Union Bankshares announces second quarter results, dividend

first_imgUnion Bankshares, Inc. (NASDAQ UNB) today announced net income for the quarter ended June 30, 2009 was $1.23 million or $0.28 per share compared to $1.19 million or $0.27 per share for the same period in 2008.  Net Income year to date was $2.50 million or $0.56 per share for 2009 compared to $2.60 million or $0.58 per share for 2008. Total Assets have grown $29.3 million, or 7.4%, to $424.9 million at June 30, 2009 from $395.6 at June 30, 2008 while total deposits have grown $27.1 million, or 8.5%, to $347.9 million at June 30, 2009 from $320.8 million at June 30, 2008. A quarterly cash dividend of $.25 per share was declared on July 15, 2009 to shareholders of record July 25, 2009, payable August 6, 2009.Loan demand from new customers and refinancings are strong with total loans growing to $363.5 million as of June 30, 2009 from $319.4 million, an increase of 13.8%, or $44.1 million, from the same time last year. The drop in the Prime Rate from the beginning of 2008 at 7.25% to 5% by June 30, 2008 and then down to 3.25% during the fourth quarter of 2008, where it remains today, has driven the refinancing boom for both residential and commercial mortgage customers. The impact of the prime rate drop on variable rate loans and new lower fixed rate loans have more than offset the increase in loan income due to volume growth with interest and fees on loans year to date at $10.8 million for 2009 versus $11.3 million for 2008.  The majority of the growth in loans has been supported by growth in deposits, which are earning lower interest rates in 2009, of $27.1 million with the rest supported by a reduction in investment securities and short term investments.  Therefore, 2009 net interest income increased $138 thousand for the quarter over 2008 and $129 thousand year over year.  An increase in the provision for possible loan losses of $30 thousand for 2009 to $170 thousand is mainly due to the growth in the loan portfolio.Expenses related to FDIC insurance coverage was $465 thousand for 2009 compared to $23 thousand for 2008.  The expense for the quarter ended June 30, 2009 was $333 thousand compared to $14 thousand for 2008.  The special emergency assessment imposed by the FDIC added $191 thousand to the Company s expenses in the second quarter of 2009 and the remainder of the increase between years is attributable to deposit growth as well as higher regular assessment rates. Union Bankshares, Inc., with headquarters in Morrisville, Vermont is the bank holding company parent of Union Bank, which offers deposit, loan, trust and commercial banking services throughout northern Vermont and in northwestern New Hampshire.  As of June 30, 2009, the Company operated 14 banking offices and 28 ATM facilities in Vermont as well as a branch and ATM in Littleton, New Hampshire.Statements made in this press release that are not historical facts are forward-looking statements.  Investors are cautioned that all forward-looking statements necessarily involve risks and uncertainties, and many factors could cause actual results and events to differ materially from those contemplated in the forward-looking statements.  For further information, please refer to the Company s reports filed with the Securities and Exchange Commission at www.sec.gov(link is external).Source: Union Bankshares. Morrisville, VT July 15, 2009last_img read more

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Trail Mix | Spitzer Space Telescope

