Newspapers / The Perquimans Weekly (Hertford, … / Jan. 25, 1990, edition 1 / Page 1
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THE PERQUIMANS WEEKLY Volume 59, No.4 USPS 421-OM Hertford, PerquimonsCounty. N.C., .Thursday, January 25,1990, 30 CENT.? Sports Pirates storm Hurricanes p,ge, Growing lemon balm 1*4 u F—tuf i Looking at yesteryear Briefs NCNB reports Income NCNB Corp. reported net incomt for 1969 of $447.1 million, an in crease of 77 percent over net in come of $252.5 million in 1988 Earnings per share rose 59 percen to $4.62, compared to $2.90 pei share the previous year, NCNI achieved a return on equity of 20.4! percent in 1989, a substantial in crease from the return on equity oi 15.55 percent in 1988. The company increased its dividend per commoi share by 17 percent in 1989, from & cents to $1.10 per share. In the fourth quarter of 198! NCNB earned $136.2 million, a 112 percent increase from $64.3 millior in the same period of 1988. Earn ings per share rose 88 percent tc $1.30. Improved credit quality was a factor in NCNB’s storag perfor mance in 1989. Net charge-offs de clined to $147.1 million, or .45 percent of average loans and leases m 1989, compared to net charge offs of $147.5 million, or .83 percent of average loans, in 1988. This de cline was achieved despite an in crease in loans of $15.5 billion in 1989 to $34.4 billion at year end. Peoples declares dividends On January 16, the Board of Di rectors of Peoples Bancorporation declared a first quarter dividend of 14.5 cents per share, an increase of 11.5 percent over the dividend paid during the first quarter of 1989. The dividend will be paid on March 21, 1990, to shareholders of record on March 7,1990. The ex-dividend date is March 1,1990. Play House soaks members The Perquimans Play House Inc. membership drive is underway for the 1990 season. “We need new members to participate and sup port the organizaion” said mem bership chairman Billy White. Perquimans County is fortunate to ahve a dinner theater in our county with such high quality. Please consider joining this growing organization and help make a contribution to the commu nity.” The Playhouse has added a much-needed cultural arts outlet in the county. Two productions were staged last year and at least two are planned for 1990. Currently the group is working on a play to open at the end of April at Angler’s Cove Restaurant. A letter has been sent to current Playhouse members to remind them to renew their membership. All other interested persons may contact the Chamber of Commerce or any Playhouse member. General membership meetings are held the first Monday night of each month at Angler’s Cove. Harris on powor board North Carolina Eastern Munici pal Power Agency (NCEMPA) Board of Commissioners elected its officers at its December 27 meeting in Wilson. NCEMPA officers for 1990 are: Rocky Mount Mayor Frederick E. Turnage, chairman; Laurinburg City Manager Peter G. Vanden berjg, vice chairman; and Scotland Neck Town Commissioner N. O. McDowell, Jr., secretary-trea surer. At-large executive commit tee members include Hertford Town Commissioner Jesse Harris. Power agency participants in clude 32 municipalities which own their electrical distribution sys tems. Participants purchase power from the agency. NCEMPA has ownership interests in generating facilities operated by Carolina • Power & Light Company. NCEM PA’s board of commissioners in cludes representatives from all of its participating municipalities se lected by their respective govern ing bodies. ENTER AS MANY j ) TIMES AS YOU WANT DETAILS ON PAGE 7 : ' ' -t: CONTEST SO00 FIRST PRIZE Peoples, Planters to merge into Centura Banks. Inc. m Peoples Bancorporation (AMEX:PBK) and The Planters Corporation (NASDAQ: PNBT) : have agreed to merge into a new company called Centura Banks Inc., which will have total assets in excess of $2.5 billion. The new com pany will have more than 140 of ' fices throughout North Carolina— from Kitty Hawk to Boone. “This is probably the most logi ; cal bank merger in North Carolina history,” said Peoples Chairman ! Robert R. Mauldin and Planters Chairman J. Richard Futrell Jr. in a joint statement. “It’s truly a merger of equals. We’re approxi mately the same size, our head quarters are in the same city and our offices are in the same general areas of the state. Our combined strengths, and the resulting bene fits, will put us in an excellent posi tion for the 1990s. “This is a unique opportunity to strengthen our market position and growth potential. Our staffs, serv ices and branches complement each other very well. We are confi dent Centura Banks will provide higher returns for our sharehold ers, an outstanding work environ ment for our employees, exceptional products and services for our customers and greater in volvement in our communities.” The new name, Centura, is de rived from the Latin term centuria and its derivatives centurion, which means protector, and cen tury, meaning 100 years. “The name connntes strength, se curity and stability, hallmarks of both our institutions and very im portant factors to bank custom ers,” Mauldin and Futrell said. “Centura is unique in the market place and communicates an inno vative, forward-looking image as we approach a new century. ’ ’ The new company will maintain its headquarters in Rocky Mount, which has been home to Peoples and Planters for a combined ISO years. Both chairmen stressed Cen tura will continue to support Rocky Mount and the other communities it will serve. Under the definitive agreement, which was approved by the boards of directors of both companies, each Planters and Peoples share holder will receive one share in the new company for each share of Peoples or Planters common stock held on the closing date. The ex change is expected to be tax-free for stockholders and will be ac counted for as a pooling of inter Merger will allow for expanded local service me merger oi rcopies Jtsancorporauon ana Plant ers Corporation will allow Peoples