Mylan Receives Approval for Generic Version of GoLytely

    PITTSBURGH -- Mylan Inc. has announced that its subsidiary Mylan Pharmaceuticals Inc. received final approval from the U.S. Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for Polyethylene Glycol 3350 and Electrolytes for Oral Solution, USP, the generic version of Braintree Laboratories' GoLytely(R) laxative.

    Polyethylene Glycol 3350 and Electrolytes for Oral Solution had U.S. sales of approximately $14 million for the 12 months ending Sept. 30, according to IMS Health. Mylan's version is available for immediate shipment.

    Currently, Mylan has 141 ANDAs pending U.S. Food and Drug Administration approval representing $87.9 billion in annual brand sales, according to IMS. Thirty-nine of these pending ANDAs are potential first-to-file opportunities, representing $19.6 billion in annual brand sales, according to IMS.

    With headquarters in Pittsburgh, Mylan maintains a large production facility in Morgantown. Mylan is the 11th largest private company in West Virginia in 2009, according to data recently released by Workforce West Virginia.

    Mylan Inc. ranks among the leading generic and specialty pharmaceutical companies in the world and provides products to customers in more than 140 countries and territories. For more information, visit www.mylan.com .

International Coal Group reports Fourth Quarter, Year-End 2009 Results

    SCOTT DEPOT -- International Coal Group, Inc. has reported its results for the fourth quarter and full year ended December 31, 2009.

    Adjusted EBITDA, or earnings before deducting interest, income taxes, depreciation, depletion, amortization, loss on extinguishment of debt, impairment charges and noncontrolling interest, rose to $40.3 million for the fourth quarter of 2009 compared to $12.5 million for the fourth quarter of 2008.

    The company reported a net loss of $11.3 million, or .07 per share on a diluted basis, for the fourth quarter of 2009 compared with a net loss of $37.4 million, or .24 per share on a diluted basis, for the same quarter in the prior year.

     Fourth quarter 2009 financial results include a non-cash charge of $13.3 million for losses on extinguishment of debt resulting from private exchanges of $63.5 million aggregate principal amount of the Company's 9% Convertible Senior Notes ("Convertible Notes") due 2012 for 18.7 million shares of the Company's common stock. Excluding the non-cash charge, the Company would have reported net income of .1 million, or essentially break-even per share on a diluted basis, for the fourth quarter of 2009.

    Revenues were $246.0 million for the fourth quarter of 2009 compared to $257.7 million for the fourth quarter of 2008.

    Margin per ton sold increased to $12.11 in the fourth quarter of 2009, compared to $4.51 for the same period in 2008. 

    "We enter 2010 with positive momentum despite the general weakness in the global economy," said Ben Hatfield, ICG's President and CEO. "Both Adjusted EBITDA and margin on coal sales more than doubled compared to the fourth quarter of 2008. Our focus on cost control has been successful even while operating at reduced production levels due to weak demand. Improved shipments of metallurgical coal partially offset lower-than-expected thermal coal shipments and weather-related rail service delays."

    Hatfield concluded, "We expect metallurgical coal demand to continue to improve in 2010 due to tighter global markets and increased domestic utilization. Met pricing has increased rapidly since early December and we have recently secured several new contracts at attractive prices."

    Revenues for the years ended December 31, 2009 and December 31, 2008 each totaled $1.1 billion. The Company reported 2009 Adjusted EBITDA of $201.7 million, the highest level in Company history, compared to $127.2 million for 2008. Net income for 2009 was $21.5 million, or .14 per share on a diluted basis, versus a net loss for 2008 of $26.2 million, or .17 per share on a diluted basis.

    As of December 31, 2009, ICG controlled approximately 1.1 billion tons of coal reserves, located primarily in Illinois, Kentucky, West Virginia, Maryland and Virginia. Additionally, the Company controlled approximately 431 million tons of non-reserve coal deposits, which may be classified as reserves in the future as additional drilling and geotechnical work is completed.

    ICG is a leading producer of coal in Northern and Central Appalachia and the Illinois Basin. The Company has 13 active mining complexes, of which 12 are located in Northern and Central Appalachia and one in Central Illinois.

CONSOL Energy Reports Fourth Quarter Net Income of $143.2 Million; Record Annual 2009 Net Income of $539.7 Million

    PITTSBURGH  -- CONSOL Energy Inc., a producer of metallurgical coal, high-Btu thermal coal, and natural gas in West Virginia and throughout Appalachia, reported net income attributable to CONSOL Energy shareholders for the quarter ended December 31, 2009 of $143.2 million, or .78 per dilutive share. This is lower than the net income attributable to CONSOL Energy shareholders of $176.3 million, or .97 per dilutive share, for the quarter ended December 31, 2008. The quarter ended December 31, 2008, however, included a gain of .20 per share due to a refund for black lung excise tax.

