Sturgis Bancorp, Inc. Announces Cash Dividend Oct 21, 2014 02:30PM

STURGIS, MI -- (Marketwired) -- 10/21/14 -- Sturgis Bancorp, Inc. (OTCBB: STBI) today announced that its Board of Directors has declared a cash dividend of $0.03 per common share, payable December 15, 2014 to stockholders of record November 14, 2014.

The Company had paid regular quarterly dividends for several years through the third quarter of 2011, then suspended dividends to enhance capital ratios. This declaration increases the Company's regular quarterly dividend, reinstated in the first quarter of 2014, in light of significant asset quality improvements and increases in Regulatory capital levels.

Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company, and its subsidiaries Oakleaf Financial Services, Inc. and Oak Mortgage, LLC. Sturgis Bancorp provides a full array of trust, commercial and consumer-banking services from 11 banking centers in Sturgis, Bronson, Centreville, Climax, Colon, South Haven, Three Rivers and White Pigeon, Mich. Oakleaf Financial Services offers a complete range of investment and financial-advisory services. Oak Mortgage offers residential mortgages in all banking centers of the Bank.

For Sturgis Bank & Trust Company updates, visit

This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include statements regarding intent, belief, outlook, objectives, efforts, estimates or expectations of Bancorp, primarily with respect to future events and the future financial performance of the Bancorp. Any such forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement. Factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement include, but are not limited to, changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; government and regulatory policy changes; the outcome of any pending and future litigation and contingencies; trends in consumer behavior and ability to repay loans; and changes of the world, national and local economies. Bancorp undertakes no obligation to update, amend or clarify forward-looking statements as a result of new information, future events, or otherwise. The numbers presented herein are unaudited.

Sturgis Bancorp, Inc.
Eric Eishen
President & CEO
Brian P. Hoggatt
P: 269-651-9345

Source: Sturgis Bancorp Inc.

Funeral Giant SCI Accepts Union's Offer To Enter Federal Mediation Oct 21, 2014 02:31PM

CHICAGO, Oct. 21, 2014 /PRNewswire-USNewswire/ -- Funeral industry giant Service Corporation International (NYSE: SCI) has accepted Teamsters Local 727's offer to enter federal mediation as the union attempts to reach an agreement on a new contract for Chicago-area funeral workers.

"The union is making every effort to avoid a labor dispute, which ultimately would affect the communities and families our funeral members have dedicated their lives to serving," John Coli Jr., President of Teamsters Local 727.

Mediation is scheduled to begin Oct. 29 at Federal Mediation and Conciliation Services in Hinsdale, Ill.

Teamsters Local 727 representatives have met with the company 11 times since May to negotiate a new contract for 26 funeral directors and drivers at four Alderwoods funeral homes, which SCI owns and operates. The previous three-year contract expired June 30.

In its most recent contract proposal, the company is demanding to:

  • Eradicate job security
  • Significantly limit authority of the arbitrator in any disciplinary decision
  • Dismantle seniority rights
  • Eliminate guaranteed employment for full-time drivers
  • Retain unilateral ability to slash health care benefits at the company's discretion

Houston-based SCI operates more than 2,000 funeral homes and cemeteries in North America, many of which still bear the names of families that independently owned them for generations. SCI is a publicly traded company valued at nearly $5 billion.

Teamsters Local 727 represents more than 7,000 hardworking men and women, including about 500 funeral industry workers, in the Greater Chicago area.

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To view the original version on PR Newswire, visit:

SOURCE Teamsters Local 727

EXHIB-IT! Issues Call for Applications for Featured Nonprofits at 2015 8TH Annual Business-to-Business Expo in Albuquerque Oct 21, 2014 02:30PM

Albuquerque, New Mexico (PRWEB) October 21, 2014

Non-profits are invited to submit applications by Nov. 21

EXHIB-IT! has issued a call for applications for non-profits that would like to be considered for the beneficiary of funds donated during the 2015 Business-to-Business Expo. For application information, please go to our B2B Expo Nonprofit and Silent Auction Page.

