Holding company sees rise in bank's income
Augusta-based Georgia-Carolina Bancshares, the holding company for First Bank of Georgia, reported higher second-quarter income Wednesday.
President Remer Brinson III said the bank had "solid" growth in net interest income and non interest income.
"This increase in net income was also achieved in spite of a $642,000 increase in our provision for loan losses and a $279,000 increase in FDIC insurance expense," he said.
Net income for April, May and June was $899,000, higher than the $866,000 earned in the second quarter of 2008.
Total assets were $488 million at the end of June, up from $460 million at the beginning of the year.
Deposits totaled $399 million, up from $377 million at the start of 2009.
Sheet metal facility in Wrens will close
Mestek Inc. will stop production at its Wrens, Ga., plant Saturday, putting 91 employees out of work.
The company is shutting down the Jefferson County sheet metal products plant in response to difficult economic conditions and rapidly deteriorating profitability, according to a company statement.
Mestek Inc. plans to move out of the 125,000-square-foot facility by Aug. 31, said Wrens Mayor Lester Hadden.
Affected employees include sheet metal and assembly workers, toolmakers and machinists. They will be offered severance packages, the company said.