    Annual 2009 net income attributable to CONSOL Energy shareholders was $539.7 million, or $2.95 per dilutive share, compared to $442.5 million, or $2.40 per dilutive share, in 2008. The annual 2009 net income was the highest for any year in CONSOL's +140-year history, except for 2005, when a large gain was recorded from the sale of CNX Gas stock. This is the second consecutive year in which CONSOL has had record net income.

    "CONSOL Energy had an outstanding year in a weak economic environment," said J. Brett Harvey, president and chief executive officer. "We also gained momentum in the fourth quarter. Demand for all three of our products is improving, due to rising world-wide economic activity and the recent favorable weather. 2010 looks more promising than I thought possible only three months ago.

    "An important development in the last quarter was the arrangement we established with Xcoal to market CONSOL coal in Asia. On January 11, we sold a Panamax vessel of high-vol coking coal from Bailey Mine in Northern Appalachia to merchant coke plants in China. And as we announced separately this morning, we sold another 5 cargos of Northern Appalachia high-vol coking coal into Asian markets. Penetration of Northern Appalachia coal into the high-vol coking coal market has meaningful implications for CONSOL's earnings in 2010 and beyond."

    Total Revenue and Other Income was $1,238.0 million for the quarter ended December 31, 2009, or nearly even with the $1,242.7 million for the quarter ended December 31, 2008. Although revenue from our thermal coal business was higher, met coal revenue and gas revenue were lower.

    CONSOL Energy Inc., a high-Btu bituminous coal and natural gas company, is a member of the Standard & Poor's 500 Equity Index and the Fortune 500. At year-end 2009, it had 11 bituminous coal mining complexes in six states and reports proven and probable coal reserves of 4.5 billion tons. It is also a majority owner of CNX Gas Corporation, a leading Appalachian gas producer, with proved reserves of over 1.9 trillion cubic feet. Additional information about CONSOL Energy can be found at its web site: www.consolenergy.com .

AEP announces Fourth Quarter and Year-End 2009 earnings

    COLUMBUS, Ohio -- American Electric Power today reported 2009 year-end earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $1.357 billion or $2.96 per share, compared with $1.380 billion or $3.43 per share in 2008. Ongoing earnings (earnings excluding special items) for 2009 were $1.362 billion or $2.97 per share, compared with $1.301 billion or $3.24 per share in 2008.

    GAAP and ongoing earnings for fourth-quarter 2009 were $238 million or .50 per share, compared with fourth-quarter 2008 GAAP earnings of $152 million or .38 per share and fourth-quarter 2008 ongoing earnings of $237 million or .59 per share.

    The per-share results for the year and the fourth quarter reflect the dilutive effect of additional shares outstanding, which reduced ongoing earnings for 2009 by .42 per share for the year and .09 per share for the quarter as compared with the prior periods. For the year, GAAP earnings were $5 million lower than ongoing earnings, primarily because of the reapplication of cost-of-service regulation for the generation portion of electric utility service for the Texas jurisdiction of AEP's Southwestern Electric Power Co. utility.

    "We're pleased with our results for the quarter and year when considering the economic conditions we faced," said Michael G. Morris, AEP chairman, president and chief executive officer. "We anticipated reduced sales in 2009 and took steps to maintain our levels of service while tightly controlling costs. The success of this effort is evident in our operations and maintenance expenses for 2009. We kept these expenses virtually flat with 2008 and would have been below 2008 levels without the costly recovery efforts after winter storms in our eastern utilities in late December.

    "The economy remains a concern," Morris said. "The best news is that we aren't seeing a continued decline in sales. Industrial sales in the fourth quarter were consistent with what we saw in the third quarter and actually showed a slight uptick in December, although one month definitely doesn't represent a trend. Residential and commercial sales - an area of significant year-to-year growth before the recession - have stalled but haven't declined as much as expected. These factors have us cautiously optimistic for improvement in the months ahead."

    American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.

Wheeling's Main Street Bank a leader in providing SBA-backed loans

    WHEELING — One West Virginia lender has taken the American Recovery & Reinvestment Act (ARRA) charge of “helping to unlock the small business lending market to get capital flowing” very seriously. Main Street Bank, headquartered in Wheeling is responsible for over 21 percent of the total ARRA loans made in West Virginia since the inception of the program, according to information released today by the U.S. Small Business Administration.

