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| CBT Reports Profit for Year - Stockhouse Posted: 27 Jan 2010 08:44 AM PST Tops $200 Million in Loans and Deposits HARTFORD, Conn., Jan 27, 2010 (GlobeNewswire via COMTEX News Network) -- The Connecticut Bank and Trust Company ("CBT" or "Bank") (Nasdaq:CTBC) reported net income of $232,000 for the fourth quarter and net income of $357,000 for the year ended December 31, 2009. The Bank also reported that total assets exceeded $260 million with loans and deposits both surpassing $200 million as of December 31, 2009. Chairman and CEO David A. Lentini remarked, "We are gratified by the financial results and we continue to be the fastest growing new bank in Connecticut history. CBT has become the bank of choice for many small business owners and neighborhood business entrepreneurs. The financial results for fourth quarter of 2009 show steady positive progress and we remain cautiously optimistic about our prospects for 2010." For the three months ended December 31, 2009, the bank reported net income attributable to common shareholders of $135,000 or $0.04 per share, compared to a net loss attributable to common shareholders of $298,000 or ($0.08) per share for the comparable period a year earlier. For the full year 2009, the Bank reported net income available to common shareholders of $174,000 or $.05 per share compared to a net loss of $2,476,000 or ($0.69) per share for the comparable period in the prior year. Operating Results for the Quarter Ended December 31, 2009. Net interest income for the quarter ended December 31, 2009 increased $564,000 or 32% over the same period in 2008. Growth in earning assets and lower interest rates combined to lift the net interest margin 70 basis points to 4.11%. Noninterest income totaled $288,000 for the quarter ended December 31, 2009. Fee based services amounted to $147,000 compared to $130,000 for the comparable period a year earlier. Gains on sales of investment securities totaled $141,000 for the quarter ended December 31, 2009. Noninterest expenses for the quarter amounted to $2.1 million, increasing $44,000 or 2.1%, from the same period in 2008. Higher FDIC insurance premiums were principally responsible for the increased expense over the fourth quarter 2008 period. Operating Results for the Year Ended December 31, 2009. Net interest income for the year ended December 31, 2009 increased $2.0 million or 29% over 2008. The net interest margin rose 53 basis points to 3.94% in 2009 as a result of growth in earning assets coupled with declining interest rates. Noninterest income totaled $761,000 for the year ended December 31, 2009 compared to $596,000 for the comparable period in the prior year. The increase of $165,000 primarily consisted of $34,000 in fee-based services and $116,000 gains on sales of investment securities. Noninterest expenses rose $284,000 for the year ended December 31, 2009, compared to the same period in the prior year mainly due to increased FDIC insurance premiums. Provisions for Loan Losses. The provisions for loan losses for the fourth quarter of 2009 amounted to $257,000. Internally identified problem loans and growth in the loan portfolio were the principal factors in determining the need for provisions for loan losses. The reserve ratio stood at 1.35% of totals loans outstanding compared to 1.47% at the prior year end. Mr. Lentini stated, "Commercial loans remain our bread and butter and we recognize that there will be loan losses over time. We mitigate our losses through sound underwriting principles, strong collateral management, and diversification among industries." At December 31, 2009, the allowance was $2.7 million unchanged from December 31, 2008. Asset Quality. We closely monitor all loan relationships and identify problem loans through an internal risk rating system, which is independently validated on an annual basis. Charged off loans amounted to $527,000 for the quarter ended December 31, 2009 compared to $22,000 for the comparable period a year earlier. Total nonaccrual loans were $2.0 million and represented 1.03% of total loans outstanding at December 31, 2009, compared to $2.1 million, or 1.15% of total loans at December 31, 2008. The coverage ratio which measures the allowance for loan losses to nonperforming loans was 131% at December 31, 2009. CBT had one $114,000 loan that was past due more than 90 days and still accruing. Balance Sheet Performance. Total assets were $260.3 million at December 31, 2009, up $35.2 million from December 31, 2008. The increase was centered in growth in the loan portfolio of $19.0 million and increases in cash and cash equivalents of $20.3 million from the prior year end. Securities available for sale declined $5.0 million as a result of principal payments on mortgage backed securities and sales of securities. Deposits increased $37.8 million while short term borrowings declined $3.5 million. Borrowings from the Federal Home Loan Bank Boston remained at $30.0 million. The Bank is considered well-capitalized with stockholders' equity of $24.1 million at December 31, 2009.
