Quarterly income falls for Security Federal

Quarterly income falls for Security Federal

Security Federal Corp. reported lower net income for the most recent quarter.

The Aiken-based holding company for Security Federal Bank reported net income of $339,000 for the three months that ended Sept. 30, or 14 cents per share, compared with $785,000, or 31 cents per share, in the same quarter of 2008.

Total assets at the end of September were $981.9 million, down from $984.7 million at the end of March, which is the beginning of its fiscal year. Total deposits, however, continue to be up from the beginning of the fiscal year, $662.4 million compared with $661.7 million.

NCR purchases Netkey for an undisclosed amount

DULUTH, Ga. - NCR Corp., a maker of ATMs, retail checkout scanners and self-serve kiosks, said Monday that it bought Netkey Inc., a provider of kiosk and digital sign software applications.

Terms were not disclosed.

Netkey, based in East Haven, Conn., has more than 75,000 kiosks and digital signs installed in the retail, finance, transportation and government sectors.

NCR shares fell 11 cents to $10.04 in morning trading Monday.

3 reports on economy provide upbeat news

WASHINGTON --- Hopes for the fledgling economic recovery got a boost Monday from better-than-expected news on manufacturing, construction and contracts to buy homes.

The Institute for Supply Management's gauge of manufacturing activity grew in October at the fastest pace in more than three years. It was driven by businesses' replenishing of stockpiles, higher demand for American exports and support from the government's $787 billion stimulus program.

Construction spending rose a bigger-than-expected a 0.8 percent in September, while the National Association of Realtors said the volume of signed contracts to buy previously occupied homes rose 6.1 percent in September to a reading of 110.1. That's the highest level since December 2006, and it's more than 21 percent above a year ago.

Stanley Works ready to acquire Black & Decker

NEW YORK --- Stanley Works is buying rival Black & Decker Corp. for $4.5 billion, the two companies said Monday, bringing together mammoth brands in the toolmaking business.

The deal would create the largest U.S. toolmaker, Morningstar analyst Anthony Dayrit said.

Stanley shareholders will own about 50.5 percent of the combined company, which will be named Stanley Black & Decker. Black & Decker shareholders will own an approximate 49.5 percent stake.

Stanley Chairman John F. Lundgren will be president and CEO of the combined entity after the all-stock deal is complete.

Boards of directors for each company approved the deal, which still must receive regulatory and shareholder approval.

In other news

AS THE PROSPECT of double-digit unemployment looms, President Obama on Monday sought to set expectations, saying job losses will likely roll on "for weeks and months to come" because hiring always lags in an economic rebound.

TAXPAYERS ARE UNLIKELY to recover their full investment in GM or Chrysler, government investigators said Monday in the latest review to cast doubts that the government will recoup the $80 billion it poured into the two automakers.