This coming year, 2015, will mark the 8th B2B Expo. A non-profit organization will be chosen to receive the proceeds of the silent auction held at the New Mexico Expo, and will be highlighted in B2B Expo advance publicity and on the day of the Expo. Our Silent Auction has raised up to $10,000 in a single year and the non-profit selected will also receive our annual Exhibit Display Giveaway, which is an $1800 value donated by EXHIB-IT! awarded annually.

Prior silent auction recipients include: 2009-NM Christian Children's Home; 2010-Cystic Fibrosis Foundation; 2011-Joy Junction; 2012-Mothers Against Drunk Driving (MADD); 2013-UNITE for the Forgotten Children of New Mexico; 2014-Dream BIG.

Prior Exhibit Giveaway recipients include: 2009- Anderson School of Management Foundation at UNM; 2010- Samaritan Counseling Center; 2011- Children's Grief Center & YWCA-NM; 2012- People Living Through Cancer & Christina Kent Early Childhood Center; 2013- Albuquerque Heading Home; 2014-Dream BIG.

"We use the power of our annual expo to thank those organizations that continually give back to our community," said DJ Heckes, EXHIB-IT! CEO. "Albuquerque is blessed with many non-profits who do so much good for so many. The silent auction and the Exhibit Giveaway at our event provide outstanding opportunities to do business and to do good--helping two outstanding non-profits each year. Over the history of the expo, we have gathered more than $40,000 for our non-profit honorees."

For an interview of last year's silent auction recipient, Dream BIG, click here.

Applications are due by November 21, 2014 at 5:00PM. Winners will be announced the following Monday, just in time for Thanksgiving.

EXHIB-IT! is a design and display company with over 23 years' experience in specializing in high quality trade show displays and trade show management services. Industry thought leader and EXHIB-IT! CEO, DJ Heckes has prioritized customer education as a core company value by publishing hundreds of helpful blog posts, online newsletters, white papers on tradeshow related topics and her first book Full BRAIN Marketing.

Read the full story at

Pro Gym Supply Goes Green to Help Environment Oct 21, 2014 02:30PM

West Babylon, NY (PRWEB) October 21, 2014

Fitness is going green with Pro Gym Supply's used gym equipment. The gym equipment supply company has committed to helping the environment by cutting their waste, using eco-friendly materials and refurbishing old, used gym equipment.

It comes as no surprise that along with other industries, more fitness businesses are taking responsibility for their impact on the environment. Through their own dedication to reducing waste, Pro Gym Supply Inc not only refurbishes used fitness equipment to brand new, but in that process they recycle 80 possible wasted materials. Every week, all used cardboard, papers, metals and plastics are separated and carted away to their respective recycling centers and scrap metal reclamation stations. Additionally, they use water-based, non-volatile and environmentally-friendly paints on all of their equipment.

Aside from the cost-saving benefits and ability to personalize each and every machine during the process, there are countless reasons to buy refurbished equipment. First and foremost is the preservation of raw materials as Pro Gym Supply's Certified Re-Manufacturing program works to restore the original materials. What is also markedly reduced every time a refurbished machine is chosen over a new one are the amount of toxic paints, plastics discarded that may never decompose, wasted metals and carbon used to manufacture and ship a new machine.

By having one of the largest inventories of used gym equipment, Pro Gym Supply makes it easy to go green with high-quality, low priced, fitness equipment that is certified as "same as brand new." From keeping chemicals out of landfills, to preserving raw materials and keeping energy costs low, Pro Gym Supply helps make a positive impact on the environment to help make fitness green.

Pro Gym Supply is a supply of premium quality commercial grade used gym & fitness equipment. They are based out of Farmingdale, New York in Long Island. Pro Gym Supply has an extensive selection of used commercial treadmills, used commercial ellipticals, exercise bikes, spin bikes & group cycles, and a vast selection of commercial gym quality strength equipment. stands out from the crowd because of their quality and the craftsmanship that is put into every single piece of refurbished, reconditioned and remanufactured commercial fitness equipment. They specialize in custom remanufactured products and can handle any job no matter how big or small.