first_imgYears of music collecting – records, tapes, compact discs, digital devices and external hard drives – has a way of cramping one’s space.From the smallest efficiency apartment to a spacious family home, the music collector – perhaps you, or someone you love – is well familiar with the real estate that shelves or albums and teetering stacks of discs or tapes can occupy.Enter, then, the brand new concept album from Spitzer Space Telescope, the recording name of singer/songwriter Dan MacDonald. Colonies In The Wild Frontier is unlike any recording project previous. Every song, each representing different periods in the American folk tradition, is presented via at least two videos and connections to voluminous amounts of supplementary material like lyrics, sheet music, and folk art.Available as a downloadable app, Colonies In The Wild Frontier represents a wild departure from the record business norm. With copious amounts of material available directly to the listener, this exploration of folk music is a clarion call for future artists who want to collaborate with other artists, and not record labels, to create music.I recently chatted with Dan MacDonald about the new record, star gazing, and the videos he made for the record.BRO – You spend a lot of time space gazing? Got a favorite constellation?DM – I don’t do much star gazing, but on a clear night I’ll definitely check out the sky. Meteors and shooting stars are cool, but I’m not so into constellations, personally.BRO  – Some of your favorite old time artists?DM – I love Roscoe Holcomb, Howie Mitchell, Tommy Jarrell, Elizabeth Laprelle, The Downhill Strugglers, and more, but I also love versions of old time songs that Joan Baez, Paul Clayton, John Jacob Niles, and other artists did. What was really cool about making this album an app is that I was able to link the listener directly to the artists that inspired me, which has never been possible before. Nobody has to read the liner notes or search around online. Videos of these artists are integrated right into the album.BRO – Speaking of those videos, what was the inspiration behind that?DM – I got the idea to make an album of all videos from my years of song hunting on Youtube. I realized how much more vivid a song can be when you can watch footage of the artist performing it. So, each video of my album is essentially an homage to a killer video I’ve found online. I really did my best to make each one subtly educational about folk music traditions.BRO – We are featuring “Corn Holler” on this month’s Trail Mix. As a native of Southwest Virginia, can I tell you that I appreciate the correct spelling?DM – Glad to hear that.BRO – You get to add an old time fiddle tune to a space capsule shot into space, in the hopes an alien culture will hear it. What’s your pick?DM – Those aliens are going to crank up the Bruce Molsky and Rushad Eggleston version of “Chinquapin Hunting” and wish that hadn’t wasted so much time on those damned crop circles.“Colonies In The Wild Frontier” is available via Apple’s App Store and on Google Play. For more information on Dan MacDonald, the new record, and when you can catch Spitzer Space Telescope on stage, point your browser here.last_img read more

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Three paths to digital transformation in banking

first_img 17SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Before picking one of these three directions, Julien Courbe, PwC Financial Services Advisory Leader and author of the white paper, says banks and credit unions must first determine how digital fits into their overall strategy before embarking on a me-too project that could be the wrong approach… and cost millions of dollars. continue reading » What’s the right path to digital transformation for banks and credit unions? According to consulting firm PwC, it depends on the depth of their pockets and their appetite for risk. A white paper released by PwC outlines three different options:Front End Only – Rolling out CX improvements and cosmetic fixes without retooling any of the tech infrastructure.Wrap and Digitize – Upgrade individual components and build on them as the bank or credit union continues to develop.Going Digitally Native – A fully digital customer interface supported by a fully digital and modernized back end.last_img read more

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The benefits of voice biometrics

first_img continue reading » In 2015, Kate Hopson read a troubling statistic: One in every 500 calls will be a fraudulent attempt by 2016.For the contact center manager at Virginia Credit Union ($3.6B, Richmond, VA), the number was concerning. At that time, Hopson’s operation was fielding approximately 55,000 calls per month, and the credit union’s authentication process was disliked by members for being both laborious and long. On average, it took members 90 seconds to authenticate. But with fraud on the rise, VACU wanted to ensure it was protecting its members. Could it do so while providing an excellent experience?“Those processes were not efficient or well received by members,” Hopson says. “We needed to shift how we authenticated members over the phone.” ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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There’s no place like home with a 12.5-year loan

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The math is simple: 10 plus 15 divided by 2 equals 12.5. And that’s how Idaho State University Federal Credit Union($262.2M, Pocatello, ID) came up with its Velocity Home Loan.It’s a 12.5-year, fixed-rate note that fits neatly between the 10-year note that made for a payment just out of reach for many members and the 15-year loan that was longer than some members wanted.“We live in a rural area, and many of our members prefer shorter-term loans,” says lending manager Ron Rippee. “Our mortgage staff was looking for an out-of-the-box product for them. We hoped this product would give them a payment they could comfortably handle.”Velocity Home Loan is one of three home mortgage products created specifically for the credit union’s Idaho field of membership — which comprises ISU students and alumni, along with many southeastern Idaho school districts and businesses. Another loan is aimed at thanking first responders to the pandemic crisis. continue reading »last_img read more

