Summit posts weaker quarter
Summit Financial Group Inc., the corporate parent of Summit Community Bank, reported third-quarter 2012 net income of $803,000 or 10 cents a share.
In comparison, the company reported net income of $1.8 million or 24 cents a share in the same period a year ago.
Charles Maddy, Summit's president and chief executive officer, said, "We are pleased by our continued progress having now achieved six consecutive quarters of profitability; unfortunately, as anticipated, earnings are and will remain choppy in the near term as our foreclosed properties are re-appraised and written down to estimated fair values on an ongoing basis."
Summit Financial Group is headquartered in Moorefield. Summit Community Bank has 15 offices, including branches at Southridge Centre and at 620 Virginia St. E.
MVB Financial Corp. shows higher profit
MVB Financial Corp., the corporate parent of MVB Bank Inc., reported third-quarter 2012 net income of $1 million, a 56 percent increase from the $673,000 in net income reported in the same period a year ago.
Last month the Fairmont-based company announced plans to enter the Charleston market by opening a branch on Washington Street East across from Embassy Suites. The company has offices in Marion, Monongalia, Harrison, Berkeley and Jefferson counties.
Registration begins for networking event
Charleston Area Alliance and Suddenlink Business are accepting registration for the fourth annual Speed Networking with the Stars Nov. 13 at the Charleston Marriott Town Center.
Individual tickets are $50 for Alliance members/$75 future members through Friday. Prices increase to $75 for Alliance members/$100 future members after that date. To register, contact Deb Coffman at 304-340-4253 or email dcoff...@charlestonareaalliance.org.
Tractor Supply Co. to open Quincy store
Tractor Supply Co. has obtained a building permit for a store at Quincy, the Kanawha County Commission announced.
Construction of the $1.6-million, 20,000-square-foot building will begin in the next few weeks with completion scheduled for late spring, the commission said.
The building will be erected on property leased from Quincy Coal, near the 84 Lumber Co. outlet on the west end of the Quincy Mall, the commission said.
Commission President Kent Carper said, "Quincy Coal is to be commended for their diligence in putting together a lease package that enticed Tractor Supply Co. to build in the eastern part of our county.
"This development will bring 25 to 30 much-needed new jobs to the eastern part of our county," Carper said.
Tractor Supply is the largest retail farm and ranch store chain in the United States. The company has 23 stores in West Virginia, including stores at Hurricane, Ripley, Spencer and Weston.