LITTLE LOCAL IMPACT EXPECTED
UCB Plans To Trim 320 Jobs, Shut Offices
To Boost Profits And Remain Competitive
BY SUSAN USHER
Plans announced Monday by
United Carolina Bancshares (UCB)
to cut 320 jobs and closc 15 officcs
as part of an overall restructuring are
expected to have little effect here.
"I'm not able right now to tell you
any specifics regarding Brunswick
County, but I can tell you it's likely
to have hardly any impact there,"
said John McLaughlin, spokesman
for the Whiteville-based bank. "In
the very worst case it won't hit
Brunswick County very hard at all."
McLaughlin said the streamlining
and restructuring efforts, coming on
the heels of UCB's best year to date,
are intended to strengthen the bank's
independent position in an industry
in which buyouts and takeovers arc
increasingly common.
UCB presently has 145 offices
and more than 2,024 employees in
26 North Carolina counties and
three South Carolina counties, with
10 offices and 85 employees in
Brunswick County. North Carolina's
ninth largest bank, UCB has total as
sets of $3.24 billion as of Sept. 30,
an increase of 1 1 percent over 1993.
Plans include closing 15 offices,
eliminating 235 full-time regular
jobs ? about 12 percent ? by the end
of this year through either early re
tirement or severance arrangements
and phasing out 85 temporary posi
tions. If enough employees haven't
chosen early retirement by a Nov. 10
deadline, layoffs will follow.
At the same time UCB plans to
change staffing patterns so that more
employees will be on duty during
"We hope this is
the only type of
transition like this
we have to make, "
? John McLaughlin
hours when customer traffic is great
est, centralize certain functions, and
increase the use of automation for
labor-intensive tasks.
"We hope this is the only type of
transition like this we have to
make," said Mclaughlin, noting that
other, larger banks in the state have
already carried out similar pro
grams. "We had hoped to do ours
without closing branchess and lay
ing off employees, but we couldn't."
"We have to get into our best
shape to be competitive," he said.
"A lot of the changes should im
prove service in the branches and
others are reducing costs to some
degree."
The changes should make UCB
less vulnerable to any takeover at
tempts by making operations more
efficient, more effective and more
profitable. "That should make us
more expensive to buy, reducing the
number of potential acquirers," said
McLaughlin.
In a prepared statement, Chief
Executive Officer Rhone Sasser
said, "While 1994 has thus far been
the best year in UCB's history
management is convinced that the
competitive environment of the fu
ture dictates that UCB take decisive
actions now to assure the continued
effectiveness of our service delivery
system and to remain a strong par
ticipant in the marketplace."
So far this year UCB's return on
assets was 1.15 percent and its re
turn on stockholder equity was
14.07 percent. Its ratio of profits to
costs also trails that of rivals who
have already trimmed operations.
The combination of enhanced ear
ly retirement packages and sever
ance pay packages and closing
branches will add $7 million to $10
million in fourth-quarter expenses
for this year, McLaughlin said, but
should reduce pre-tax expenses in
future years by $9 million to $10
million annually.
Announcement of the staff cuts
and restructuring came the same day
UCB reported a net gain in income
of 11.7 percent to $9.35 million, or
64 cents per share during the quarter
ended Sept. 30.
Through the first nine months of
the year the bank earned $26.75 mil
lion, up 5.5 percent from $25.35
million last year.
UCB is the parent company of
United Carolina Bank and United
Carolina Bank of South Carolina.
Child Acts Quickly, Calmly
In Saturday Automobile Fire
A 5-year-old's quick action and
awareness of fire safety may have
saved his own life and that of his
younger brother when the family car
caught fire on U.S. 17 near Shallotte
Saturday night.
Five-year-old Mikey Lysak and
his 3-year-old brother Alex were rid
ing in the back seat when their fa
ther, Richard Canfield, noticed
smoke coming from under the hood
of his 1985 Plymouth Horizon, ac
cording to the children's grandmoth
er, Sharon Lysak of Ocean Isle
Beach.
Canfield pulled off U.S. 17 near
Union School Road and got out to
check under the hood. When he saw
flames, he yelled to Mikey to unfas
ten both his own and Alex's safety
belts and to get clear of the car. Can
field, meanwhile, was unfastening a
third child, an 18-month-old in the
front seat, from a child safety seat.
"Mikey did a lot for his age," his
grandmother said. "It happened very
fast. He didn't really realize what he
had done until the car went up in
flames. Then he started crying."
