Logansport Pharos-Tribune from Logansport, Indiana on March 18, 1988 · Page 15
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Logansport Pharos-Tribune from Logansport, Indiana · Page 15

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Logansport, Indiana
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Friday, March 18, 1988
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Page 15
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Pharos-Tribune, Logansport, Indiana, Friday, March 18, 1988 Page 15 Business Tire Service Asks Variance To Expand By MARGO MAROCCO Business Editor Donald C. Norzinskay, 3100 Fairview, has filed a petition with the Logansport Board of Zoning Appeals requesting a variance and a special exception to construct an addition to Logan Tire Service, 229 W. Market St. The 45-by-70 addition would be constructed on the south side of his existing block building. A house now on the site would be removed prior to construction of the addition. The existing structure is zoned LB-1, neighborhood business. According to the planning staff report, the new addition would be nine feet from the front right-of-way and six feet from the side yard. Normal setbacks are 25 feet in the front and 15 feet on the side in the LB-1 zone. The rear of the building would be approximately 21 feet from the top of the bank of the Eel River, and the zoning ordinance requires a special exception for any construction within 100 feet of the top of the Wabash or Eel River banks. The present Logan Tire structure is approximately 35 to 40 feet from the top of the bank. The report says that the main property that may be adversly affected is the beauty/barber shop immediately south of the proposed construction. The house that is to be torn down to make way for the new building is about five feet from the south line. The new construction would be at about the same setback, but would be of much greater bulk and height. There also may be increased concerns for noise and fire safety from the new structure, according to the report. "Because of these, staff believes that there may be adverse affect to neighboring properties to the south and the required 15 foot setback should be maintained." The requested front yard setback of nine feet should not create any adverese affect, the report states. The staff believes the petitioner is building too large of a structure for the size of the lot, 42 by 85 feet. A downsized structure would lessen the adverse affect. The report points out that there are plans being made for a river trail system adjacent to Logan Tire. However, a 21-foot setback should provide adequate room for a trail should one be built along the top of the bank. The report recommendations call for approving the nine-foot front yard setback, but that the six-foot side yard sertback be denied on grounds that adjacent property may be adversely affected by a larger structure. Staff recommends the special exception to expand the use and to construct within 100 feet of the river be approved provided the building be downsized and that the petitioner agrees not to unreasonably deny acquisition of a trail easement along the Eel River, if and when needed. A public hearing on the petition will be conducted at 4 p.m. Monday in the council chambers of the City Building. Business Briefs Hicks Don Hicks Joins Conn-Sturm Agency Don Hicks, 607 E. Dutchess St., Walton, has joined the CONN-STURM INSURANCE AGENCY, Walton. Hicks, who will be a partner in the firm with Ben and Betty Sturm, has been employed as an adjuster for the Cincinnati Insurance Company for the past 13 years. Prior to that he worked seven years with American States Insurance. He is past president of the State Adjusters Association and was president three time of the North Central Adjusters Association. A 13-year resident of Walton, Hicks is currently president of the Walton Town Board and a member of the Walton Plan Commision. He and his wife, Judy, have four children and two grandchildren. He is a member of Walton Lions Club and American Legion Post, and attends Walton Methodist Church. Ivy Tech Regional Board Meets Tuesday KOKOMO — The Indiana Vocational Technical College Region 5 Regional Board of Trustees will hold its regular business meeting at 7 p.m. Tuesday. The board will meet in room M-112 in the Ivy Tech main campus, 1815 E. Morgan St., Kokomo. The board will hear reports from the various departments of the college. Chamber Offers Ribbon Cutting Service The Logansport/Cass County CHAMBER OF COMMERCE'S Ambassadors Club will be conducting ribbon cutting ceremonies throughout 1988 for new businesses. Club representatives will participate in a ribbon-cutting at 1 p.m. Saturday at The Merry Windows and Walls in the Royal Logan Center on U.S. 35 North. The public is invited. Business people interested in the ribbon-cutting program should contact the Chamber at 753-6488. McNarny Lectures At Ole Miss Patrick E. McNarny, president and chief executive officer of FIRST NATIONAL BANKSHARES INC., recently completed a lectureship at The University of Mississippi. McNarny was selected as a distinguished alumni to address undergraduates, MBA students and business faculty as part of the university's Otho Smith Lectureship in the School of Business Administration. McNarny addressed undergraduates on the topic "Federal Reserve System — The Central Bank." He also discussed the Federal Reserve System, careers and the economy with MBA students and Business School faculty. He was presented a medallion during a luncheon with business school faculty. McNarny received both his bachelor's and master's in Business Administration from Ole Miss. He served two three-year terms as a director of the Federal Reserve in Chicago. Bank Bailout Rivals Largest In History WASHINGTON (AP) — The first step in bailing out Texas' largest bank holding company is raising concerns about the long-term health of the fund that insures deposits in most of the nation's commercial banks. The Federal Deposit Insurance Corp. said Thursday it was loaning $1 billion to banks owned by First RepublicBank Corp. of Dallas for six months in a move to reassure depositors worried about the banks' shaky real estate loans. The infusion represents only about 5 percent of the FDIC's insurance fund, which backs deposits of $100,000 and less at 13,600 banks. But bank analysts believe it could turn out to be the first big hit of a bad year for the fund. FDIC Chairman L. William Seidman isn't saying how much he believes his agency ultimately may have to spend to rescue the $33.2 billion holding company, the largest in Texas and the 13th biggest in the country. The analysts, however, are suggesting that the First Re- publicBank loan