(1) Prior periods restated in accordance with adoption of ASC 260-10-45-49A (Formerly EITF 06-3-1) CBT is a full service commercial bank headquartered in Hartford, CT, with branch offices conveniently located in Glastonbury, Newington, Rocky Hill, Vernon, West Hartford, and Windsor. Caution concerning forward-looking statements: Statements contained in this release, which are not historical facts, may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated, due to a number of factors which include, without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, changes in the interest rates, the effects of competition, and other factors that could cause actual results to differ materially from those provided in any such forward-looking statements. CBT does not undertake to update its forward-looking statements. See financial statements accompanying this release for additional data.
This news release was distributed by GlobeNewswire, www.globenewswire.com SOURCE: The Connecticut Bank and Trust Company CONTACT: The Connecticut Bank and Trust Company David A. Lentini 860-748-4250 dlentini@thecbt.com (C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Wall Street Firms Don’t Want to Wage War on Obama (Correct) - Bloomberg Posted: 27 Jan 2010 08:23 AM PST
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Telecommunication Terms for Taiwanese Customers 美商彭博新聞有限公司台北分公司 彭博高速資訊網路業務營業規章 第 一 條 彭博高速資訊網路（英文名稱： Bloomberg High Speed Data Network）業務（以下簡稱「本業務」），係指美商彭博新聞有限公司台北分公司（以下簡稱「本公司」）利用彭博高速資訊網路所提供之各項財經資訊服務。 第 二 條 本業務之營業項目為「存取網路服務(Store and Retrieve Network)」（如電話秘書、線上資訊接取、電子佈告欄(BBS)、電子資料交換、統合信息服務(Unified message service)、電子文件服務、語音訊息、語音信箱服務），及「存轉網路服務（Store & Forward Network）」（如傳真存轉、交易服務、數據網路服務）。 第 三 條 用戶租用本業務，應依本公司規定向本公司申請並簽訂相關用戶合約，載明各項權利義務。第 四 條 自用戶端連結至彭博高速資訊網路之電信機線設備，應由本公司負責向第一類電信事業承租，其租用條件應依該第一類電信事業之規定訂之，且其架設、維修、通信品質等均由該第一類電信事業負責，本公司僅負責代用戶與該第一類電信事業聯繫。第 五 條 本業務系統所需各項硬體及軟體設備之取得、設置以及所有權，均依本公司相關業務規定或用戶合約約定辦理。第 六 條 本公司提供本業務所收取之服務費主要可分為系統建置費、設定費、網路系統維護費、資訊服務費、其他電信事業所收取之通訊費用等。本公司應於用戶合約中載明詳細付費項目以及各項費用之計算標準。第 七 條 本公司若對於服務費有所調整或變更時，除報請主管機關備查外，應於彭博高速資訊網路之網站以及本公司營業場所公告，並事前個別通知用戶。用戶若不同意服務費之調整或變更，得立即終止用戶合約，本公司應退還用戶所預付之服務費。第 八 條 用戶於向本公司申請使用本業務時，應提出正確之用戶資料，並於變更時通知本公司，否則概由用戶自行負責。第 九 條 本公司對於因提供本業務所取得之用戶資料應加以保密，並遵守「電腦處理個人資料保護法」之規定處理用戶資料。惟於下列情形，本公司得提供用戶資料予第三人： 一、經用戶同意。 二、司法機關或犯罪偵查機關，為偵查或調查犯罪依法所為之命令。 三、其他政府機關因執行公權力而依法所為之命令。 四、與公眾生命安全有關之機關為進行緊急救助者。 五、符合「電腦處理個人資料保護法」第二十三條之規定者。第 十 條 本公司預定暫停或終止本業務之一部或全部時，應於預定暫停或終止日一個月前報請主管機關備查，並立即通知用戶。 前項暫停營業之時間最長不得超過一年。 第十一條 若本公司營業許可遭主管機關廢止，或本公司預定暫停或終止本業務之一部或全部時，本公司應退還用戶所預付之費用，並應依法律規定以及用戶合約約定賠償用戶之損失。第十二條 用戶若有拒絕或遲延給付本業務之服務費之情事，本公司應定相當期限催告該用戶給付所積欠之服務費，並告知該用戶若未於所定期限內給付時，本公司有權依用戶合約之規定停止提供本業務，或期前終止用戶合約。第十三條 若本公司發現用戶使用本業務有下列情形之一時，本公司有權立即停止對該用戶提供本業務，且該用戶應自行負擔任何責任： 一、危害國家安全、擾亂治安。 二、妨害公共秩序、善良風俗。 三、竊取、更改、破壞他人資訊。 四、危害本公司或他人網路系統安全。 五、妨礙通訊秘密。第十四條 用戶使用本業務，如因本公司或其他電信業者之系統設備障礙、阻斷，以致發生錯誤、遲滯、中斷或不能傳遞時，本公司依電信法第二十三條之規定不負損害賠償責任，但應依下列規定扣減服務費： 一、若服務中斷達十二小時以上，而本公司仍未能使其恢復者，每中斷十二小時扣減每月服務費之三十分之一。 二、當月因通信不通所扣減之服務費總額應以當月所應繳納之服務費總數為限。 三、服務中斷之起始時間，以本公司察覺服務中斷或接獲用戶服務中斷之通知時為準，但若有紀錄證明服務中斷之實際起始時間者，以中斷實際發生之時為準。第十五條 本公司接獲用戶有關服務中斷之通知後，應立即展開系統之檢查及修復，並儘速排除服務中斷之原因，以維持本業務之服務品質。第十六條 用戶若對於本業務有任何意見或申訴，得利用客服電話：+886-2-7719-1592與本公司聯絡。 第十七條 本公司應遵守電信法之相關規定，確保用戶使用本業務之通訊秘密。 第十八條 若用戶有利用本業務從事非法活動者，本公司有權向相關單位檢舉，並有權將之視為拒絕往來戶。第十九條 本營業規章未盡事宜，悉依相關適用法令以及用戶合約之規定辦理。 第二十條 本營業規章自公告日起施行，於有變更時亦同。
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| G.M. Enters Agreement to Sell Saab to Spyker - New York Times Posted: 27 Jan 2010 06:49 AM PST Saab, the Swedish automaker that seemed destined for the junkyard a month ago after its owner, General Motors, said it could not find a buyer, won a new lease on life Tuesday when G.M. agreed to sell Saab to a tiny Dutch maker of high-end sports cars. Skip to next paragraph  Spyker will give G.M. $74 million in cash and $326 million in preferred shares of the new, combined Saab-Spyker entity. Above, Victor Muller, Spyker's chief executive, at a conference in January.  