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US says remdesivir shows ‘clear-cut’ effect in treating coronavirus

first_imgRemdesivir has a “clear-cut” effect in helping COVID-19 patients recover, a top US scientist who oversaw a large clinical trial into the highly-anticipated antiviral said Wednesday, hailing it as proof that a drug can block the coronavirus.Anthony Fauci made the remarks at the White House shortly after the medicine’s maker, Gilead Sciences, revealed it had met its primary goals in the largest and most robust investigation to date.Fauci said “the data shows that remdesivir has a clear-cut, significant, positive effect in diminishing the time to recovery,” adding that it proves “that a drug can block this virus.” Time to recovery Its main goal was to evaluate how long patients take to recover on versus off the drug — with three different categories of recovery: hospitalized but no longer needing oxygen; discharged from hospital but still limited in their home activities; and discharged from hospital with no limits on home activities.Without numeric data it is hard to judge just how well patients did but Gilead’s statement indicates there was an overall improvement over the placebo.It is a Phase 3 trial, the final stage before any medication can receive regulatory approval from the Food and Drug Administration (FDA).Remdesivir, which previously failed in trials against Ebola, belongs to a class of drugs that act on the virus directly — as opposed to controlling the abnormal and often lethal autoimmune response it causes.It mimics one of the four building blocks of RNA and DNA and gets absorbed into the virus’s genome, which in turn stops the pathogen from replicating.The antimalarial drugs hydroxychloroquine and chloroquine are also being widely used against COVID-19 on a so-called “compassionate basis” pending results from large trials, with early studies decidedly mixed.Other therapies that are being studied include collecting antibodies from COVID-19 survivors and injecting them in patients, or harvesting antibodies from genetically-engineered mice that were deliberately infected. The National Institute of Allergy and Infectious Diseases, which Fauci leads, is soon expected to release a detailed summary of the results, so it remains difficult to quantify exactly how well the drug performed.Nevertheless, it represents the first time any medication has been shown to improve outcomes against the COVID-19 illness, which has claimed more than 200,000 lives globally and brought the world economy to a grinding halt.There had been mixed news about the intravenous antiviral in recent weeks. A summary of results posted on the website of the World Health Organization last week showed it failed in a smaller Chinese trial. The Lancet on Wednesday published the formal paper describing that experiment.In this study of 237 patients in Wuhan, China, doctors found no positive effects of administering the drug compared with a control group of adults, except for those patients who required ventilators. Topics : But the Chinese test had to be halted early because it could not recruit enough people to meet its initial goals, and was considered by many experts to be too small to draw reliable conclusions from.Fauci said it was “not an adequate study.”The US-led trial, however, which began in late February, is thus far the largest to investigate remdesivir and is technically the most robust. According to a data sheet, its estimated enrollment was 800 patients, a portion of whom received the drug while the rest received a placebo, with the trial conducted at multiple sites across the world.Neither the patients nor their physicians were aware of which group they belonged to, in order to eliminate unconscious bias.last_img read more

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Vatican police carry out new raid over suspected corruption

first_imgVatican police on Tuesday raided the department in charge of maintenance and restoration at St. Peter’s Basilica, seizing documents and computers for an investigation into suspected corruption.The raid was similar to one last October that involved another investigation into a separate department over the purchase of a building in a posh area of London.A statement from the Vatican press office said the material was seized from the technical and administrative offices of the Fabbrica di San Pietro. It traces its origins to the 15th century, even before construction of the current basilica began. Vatican magistrates ordered the raid following a tip from the office of the general auditor, the statement said, without giving details. It said Pope Francis appointed a commissioner to run the department temporarily.The commissioner was tasked with reorganizing the department and updating its statutes in the wake of a June 1 papal document that introduced sweeping new rules for procurement and spending to reduce the risk of corruption in awarding contracts..The statement specifically mentioned the new rules, which suggested Tuesday’s raid may have something to do with the awarding of a contract.The department is currently overseeing the restoration of the basilica’s dome, which recently has been partly covered by scaffolding.Topics :last_img read more

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Kieran Tierney provides injury update for Arsenal teammate Alexandre Lacazette