is, in effect, a down payment on a $2 billion to $4 billion problem. First RepublicBank is about the same size that Continental Illinois Corp. was in 1984 when it required the largest-ever government bank bailout of $4.5 billion. And more bad news is likely from other banks, particularly in Texas, where Mcorp, a $21 billion, money-losing bank holding company, has been exploring restructuring options. But Seidman says the situations of Continental and First RepublicBank are not the same and he points with hope to FDIC conversations with private investors and to signs that Texas' economy is rebounding. He notes his fund's survival during 1987, the worst year for commercial banking since the Great Depression, both in terms of low profits and the number of bank failures. Interest Stops When CD Matures Q. The maturity date of my three-month certificate of deposit was/Feb. 3. On that date, the accrued interest was added to the principal, making the CD's total value $49,669.36. I withdrew .the entire $49,669.36 on Feb. 11, which was within the 10-day grace period. The bank did not pay me any interest for the eight days following the CD's maturity date. When I asked why, I was told, "We don't do that." Do banks have the option of paying or not paying interest in cases such as this? A. Yes. Once your CD matured, the bank did not have to pay any interest on your money. During the time the CD was in force, the bank paid an agreed-upon rate of interest. A CD is a contract. You agreed to leave money with the bank for three months and the bank agreed to pay a specified interest rate on your money for those three months. After the CD's maturity date passed, the bank was not obligated to pay interest. After CDs Investors' Guide By Wi/Ham Doyle mature and are not renewed, some banks and savings and loan associations pay interest on the money at their savings account rates. Other banks and S&Ls just stop paying interest on that money. Many banks and S&Ls give holders of maturing CDs a period of time — typically 10 days — to decide whether or not to renew the CDs. If the money is rolled over into new CDs, there are no lost interest days. The 10-day grace period for rolling over maturing CDs was used by virtually all banks and S&Ls until a couple of years ago. Then, deregulation took hold — culmanating in the removal of all federal regulations on bank and S&L interest rates. Now, each depository institution is free to decide not only what interest rates it will pay on various types of deposits but also under what circumstances it will pay interest. Q. Is there any investment that has all the following characteristics: Principal remains constant; is insured against loss; gains are tax free; no charge for investing or redeeming; liquid so that it can be cashed at any time; a yield equal to current certificates of deposit? A. No! You are describing — "searching for" might be a better choice of words — the perfect investment. Unfortunately for all of us, there is no such thing. Logansport Bancorp, Inc. Posts Record '87 Earnings By MARGO MAROCCO Business Editor Record earnings for 1987 were reported during the annual stockholders meeting of Logansort Bancorp, Inc., and its subsidiary, The Farmers & Merchants State Bank, Thursday evening in the Holiday Inn. Approximately 200 people, including officers, board members, stockholders and guests, attended the dinner meeting. William N. Salin, chairman of the board of F&M Bank, addressed the group, along with Thomas A. Scheetz, president; Jerry L. Towle, senior loan officer; Robert L. Murray, trust officer and staff counsel; and Brian I. Chapman, cashier. Each outlined the various services offered by the bank. A total of 93 percent of the stockholders were represented at the meeting, either in person or by proxy. BOTH SALIN AND SCHEETZ, named president of the bank last June, praised bank officers and employees at every level for "doing an outstanding job in 1987." Salin said The Farmers & Merchants State Bank "was a special institution with a special obligation to take in deposits and invest them back into the community. It's a responsibility we take very seriously." "As we measure how we are doing, we are doing very well," he said. According to the annual report distributed at the meeting, Logansport Bancorps' net income reached an all-time record level of $1,383,000 in 1987, a 19.7 percent increase in earnings over 1986 and a 24 percent increase over 1985 earnings In the four years since the acquisition of the F&M Bank by the corporation, the earnings have increased 175 percent. Total 1987 deposits increased $8,262,000, an increase "greater than any other financial institution based in Cass County," according to the report. THE CONSOLIDATED BALANCE sheet as of Dec. 31, 1987, lists total assets at $141,000,000, compared with $132,666,184 in 1986; loans to area businesses and individuals increased to $96,000,000 in 1987, compared with $83,550,243 in 1986; 1987 deposits were $126,691,006, compared with $118,429,064 in 1986; and capital increased to $6,790,000 in 1987 from $5,452,754 the previous year. The bank's reserve for possible loan losses in 1987'was $1,052,063, compared to $1,074,167 in 1986. Net income for the year was $1,383,872, compared with $1,155,330 in 1986. Total operating income in 1987 was listed as $13,150,023, compared with $13,489,738 in 1986. Total operating expenses were $11,345,096, compared with $12,046,828 in 1986. Under operating expenses, the provision for loan losses was listed at $615,000, compared with $820,000 in 1986. Officers of the F&M Bank are William N. Salin, chairman of the board and Thomas A. Scheetz, president. Senior vice presidents are Brian T. Chapman, cashier, and Robert L. Murray, trust officer and staff counsel. Vice presidents are Ted R. Eads, manager, Galveston Banking Center: Don R. Schlegelmilch, agricultural loans; ai.d Jerry L. Towle, senior loan officer ASSISTANT VICE PRESIDENTS are Georgie D. Binney, trust officer; J. Bradley Glasson, installment loans; Ellen M. Greubel, mortgage loans; Dorothy I,. Packard, operations; and Jonathan D. Slaughter, director of marketing and loan audit. Finance and operations officers are Shirley A. Clayton, operations; Linda S. Fisher, auditor; Bradley W. Marley, agricultural loans; and Mark D. Moore, consumer loans. Branch managers are Carol A. Edwards, Westside Banking Center; Nancy R. Gaylor, Walton Banking Center; Alicia A. Myers, Drive-In Banking Center; and Joseph L. Surface, Eastgate Banking Center. Directors of the F&M Bank are William N. Salin, John P. Bailey, Milton Cole, William N. Salin II, Thomas A. Scheetz, Herbert Small, William M. Taylor Jr., Charles W. 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