under all regulatory requirements and has been very successful in growing retail deposits and building strong levels of liquidity.”
Miller said significant reserves have been set aside for the last four quarters, increasing the allowance for loan losses to 2.69 percent of total loans, compared to 1.68 percent a year earlier,
“Although we anticipate the provision for loan losses may continue to be elevated during the remainder of 2009, we are encouraged about the future, as we believe our core operating performance will be sufficient to sustain us through these difficult economic times,” he said. “We have the capital and the liquidity to carry us forward.”
Coltrane named CFC director
PLEASANT GARDEN – David M. Coltrane of Pleasant Garden was recently named to a three-year term as a director for Carolina Farm Credit.
Coltrane, 36, is a full-time dairy farmer. His family operation, Coltrane Dairy, is a 500 cow dairy farm.
He serves on the board of the American Dairy Association of North Carolina, the N.C. State University Dairy Farm Advisory Board and the N.C. Dairy Foundation. He is also a member of the N.C. Holstein Association, N.C. Dairy Producers, Southern States Cooperative, Triad Holstein Association, Maryland-Virginia Milk Producers Association and Centre Friends Meeting.
The local Carolina Farm Credit office is located at 251 Rock Crusher Road in Asheboro.
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