Victor R Muller, left, of Spyker Cars, and Jan-Ake Jonsson, of Saab Automobile, with a Saab 9-5, left, and a Spyker C8 Laviolette. The buyer, Spyker Cars, will pay G.M. $74 million in cash and $326 million in preferred shares from the new Saab-Spyker entity. The deal is set to close by mid-February. It was a surprising twist for Saab employees, politicians in Sweden, and devoted customers around the world. "Saab is not a brand that should die," said Skip Mastroianni, sales manager at Mitchell Saab near Hartford. "We have thousands of brand-loyal customers and they're going to still have a home." G.M. began shutting Saab's production line and other operations in Trollhattan, Sweden, this month. "It's been a long march," said John F. Smith, General Motors' vice president for corporate planning and alliances. He said that G.M. first put Saab on the block a year ago and watched the collapse of several bids, including one from Spyker late last year. Still, Saab faces a challenge in reviving the brand. Sales plunged to 39,903 cars last year from 94,751 cars in 2008. At the same time, taking over Saab will be a huge leap for tiny Spyker, which sells 30 to 50 made-to-order cars a year for about a $250,000 each. Saab has 3,400 workers, mainly in Trollhattan, while Spyker has just 110. But Spyker and its chief executive, Victor R. Muller, seemed to take to heart the company's motto, "Nulla tenaci invia est via" (For the tenacious, no road is impassable) during the on-again, off-again negotiations with G.M. In a statement, Mr. Muller said, "It was breathtaking to see so much support from the global Saab community over the last months, which not only shows the strength of the brand but also helped us in our relentless determination to get the deal done." Mr. Muller said he hoped to increase Saab's annual production to more than 100,000 vehicles in a few years. That will not be easy, said Peter Wells, co-director for industry research at the Center for Automotive Research at Cardiff University in Wales. "At the moment, it's a triumph of optimism over reality," Mr. Wells said. "The structural conditions which led to the problems haven't changed. The only thing that has changed is that Saab has lost the shelter of General Motors." The deal still depends on final European Union clearance of a loan of 400 million euros, or $562 million, from the European Investment Bank that will be guaranteed by the Swedish government. A bid from Spyker was rejected by G.M. in late December because G.M. was wary of Spyker's Russian backers, said several people familiar with those negotiations who were not authorized to speak for attribution. The biggest investor in Spyker had been the Russian bank Convers Group, which is controlled by Alexander Antonov. After G.M.'s initial rejection, Mr. Muller drafted a new package that did not rely on Russian financing and addressed G.M.'s fears that Saab's latest technology could fall into the hands of its Russian competitors. Mr. Muller is essentially buying out his Russian partners as part of the new deal, and Mr. Antonov will leave Spyker's board. Tenaci Capital, a company owned by Mr. Muller, will lend Spyker more than $100 million to cover part of the down payment to G.M. and pay back 57 million euros in loans from institutions Mr. Antonov controls. G.M. officials said they also liked Spyker's revised offer because it contained more cash up front than the December bid. G.M. is to receive $50 million when the deal closes in mid-February and the remaining $24 million by July 15, 2010. The Spyker acquisition should allow Saab to roll out a new version of its 9-5 sedan, the first update for the luxury model in 12 years, and introduce the 9-4x, a crossover. G.M. officials said Saab Spyker Automobiles, as the new company will be known, will assume warranty coverage for Saab cars, and there would be "no lapse" as G.M. transfers control. Even after the purchase, G.M. will continue to supply Saab Spyker with power-train technology and engineering services. In Sweden, where government agencies had already begun meeting with Saab workers to help them deal with unemployment and find new jobs, the news was greeted with joy. On Wednesday, Saab plans to gather its 3,400 workers in Trollhattan in front of the Saab Museum to celebrate the purchase and hear Mr. Muller speak. "This is an historic moment for Saab," said Eric Geers, a spokesman for Saab. "The employees have shown a lot of strength and gone through a lot. It was heartbreaking at times but there was always hope." Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Ensign Energy Services Selects WorkForce Software to Fully Automate ... - Stockhouse Posted: 27 Jan 2010 07:47 AM PST Ease of Configuration, Rapid Implementation and Comprehensive Support Services Cited as Key Selection Criteria LIVONIA, MI, Jan 27, 2010 (MARKETWIRE via COMTEX News Network) -- WorkForce Software, Inc., the leader in workforce management solutions for organizations with complex labour policies and compliance concerns, announces Ensign Energy Services Inc., Canada's second largest land-based drilling contractor, selected its EmpCenter(R) workforce management suite to support their workforce by automating their highly complex time and attendance and activity based costing requirements. "Selecting the right workforce management provider was critical in making sure our greatest asset -- our employees -- received accurate pay, on time, every time," said Murray Paton, Ensign's HRIS project manager. "Because we have highly complex premium and pay rule structures that vary by contract, we needed a system that would automate all of our requirements to eliminate human error. After an extensive evaluation process we ultimately determined that WorkForce Software could fully meet the needs of our complex labour environment." During the past 11 years, Ensign's revenue grew four times in size; it expanded its oilfield services offering and began operating in international markets. As a result, the company's workforce environment changed dramatically and introduced additional layers of workforce management complexity. Ensign chose WorkForce Software's EmpCenter because it could support the various labour and business requirements across borders as well as the varying rules and requirements that are contract driven and unique to each client. "System flexibility and configurability was a critical piece in our selection process and WorkForce Software was the only solution that could meet and automate 100% of our labour requirements," continued Mr. Paton. "No other vendor offered us the ability to change our labour policies on-demand and without customization. EmpCenter will enable us to better allocate our HR and payroll resources and ultimately refine our workforce management processes while keeping employee satisfaction high." "WorkForce Software specializes in automating the most complex labour policies," said Kevin Choksi, president and CEO of WorkForce Software. "When other vendors can't, we can. The configurability of our EmpCenter workforce management solution allows us to meet any requirement as well as give Ensign the ability to change labour polices to meet the needs of individual customers. We're proud to play an ongoing role in Ensign's continued growth strategy." For more information about WorkForce Software and the EmpCenter Workforce Management suite, visit www.workforcesoftware.com. About WorkForce Software WorkForce Software, Inc. is the leader in workforce management solutions for organizations with complex policies and compliance concerns. Its EmpCenter system enables strategic HR by automating and streamlining interactions between the employer and its workforce. These interactions include time entry, time-off requests, request for personal information, and schedule preferences. By automating these interactions, organizations can better manage payroll and processing costs, help ensure compliance with state and federal regulations, and increase the productivity and satisfaction of their employees. The EmpCenter suite is composed of numerous applications, including Time and Attendance, Activity Based Costing, Multiple Assignments, Absence Management, FMLA Manager, Advanced Scheduling, and Fatigue Management. WorkForce Software's diverse customer base includes large employers such as the University of California, Pacific Gas & Electric Company, Activision Blizzard, Duke Energy and Compass Bank. For more information, visit www.workforcesoftware.com. Note to editors: WorkForce Software is a registered trademark of WorkForce Software, Inc. in the United States and other countries. All other trademarks are the property of their respective owners. Copyright Copyright 2010 WorkForce Software, Inc. Media Contacts: Melissa Diemert Director of Marketing WorkForce Software, Inc. Email Contact (734) 742-3594 SOURCE: WorkForce Software http://www2.marketwire.com/mw/emailprcntct?id=AA28B9939DA51F1B Copyright 2010 Marketwire, Inc., All rights reserved.Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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