    With 40 SBA-backed loan approvals totaling $2,728,100 as of January 13, 2010, Main Street Bank has stepped to the forefront and made a huge difference for each and every one of those small businesses. In fact, the 40 loans are responsible for creating and/or retaining 237 jobs in the northern panhandle region of West Virginia.

    The ARRA, signed into law by President Obama on February 17, 2009, is making a difference for West Virginia’s small businesses. Since its signing, the U.S. Small Business Administration (SBA) has provided loan guaranties to 186 West Virginia small businesses through lending institutions for a total of $33.9 million.

    Stimulus Retail Solutions is one small business which has benefited from SBA’s America’s Recovery Capital (ARC) loan program through Main Street Bank. This small independent software vendor located in Wheeling was experiencing cash flow issues due to the amount of time which lapsed between the completion of an installation and the actual receipt of payment. This created a situation where the company was spending more time trying to raise capital to pay creditors than on sales and marketing.

    Benjamin Seidler, president of the company, approached Main Street Bank representatives Jim Croft and Todd Cover with his cash flow issues. They immediately thought of the interest-free, deferred payment ARC loan which was used to prepay creditors and solve the cash flow issue.

    Another Wheeling company, Wilson Auto Glass, was facing the dilemma of having to reduce its staff as a result of the economic slowdown which also caused cash flow issues. The mild winter last year that reduced the need for windshield replacements, caused owner Paul Beck to seek financial assistance through an ARC loan, again through Main Street Bank.

    After receiving a $35,000 ARC loan, the maximum available under the program, Beck was able to satisfy his creditors, retain his employee level, and keep his business viable.

    “The ARC loan provides critical capital and support small businesses need to make it through the tough economic times,” said Judy McCauley, director of SBA’s West Virginia District Office. “Together with the other provisions of the Recovery Act, ARC loans are designed to free up capital and puts more money in the hands of West Virginia’s small businesses. I congratulate Main Street Bank on stepping up to help small businesses under the Recovery Act.”

    ARC loans are deferred-payment, SBA guaranteed loans, which can be up to $35,000. They are intended for established, viable, for-profit small businesses in need of short-term help to make their principal and interest payments on existing qualifying debt. ARC loans are interest-free to the borrower, 100 percent guaranteed by the SBA, and have no SBA fees associated with them.

ARC loans are made by commercial lenders, not SBA directly. For more information on ARC loans and the Recovery Act, visit the SBA’s web site at www.sba.gov/recovery or contact the West Virginia District Office (304) 623-5631.

United Bankshares, Inc. Announces Fourth Quarter and 2009 Earnings

    CHARLESTON -- United Bankshares, Inc. today reported earnings for the fourth quarter and year of 2009. Fourth quarter of 2009 earnings were $17.4 million or .40 per diluted share, up from earnings of $16.5 million or .38 per diluted share for the fourth quarter of 2008. Earnings for the year of 2009 were $67.3 million or $1.55 per diluted share as compared to earnings of $87.0 million or $2.00 per diluted share for the year of 2008.

    “We are pleased with the financial results for 2009 given the very difficult year for the nation’s economy,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “Although earnings are down compared to last year, United’s earnings for 2009 were much better than most regional banking companies as evidenced by a return on average assets of 0.85% as compared to -0.21% for the first nine months of 2009 for United’s Federal Reserve peer group of bank holding companies with total assets between $3 and $10 billion.”

    United’s asset quality also continues to compare favorably to its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.26% at December 31, 2009 compares favorably to the most recently reported percentage of 4.08% at September 30, 2009 for United’s Federal Reserve peer group. At December 31, 2009, nonperforming loans were $72.3 million or 1.26% of loans, net of unearned income, which were virtually flat from nonperforming loans of $72.9 million or 1.26% of loans, net of unearned income at September 30, 2009 but up from nonperforming loans of $54.2 million or 0.90% of loans, net of unearned income at December 31, 2008. The increase in nonperforming loans since year-end 2008 is indicative of the current economic conditions. High unemployment levels and the recent economic recession have impacted the performance of both consumer and commercial portfolios. Any probable loss on these loans has been properly evaluated and allocated within United’s allowance for loan losses. As of December 31, 2009, the allowance for loan losses was $67.9 million or 1.18% of loans, net of unearned income, as compared to $61.5 million or 1.02% of loans, net of unearned income at December 31, 2008. United’s coverage ratio of its allowance for loan losses to nonperforming loans also compares favorably to its peers. The coverage ratio for United was 93.9% and 113.5% at December 31, 2009 and December 31, 2008, respectively. The coverage ratio for United’s Federal Reserve peer group was 71.9% at September 30, 2009. Total nonperforming assets of $112.3 million, including OREO of $40.1 million at December 31, 2009, represented 1.44% of total assets which also compares favorably to the most recently reported percentage of 3.30% at September 30, 2009 for United’s Federal Reserve peer group.