Sharon l.ysak said Mikey had
been learning about fire safety in his
class at Union Elementary School
and that the family has fire drills at
the Ocean Aire Estates home. also.
"We were lucky nobody was
hurt," she said
r
Chapter I/Migrant Education Annual
Meeting Set Tuesday For Parents, Families
The Brunswick County Schools
plan "an evening of fun and infor
mation" for Chapter I and migrant
education parents or guardians and
their families Tuesday, Oct. 25, from
6 p.m. to 8 p.m. at Bolivia Ele
mentary School.
Hot dogs, chips and soft diirks
will be served during registration,
which starts at 6 p.m. in the school
cafeteria. At 6:45 p.m. Patricia
Ward, Chapter 1 director, and Joe
Butler, Migrant Education/Parent
Involvement director, will give an
overview of the programs.
Mini-sessions for parents begin at
7 p.m. These will include student
performances, storytelling, reading
tips, guided lessons in using com
puters so that parents can see what
their children are doing in computer
lab at schooi, neaiiny kid tips in
Spanish and English, time saving
tips and a session for those interest
ed in completing the GED and earn
ing the equivalent of a high school
diploma.
In the gymnasium booths will fea
ture exhibits on services available
oo
Buttle professor I
ook centeKI
River Run Shopping
Southport. NC 28461
457-9653 or 800-722-2323 |
INCOMING OCTOBER 31"!!! I
Sunday New York
Times, Barrens,
Washington Post & I
Other Newspapers.
Call TODAY to
reserve your copy. |
SPECIAL PURCHASE..
Hardcover Fiction &
Biographies.
JU$T $2.99
Sunday 10/30 2:00 PM
Halloween Story
Ages 2-5. Come In
Costume & Join the Funl
Monday 10/31 2:00 PM
Newspapers Arrive
Saturday 11/5 i-4 PM
(or til whenever!)
Author Signing: Whatever
Hipped to Randolph Scott?
Son Chris Scott with his first
signing of his long-awaited
account of life with his famous
father. Be the first to get your
personalized copy.
Don't forget to drop off
your used or new books
for South Brunswick
Middle School
November 5-12 U National
Celebrate Your Independent
Bookstore Week.
November 14-20 I* National
Children's Book Week.
through the schools and community
such as the Pre-kindergarten pro
gram, Take-Home Computer and
Parent Center, Drug Resistance
Awareness Education (DARE),
SAFE Schools, the Brunswick
County Literacy Council and Fish
For- Prizes.
The program wraps up at 7:50
p.m. with door prize drawings and
an ice cream social in the cafeteria.
The Chapter I reading and math
program serves eligible school age
children in pre-kindergarten through
fifth grade, while the Migrant
Education program serves eligible
students in pre-kindergarten through
12th grade.
Just Good '
Sot too salty, not too bland, Jim llawn of Cleveland, Ohio , finds
the main attraction at this year's North Carolina Oyster Festival
"just good!" and on his menu for lunch and supper. He and other
family members plan a trip to Ocean Isle Heach each October to
enjoy the festival \ good food and the equally good golf found at lo
cal courses
Great Rates Are
As EasyAsUCB.
24 to 35 month CD 36 to 59 month CD
6.00% 6.25%
Annual FVrix.cn tagc Annual fcrventage
Yield (APY) ? Yield (APY)
The minimum balance to obtain this APY is S 1 .000
The Personal I ouch. liasyAs I
I I BANK ?
for additional raws atul terms or ftn more infonnatum,
please visit any UCB office or call 754-4301.
Text telephone jar the hearing impaired, 1-800-87 6-6545
Ihi-S APY is atiuratr as t?f Ck tuber 18. 1W4 Not .iwiLhlr (or brokrrrd dcpmits
A penalty may be imposed (or carl) withdrawal
[ Congratulations to the Town of Holden Beach
I on its 25th Anniversary
? ?
Join the celebration at the North Carolina Festival by the Sea ? October 29 and 30
1 50 Crafters ? Food, Food, Food
Street Dance Saturday 7:30-11:30 pm sponsored by LOVE 103.7 WLTT FM
Music provided by Blazers
Shirts available at the Festival, UCB, NationsBank, The Lighthouse, L Bookworm, Holden Beach Properties
Holden Beach Enterprises. See you there! The Greater Holden Beach Merchants Association
oiwvthe e