Business In Brief - January 3, 2008
Comporium to purchase Citizens Telephone
Rock Hill-based Comporium Communications on Wednesday announced it agreed in principle to purchase Citizens Telephone and its subsidiary, Sylvan Valley CATV.
Brevard, N.C.-based Citizens Telephone primarily serves Transylvania County in western North Carolina. In 2006, Citizens Telephone reported service to 20,800 local telephone lines and more than 6,500 cable TV subscribers.
"Citizens is a very healthy company that is geographically positioned for steady growth," Comporium president and CEO Bryant Barnes said in a news release. "Transylvania County, because of its proximity to Asheville and Hendersonville but with its own small-town friendliness and rich cultural tradition, is considered a highly desirable and livable area."
Barnes said the two companies will finalize the acquisition in the second quarter. Both companies are privately owned, and financial details will not be released, Barnes said, adding that more details would be announced when the transaction is completed.
"We're still in the planning phase with this transition and are excited about the new venture," he said. "This acquisition fits well with our core business and vision for the future in communications."
PCB adds Billy Williams to lending staff
Provident Community Bank has appointed Billy Williams as a mortgage loan originator, the company announced Wednesday.
Williams has been a lender for more than 20 years, serving as a branch manager for the Columbia office of Beneficial and most recently as president of Flex Mortgage. In his new position, Williams will assist clients, builders and real estate agents with mortgage and construction loans.
Three promoted at Family Trust
Three employees of Family Trust Federal Credit Union were recently promoted.
Kaye Burks has been promoted to vice president-human resources manager. Burks has been employed with the credit union since 2002 as human resources manager and has more than eight years of human resources management experience prior to employment with Family Trust.
Ryan Harvey has been promoted to assistantvice president- payment systems manager. Harvey began his career with Family Trust in 2003 as the e-services manager. He was promoted to payment systems manager in 2006. He holds a bachelor's degree in computer science from Winthrop University.
Michael Webb has been promoted to assistant vice president- information systems manager. Webb began his career with Family Trust in 2004 as a part-time assistant network administrator while attending Winthrop University. He was promoted to assistant information manager in late 2004 and was promoted to software developer in 2006. He holds a bachelor's degree in information systems and an MBA from Winthrop University.
Manufacturing sector contracts in December
NEW YORK -- The U.S. manufacturing economy unexpectedly contracted in December, ending a streak of 10 consecutive months of growth and sinking to its lowest point in almost five years, the Institute for Supply Management, a Tempe, Ariz.-based private research group, said Wednesday.
The decline suggests that the overall economy may be weakening faster than some economists predicted.
The figures are closely watched because a slowdown in factory production can translate to job cuts, which in turn reduces consumer spending -- a major component of the economy.
This story was originally published January 3, 2008 at 12:35 AM with the headline "Business In Brief - January 3, 2008."