first_img Comment Metro Sport ReporterFriday 11 Oct 2019 11:25 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link10.2kShares Advertisement Kieran Tierney teases injury return for Arsenal teammate Alexandre Lacazette Advertisement The Gunners duo could soon be on the pitch together as the Frenchman nears a return (Picture: Getty)Arsenal defender Kieran Tierney has teased the possibility of Alexandre Lacazette returning from injury after posting a picture of the pair in training.Lacazette has been sidelined with an ankle injury since the north London derby against Tottenham, missing the last seven matches in all competitions, but has been scheduled to return to action after the international break.And Tierney dropped a hint that the French striker is nearing full fitness, posting a picture on Instagram of both of them out on the training pitches at London Colney.ADVERTISEMENTA return to on-field rehabilitation would be a huge boost for Arsenal and Lacazette, and he appears to be on course to return to full contact training with the rest of the team next week.AdvertisementAdvertisementIf Lacazette’s recovery holds up and he avoids any setbacks, he could be available for Arsenal’s trip to Sheffield United on October 21, their first match back after the international break.Tierney, meanwhile, has been building up fitness and will be looking to make his Premier League debut in that same fixture.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CitySo far, the Scot – who was not called up to the latest national squad – has turned out for the Gunners against Standard Liege and Nottingham Forest, while he was an unused substitute against Bournemouth.Despite dealing with a number of injury problems since the start of the season, Arsenal currently find themselves in third place in the table. Lacazette hasn’t played since scoring against Spurs at the start of September (Picture: Getty)They sit just a point behind reigning champions Manchester City, though Liverpool – who have a 100% record – are eight points clear at the summit.After taking on Sheffield United, Arsenal have two more favourable fixtures in the Premier League, hosting Crystal Palace and Wolves, while they have two Europa League clashes with Vitoria and a Carabao Cup tie against Liverpool, providing plenty of opportunities for game time for Tierney and Lacazette.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenallast_img read more

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Idalia hard market to farm for Townsville real estate agents

first_imgReal estate agent Mark Pritchard outside a Idalia home as he is the only agent in more than three months to sell more than one property in Idalia. Picture: Zak SimmondsIT’S no secret that farming an area is the key to success for any real estate agent, yet one popular Townsville suburb has remained fair game for all.Of the 19 properties listed in Idalia over the past four months, only one agent was able to snatch up more than one property in the tightly held suburb, with only 30 available houses on the market.The agent ahead of the curve is Ferry Property sales agent Mark Pritchard, who recently secured 9 Waterstone Terrace and 38 Petrie Way, both of which will head to auction, March 4.The two, four-bedroom homes are owned by the same person but Mr Pritchard admits Idalia was a hard market to crack. “While there is a fair amount of activity in Idalia, no one agent seems to be focusing on farming the suburb, which is so ideally located near JCU, The Precinct, the hospital and the army barracks,” he said.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“To be honest I don’t really understand why Idalia hasn’t been farmed yet but it could come down to the economic climate“It’s been a difficult market where agents just grab any property they can get. I think that’s what it all comes down to.”According to Explore Property Principal Andrew Acton, market dominance helped created a positive feel and confidence in a suburb.“When an agent has around 20 per cent market share in sales volume in a particular area, they are definitely having a bearing on sale prices in that area,” he said.“One factor I’ve noticed is that the best-performing agents have a businesslike approach and generally have a core market area that they service. “The agent with market share generally has the ability to help influence a market, they may already have buyers on their books and they will have a relationship with sellers in the area. “They believe in the area and its worth so their attitude and approach does have a positive effect on the market price.”last_img read more

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Demand strong for homes within 10km of Brisbane CBD

first_imgIt could be transformed into a large family home given internal stairs to the rumpus.Agent Bruce Wilson of the Public Trustee Brisbane had listed the property as being one that only needed changing “to suit your taste”.“The interior decor is dated but removing the carpets and polishing the hardwood floors would be an immediate improvement. Some other minor refurbishments may be required to suit your personal taste. The location is second to none with Enoggera train station a short walk away and many buses available on Samford Road and Wardell Street for your family’s commute to work or school.” 5 Gizeh Street, Enoggera, Qld 4051A SOLID double-storey brick and tile home within 10km of the CBD has sold in 37 days in one of the highest demand suburbs in Brisbane.The three bedroom, two bathroom, double garage home at 5 Gizeh Street, Enoggera, sold for $657,000 last Saturday. The home was sold under the hammer by the Office of the Public Trustee which made clear it would not consider any offers prior to auction. Perfect spot to turn into a teenage retreat.Enoggera is considered a very high demand area with 859 visits per property compared to the state average of 317, according to realestate.com.au.The 650sq m block was two streets north of busy Samford Road and had two kitchens, one upstairs in the main living area and the other downstairs in the rumpus space.The new owner has 42 days from the auction to settle on the property. The home is ready for rental but an owner occupier might want to make a few changes. More from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019The home has good potential given its location and solid build.last_img read more

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