    During the fourth quarter of 2009, United’s Board of Directors declared a cash dividend of .30 per share. The 2009 dividend of $1.17 per share represented the 36th consecutive year of dividend increases for United shareholders.

    United Bankshares, with $7.8 billion in assets, presently has 113 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United Bankshares stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI."

BB&T reports lower earnings in 2009

    WINSTON-SALEM, N.C. -- BB&T Corp. has reported earnings for the fourth quarter and the full year 2009. For the fourth quarter, net income totaled $194 million, or $.27 per diluted common share, compared with $307 million, or $.51 per diluted common share, earned during the fourth quarter of 2008. Results for the fourth quarter of 2009 produced annualized returns on average assets and average common shareholders' equity of .47% and 4.52%, respectively. 

    "I am pleased to report solid fourth quarter earnings, given the current credit cycle, and pleased to convey a number of very positive trends in our performance," said Chairman and Chief Executive Officer Kelly S. King. "We enjoyed record net revenues for 2009, driven by strong mortgage banking income of $658 million and record insurance income, which exceeded $1 billion, as well as solid growth in net interest income. Our revenue growth for the quarter was robust at 22.7% and the net interest margin improved to 3.80% for the quarter. Growth in average noninterest-bearing deposits continues to be exceptional, at 41.5%, and average client deposits increased 28.8%."

    For the full year 2009, BB&T's net income was $877 million, compared with $1.5 billion earned in 2008. Diluted earnings per common share for 2009 totaled $1.15, compared with $2.71 earned during the same period in 2008. Results for the full year 2009 produced returns on average assets and average common shareholders' equity of .56% and 4.93%, respectively. 

Noninterest revenues increase 20.2% led by mortgage banking revenue, up 86.8% 

    Noninterest income increased $163 million, or 20.2%, during the fourth quarter of 2009 compared with the same quarter of 2008. These increases reflect a very strong performance from BB&T's mortgage banking operations during the quarter, as well as increased revenue from BB&T's insurance operations. The increase also reflects growth in service charges on deposit accounts, checkcard fees and other nondeposit fees and commissions. 

   BB&T earned $142 million in mortgage-related revenue in the fourth quarter of 2009, an increase of 86.8% compared with the fourth quarter of 2008. The growth in mortgage banking income is due to continued strong production revenue from residential mortgage banking operations and increased servicing income as a result of growth in the servicing portfolio. BB&T originated $5.3 billion of mortgage loans during the fourth quarter of 2009 and enjoyed record production of $28.2 billion for the full year 2009. 

    BB&T earned $260 million in insurance-related revenue in the fourth quarter, up $13 million, or 5.3%, compared with the fourth quarter of 2008. The increase in insurance income was due to growth in property and casualty fees and growth resulting from acquisitions. 

    Service charges on deposit accounts totaled $186 million in the fourth quarter of 2009, an increase of $15 million compared to the same quarter of 2008.  Checkcard fees and other nondeposit fees and commissions increased 24.0% and 30.6%, respectively, compared to the fourth quarter of 2008. 

    At Dec. 31, 2009, BB&T had $165.8 billion in assets and operated 1,857 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Florida, Alabama, Texas, Indiana and Washington, D.C. BB&T's common stock is traded on the New York Stock Exchange under the trading symbol BBT. For more information visit the company's website at www.BBT.com . 

American Electric Power Declares Quarterly Dividend

    COLUMBUS, Ohio -- The Board of Directors of American Electric Power Co. today declared a regular quarterly cash dividend of 41 cents a share on the company's common stock.

    The dividend is payable March 10, 2010, to shareholders of record as of Feb. 10, 2010, and is the company's 399th consecutive quarterly common stock cash dividend. AEP has paid a cash dividend on its common stock every quarter since July 1910.

    American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states.  AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.

Coal-State House members launch Congressional Coal Caucus

    WASHINGTON – As energy issues remain at the forefront of the national political debate, a coalition of coal-state members of Congress announced today that they have teamed-up to form the Congressional Coal Caucus. 