Bank to better serve its customers, according to Ben Berry, senior vice president and regional executive. “We’re ver excited about it,” Berry said. “We feel like it will benefit our customers and shareholders. ’ ’ Although the bank will change names, its commit ment to and support of the community will not. “Our banking philosophy will still be the community banking philosophy,” Berry stated. He explained that most management decisions will be made on the local level, jsut as they are now. "We’re real positive about it (the merger),” Berry summed up his feelings on the pending consol idation. He said company officials hope to complete the transaction and change the bank’s name by Sep tember. ests. Based on the closing stock price of both companies on January 12,1990, Centura would have a pro forma market capitalization of ap proximately $201 million. The agreement requires appro val by shareholders of both compa nies and federal and state regulatory authorities. The merger is expected to be completed by the fourth quarter of 1990. Each company has granted the other an option to purchase up to 19.9 percent of the other’s outstand ing common stock if certain events occur. The new beard of directors will have 13 members from each com pany, including equal representa tion on the eight member executive committee. Futrell will be chair No more ruts N.C.D.O.T. employees repair the damage to Grubb Street near the railroad tracks. The town council had received complaints about the condition of the street and requested the repairs. Foreman joins extension There’s a new face at the Perqui mans County Extension Office. Risha Foreman has joined the staff in a secretarial capacity, filling the position vacated by Louise Barnett upon her retirement in December. Miss Foreman began her new job on January 2. Her primary duties include assisting the Home Eco nomics Extension Agents, Paige Underwood and Juanita Bailey. She types newsletters and per forms general office work for ex tension homemakers, EFNEP, 4-H and other extension projects. A 1985 graduate of Perquimans High School, Miss Foreman earned her associates degree in General Office Technology from College of The Albemarle in 1988. She was em ployed by the Perquimans County Schools System prior to joining the Extension staff. Miss Foreman is a Perquimans County native who lives between Hertford and New Hope. Her par ents are Rufus and Ella Mae Fore man. Risha Foreman. Senate Bill 2 calls for local school decisions By LEO HIGGINS Hie heart of Senate Bill 2 is to allow more local decision making in the process of educating chil dren. Key to this concept is the involvement of those closest to students in making important de cisions about their instruction. The Act requires that a substantial number of teachers and school administrators be actively involved in developing school improvement plans. Local school systems that choose to participate in the program must establish a set of goals aimed at increasing student performance. The primary acceptable measure of student performance is the S.A.T. scores. Senate Bill 2 also allows participating school systems to request waivers from state laws if such waivers are considered necessary to accomplish student performance goals. Clam size, teacher certification, assignment of teacher assistants and use of state-adopted textbooks are examples of state laws from which waivers may be re quested. Waivers may not be requested to change state salary schedules or employee benefits for school employees. Another important element of the Bill is flexible funding. Existing state rules establish separate funding categories for textbooks, instructional supplies, testing support and related equipment. Schools would have these funds combined into a single category for use to fulfill local needs. (Ex ample: a local school might elect to postpone re placement of a textbook and buy computers instead). < School systems eldcting to operate under Senate Bill 2 must have clearly-stated goals to improve ^ student performance. Plans should also include !-M measuring progress at two, three and five-year • -h -intervals. . . County administration, staff develop plans Perquimans County School principals, some teachers and staff gathered Monday, Jan. 8 to launch what may become a whole new way of edu cating children in Perquimans County. Respond ing to the North Carolina School Improvement and Accountability Act of 1989 (Senate Bill 2), Superin tendent Dr. Mary Jo Martin has formed a task force to develop a school improvement plan for the county. Several county citizens have been asked to serve and provide input from people not normally involved in the school system. Jake Boyce, assistant superintendent, told the taskforce, “Educators recognize there was a time : when schooling was not really intended for all stu dents. Major focus was to educate children for col lege. Often,” he said, “Minority children, those with learning disabilities, and certain socio-eco nomic levels were not educated”.r Boyce stated, “The wave of the future in Amer ica is toward service-oriented industry and we must be sure all of our students are prepared to the best of their abilities.” Each school in Perquimans County will form subcommittees to deal with recommending waiv ers to state and local rules. Cheryl Green, fourth grade teacher from Hert ford Grammar School, told the task force “Per quimans County Schools are committed to caring, B sharing and learning for all students in quality and equitable environment,’’., ,w:> ■ * , ■ -S. man and chief executive officer, and Mauldin will be president, chief operating officer and chair man of the board’s executive com mittee. The agreement calls for Mauldin to succeed Futrell in April of 1993, at which time Futrell will become executive committee chairman. Five other executives will1 join Futrell and Mauldin on the man agement committee: Ray J. Bole man, Jr., president of Planters Bank, Frank L. Pattillo, president of Planters Corp., Cecil