Read the full story at

Southcoast Announces 2014 Nine Months and Quarterly Results Oct 21, 2014 02:30PM

MT. PLEASANT, S.C., Oct. 21, 2014 (GLOBE NEWSWIRE) -- Southcoast Financial Corporation (Nasdaq: SOCB) announced that it had unaudited net income of $2,385,000, or $.34 per diluted share, for the nine months ended September 30, 2014. This compares to unaudited net income of $8,735,000, or $1.23 per diluted share, for the nine months ended September 30, 2013. The difference in net income between the two periods primarily relates to the one-time tax benefit of $6.4 million derived from the recapture of the Company's deferred tax asset during the nine months ended September 30, 2013. The September 30, 2014 net income per share is based on 7,089,630 diluted average shares compared to 7,074,183 diluted average shares for 2013. Income before income taxes increased by 47.8% to $3,506,000 in 2014 from $2,372,000 in 2013. The 2014 pretax results were influenced by a growth in loan interest income, reduced funding costs and reductions in noninterest expenses.  

For the nine months ended September 30, 2014, net interest income totaled $10,858,000, an increase of $468,000 from $10,390,000 for the nine months ended September 30, 2013.

Noninterest income for 2014 decreased to $1,630,000 from $1,840,000 for 2013, primarily due to a $176,000 reduction in fees on mortgage loans sold. This reduction was a result of the Company's current strategy to retain the majority of its mortgage originations in its loan portfolio.

Noninterest expense levels decreased from $9,858,000 for 2013 to $8,982,000 for 2014. Contributing to this decrease were reductions in salaries and benefits, FDIC insurance premiums and overhead expenses on other real estate owned.

For the quarter ended September 30, 2014, the unaudited net income was $1,033,000, or $0.15 per diluted share. This compares to an unaudited net income of $694,000, or $0.10 per diluted share for the quarter ended September 30, 2013. The Company recorded pretax income of $1,430,000 and $694,000 for the quarters ended September 30, 2014 and September 30, 2013, respectively. The pretax results for the quarter ended September 30, 2014 included $455,000 of nonrecurring income related to the liquidation of an insurance policy as well as gains on the sale of other real estate owned. The Company did not generate any nonrecurring income from either of these sources for the quarter ended September 30, 2013. The September 30, 2014 income per share is based on 7,093,132 diluted average shares compared to 7,077,878 diluted average shares for the quarter ended September 30, 2013.

Total assets as of September 30, 2014 were $464.4 million compared to $447.4 million as of December 31, 2013, an increase of 3.81%. Loans held for investment increased $23.0 million, or 6.94%, to $354.9 million, from $331.9 million as of December 31, 2013. Deposits increased by $8.1 million, or 2.55%, to $323.9 million at September 30, 2014, compared to a balance of $315.8 million at December 31, 2013. More than half of the increase in loans was funded by an increase in core non-time deposits. Growth in core non-time deposits is a major focus of our Company's strategic plan.

Due to a continued improvement in asset quality, the Company has not recorded any loan loss provision during the nine months ended September 30, 2014. Increased loss recoveries and reductions in non-performing assets, delinquencies, and classified loans all contributed to this result. The ratio of nonperforming assets to total assets was 2.64% as of September 30, 2014, compared to 3.83% as of September 30, 2013. The allowance for loan losses as a percentage of loans was 1.67% as of September 30, 2014, compared to 2.02% as of September 30, 2013. The allowance for loan losses as a percentage of total nonperforming loans totaled 72.60% as of September 30, 2014, compared to 72.45% as of September 30, 2013.

"We are pleased with our 2014 performance to date. Our asset quality continues to strengthen while we have also achieved healthy loan growth and a more favorable deposit mix," said L. Wayne Pearson, Chairman and Chief Executive Officer.

About Southcoast Financial Corporation

Southcoast Financial Corporation, headquartered in Mt. Pleasant, South Carolina, is the holding company of Southcoast Community Bank. The Bank, which opened for business July 20, 1998, is a state chartered commercial bank operating from its main office at 530 Johnnie Dodds Boulevard in Mt. Pleasant, South Carolina and nine branches in the Charleston, South Carolina area. Southcoast Financial Corporation's common stock is traded on the NASDAQ Global Market under the symbol SOCB.