W. Sewell, Jr., president of Peoples Bancorp., W. Douglas Starr, vice chairman of Planters Corp. and William H. Wil kerson, president of Peoples Bank. The companies’ combined trust operations will have approximately $500 million in assets, considerably strengthening the new organiza tion’s ability to market trust and fi duciary services. Peoples is the ninth largest bank holding company in North Carolina with total assets at year-end 1989 of $1.3 billion. Its subsidiaries, Peo ples Bank and Trust, Peoples Bank of the Triad and Mid-South Bank and Trust, have 75 offices in North Carolina. Planters is the 10th largaest bank holding company in North Carolina with total asets at year-end 1989 of $1.2 billion. Its sole subsidiary, Planters National Bank and Trust, has 64 offices in North Carolina. Centura Banks Inc. will be the eighth largest bank holding com pany in the state. Jury selected, state to seek death penalty against Felton By JOE SOUTHERN Staff Writer EDENTON — A 12-person, all white jury was selected Monday in the double murder trial of Claude A, Felton Jr., a deaf man from Hertford, who is charged with mur dering his ex-girlfriend and her daughter. District Attorney H.P. Williams announced the state’s intent to seek the death penalty against Felton. Felton is charged with the August 1988 stabbing death of his ex-girlf riend Sarah Ann Jones, and the shooting death of her daughter Fa linda Brooks. Assistant district attorney Nancy Lamb, who is aiding in the prosecu tion, said she was surprised at how quickly the jury was selected, say ing she had anticipaed about a week for the selections to be made. Two alternant jurors will be se lected Tuesday morning, and open ing arguments are expected to begin shortly thereafter. Felton is being defended by Edenton attorney William T. Cul pepper and Raleigh attorney Sam uel Dixon. They gave an indication based on questions posed to poten tial jurors that they will rely heav ily on the state’s Durden of proof, and indicated the state may not have a strong enough case against their client. Williams read a long list of names of potential witnesses, and said he plans to use photographs as evidence. The trail will be con ducted in two parts if a guilty ver dict is found. Williams told the potential jurors that if Felton is found guilty, a second trial will be held to determine if the death pen alty should be imposed. He said that same jury or possibly a new jury would be used in the second part of the trial. The trial is being conducted with the aid of three sign language inter Breters. One, Kathlene Beethem of lurham has been assigned to work with the defense. The other two, Elaine M. Smith of Winston-Salem and Anna Witter Merrithew of Charlotte, take turns signing for the court. Jordan promoted by bank trances Jordan has been pro moted to Assistant Vice President by Peoples Bank and Trust Com pany in Hertford. She also serves as supervisor of loan services for the bank where her primary duty is making consumer and commercial loans. Jordan is a graduate of Brown wood High School in Brownwood, Texas, and is currently attending the College of The Albemarle in Elizabeth City. She is a member of the American Institute of Banking a member of the College of The Al bemarle Banking and Finance Ad visory Committee. A native of Brownwood, Texas, Jordan is married to Tyner native, Sammy Jordan, and they have a daughter, Sandra. Frances Jordan. Leadership program set The Elizabeth City State Univer sity Center for Rural and Coastal Living in cooperation with the North Carolina Rural Economic Development Center and East Car olina University Regions’ Devel opment Institute is planning a regional development program which offers emerging leaders in northeastern North Carolina train ing in leadership skills, team build ing and rural economic development which is aptly called the North Carolina Rural Leaders Prgram. The program will involve a total of 40 individuals from eight rural counties in northeastern North Car olina-Bertie, Gates, Hertford, Hyde, Northampton, Perquimans, Tyrell, and Washington. The par ticipants will be selected on a set of broad criteria, including a proven record of tangible achievements and a current involvement in com munity organizations. The Rural Leaders Selection Committee, which is comprised of two representatives from each county and three at-large mem bers, convened last week to discuss strategies of selecting candidates for the Rural Leaders Program. The goal of the Selection Commit tee is to recruit new and emerging leaders seeking development of their leadership and organizational skills in order to achieve rural eco 4 nomic development objectives. The Rural Leaders Program will be carried out during the months of March, April, and May. All training sessions will be held at Elizabeth City State University and will in clude approximately SO hours of in struction and a 20-hour practicum. Applications for the Rural Lead ers Program are available from the Elizabeth City State University Center for Rural and Coastal Liv ing, and must be submitted by the deadline date of February 16, 1990. Final inspection of participants will be made on February 28. The Rural Leaders Program is based on a pilot project carried out jointly by the Rural Center and Pembroke State University in 1989. The program is made possible through Center funding and a spe cial grant from the Z. Smith Rey nolds Foundation of Winston Salem. For more information about this program, please call or write the Center for Rural or Coastal Living at Elizabeth City State University, K. E. White Graduate and Continu ing Education Center, Elizabeth City State University, Elizabeth City, North Carolina 27909, (919) 334-3633 or the North Carolina Ru ral Economic Development Center, Raleigh, North Carauna, (919) 821 1154. | . ; -.vt
The Perquimans Weekly (Hertford, N.C.)
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Jan. 25, 1990, edition 1
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