Southcoast Financial Corporation    
(dollars in thousands, except earnings per share)    
  Three Months Ended
   September 30, 2014  September 30, 2013
 Net interest income  $ 3,655  $ 3,484
 Provision for loan losses  --   -- 
 Noninterest income 512 560
 Noninterest expenses 2,737 3,350
 Income tax expense  397  -- 
 Net income  $ 1,033  $ 694
 Net income per share    
 Basic  $ 0.15  $ 0.10
 Diluted  $ 0.15  $ 0.10
Average shares outstanding    
 Basic 7,093,132 7,077,878
 Diluted 7,093,132 7,077,878
Detailed Non Wholesale Deposit Account Summary    
 Time  2,550 2,830
 Business 2,425 2,388
 Personal 8,507 7,991
 Total 13,482 13,209
Total Number of Loans 2,290 2,182
Key ratios     
 Return on assets1 0.90% 0.64%
 Return on equity1 7.32% 7.22%
 Nonperforming assets to assets2 2.64% 3.83%
 Reserve to loans 1.67% 2.02%
 Reserve to nonperforming loans3 72.60% 72.45%
 Net interest margin1 3.66% 3.64%
1 Ratios for three months are annualized.
2 Includes nonaccruing loans, loans 90 or more days past due still accruing interest, troubled debt restructures, and other real estate owned.
3 Includes nonaccruing loans, loans 90 or more days past due still accruing interest, and troubled debt restructures.
  Southcoast Financial Corporation
  Consolidated Balance Sheets
  (Dollars in thousands)
  September 30 2014  December 31 2013
Cash and cash equivalents $29,529 $28,460
Investments 39,080 43,451
Loans held for sale 257 271
Loans 354,938 331,906
Less: Allowance for loan losses 5,938 6,041
Net loans 349,000 325,865
Fixed assets 20,605 21,150
Other assets 25,962 28,187
 Total Assets $464,433 $447,384
Liabilities & Shareholders' Equity    
 Noninterest bearing $52,213 $40,399
 Interest bearing nontime 140,293 138,899
 Time deposits 131,373 136,530
 Total deposits 323,879 315,828
Other borrowings 79,664 73,818
Other liabilities 4,917 4,859
Junior subordinated debentures 10,310 10,310
 Total liabilities 418,770 404,815
Shareholders' Equity    
 Common Stock  54,619 54,544
 Accumulated deficit  (7,551)  (9,937)
 Accumulated other comprehensive loss  (1,405)  (2,038)
 Total shareholders' equity 45,663 42,569
Total Liabilities and Shareholders' equity $464,433 $447,384
Book Value Per Share $6.44 $6.01
 Southcoast Financial Corporation
 Consolidated Income Statement
 (Dollars in thousands, except share data)
  Nine Months Ended Three Months Ended
  September 30 2014 (Unaudited) September 30 2013 (Unaudited) September 30 2014 (Unaudited) September 30 2013 (Unaudited)
Interest Income        
 Interest and fees on loans $12,703 $12,468 $4,286 $4,106
 Interest on investments 838 809 259 318
 Interest on Fed funds sold 23 24 7 11
 Total interest income 13,564 13,301 4,552 4,435
Interest expense 2,706 2,911 897 951
 Net interest income 10,858 10,390 3,655 3,484
Provision for loan losses  --  --  --  --
 Net interest after provision 10,858 10,390 3,655 3,484
Noninterest income 1,630 1,840 512 560
 Total operating income 12,488 12,230 4,167 4,044
Noninterest expense         
 Salaries and benefits 4,880 5,260 1,431 1,705
 Occupancy and furniture and equipment 2,137 2,221 709 763
 Other expenses 1,965 2,377 597 882
 Total noninterest expense 8,982 9,858 2,737 3,350
Income before taxes 3,506 2,372 1,430 694
Income tax expense (benefit) 1,121 (6,363) 397  --
Net income $2,385 $8,735 $1,033 $694
Basic net income per common share $0.34 $1.23 $0.15 $0.10
Diluted net income per common share $0.34 $1.23 $0.15 $0.10
Average number of common shares        
 Basic 7,089,630 7,074,183 7,093,132 7,077,878
 Diluted 7,089,630 7,074,183 7,093,132 7,077,878
CONTACT: William C. Heslop, Senior Vice President and
         Chief Financial Officer, (843) 216-3019
Source: Southcoast Financial Corporation

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