    Calling coal “America’s most abundant and affordable energy resource,” the bipartisan group of congressmen and women note that coal provides nearly 50 percent of America’s energy supply and generates more than 130,000 coal-mining jobs. They’ve pledged to use their new caucus to provide a voice for coal communities in Congress.

    “Coal is a critical component to our nation’s energy future,” said Rep. Shelley Moore Capito, R-W.Va. “Whether it’s on a cap-and-trade bill or on clean coal technology, this caucus will give coal-states a forum to highlight their priorities and present a unified voice. I’m proud to join my colleagues in forming this caucus and I look forward to our work together.”

    “As a Congress, it is vitally important that we continue to support the development of clean coal technologies,” Rep. Jason Altmire, D-Pa., said. “I am proud to help launch this caucus, and I look forward to working with my colleagues to help enact policies that will maximize America’s coal resources.”

    Members joining Altmire and Capito in forming the coal caucus include Reps. Tim Holden (D-PA), Denny Rehberg (R-MT), John Salazar (D-CO) and John Shimkus (R-IL). Together the new coalition will promote awareness of American coal along with the new technologies currently on the horizon that can help make coal use cleaner and safer.

    The six initial caucus members are also circulating a Dear Colleague inviting other members of Congress to join them.

    “The Coal Caucus gives coal states like Pennsylvania a strong voice in Congress to encourage the use of coal as an affordable, reliable and increasingly clean source of energy,” said Rep. Tim Holden, D-Pa. “I am proud to be a part of this effort to promote economically and environmentally sound mining, reclamation and consumption practices including clean coal technologies on Capitol Hill.”

    “America needs an all-of-the-above energy plan that increases domestic supplies, lowers costs and makes us less dependent on foreign sources of energy,” said Rep. Denny Rehberg, R-Mont. “While many in Washington may think that energy comes from the wall outlet, Montanans have been in the energy production business long enough to understand the vital role coal plays in our country and our economy. As a caucus, we’ll focus on developing cleaner and more efficient ways to use America’s vast stores of coal, and by doing so, help create good-paying jobs and affordable energy for American families.”

    “Coal is a vital resource in Colorado and throughout the nation, and will continue to play a role in helping meet our nation’s energy needs. Coal provides jobs in my district and nearly all of our energy is derived from coal. I look forward to working with my colleagues on the Coal Caucus,” said Rep. John Salazar, D-Colo.

    “With the current debates over energy policy as well as the environment, it is more important than ever that coal interests be represented in Congress,” said Rep. John Shimkus, R-Ill. “We can move much faster toward energy independence by taking advantage of the enormous supply of coal that exists in my district and elsewhere in the nation. To ignore an abundant source of low-cost energy in our own country is absurd.”

WVU Industries of the Future-West Virginia Day set for Tuesday at Capitol

    CHARLESTON -- Saving energy, reducing greenhouse gases, saving and creating jobs will top the agenda Tuesday as several West Virginia University faculty members and industry colleagues head to Charleston for the 10th Annual Industries of the Future-West Virginia Day in the Capitol.

    Whether it's turning carbon dioxide into methanol or managing the state's forests for carbon sequestration, or more traditional concepts, faculty members will present their ideas to the Senate Economic Development at 9 a.m., and then join more than 20 exhibitors representing the state’s manufacturing and technology sector, the university, government agencies, and industry associations in the Capitol Rotunda to showcase their work.

    “We’ll be emphasizing near-term research that can help the state transition to a more efficient and more competitive economy with fewer greenhouse gas emissions – what I like to call ‘transtech energy research,’ ” said IOF-WV Director and WVU Professor Carl Irwin. Irwin operates the IOF-WV with sponsorship from the State Division of Energy, the West Virginia Development Office and the West Virginia University National Research Center for Coal and Energy.

    Industrial and Management Systems Engineering Professor Bhaskaran Gopolakrishnan will describe money-saving energy assessment programs available free to state and regional manufacturers. Gopalakrishnan recently received an additional $500,000 in American Recovery and Reinvestment Act funds for the assessments.

    Shawn Grushecky, assistant director of the Appalachian Hardwoods Center at WVU, will describe how forestry management may actually be a better option for sequestering carbon dioxide than even geologic sequestration.

    Physics Professor James Lewis will present an innovative technology that he and Chemistry Assistant Professor Michael Shi are developing to capture carbon dioxide and convert it into methanol using sunlight.

    Also, Wheeling-Nisshin will be honored with the Governor’s Award for Excellence in Industrial Energy Efficiency. The award will be presented West Virginia Commerce Secretary Kelly Goes at a luncheon in the Governor’s Mansion tent. The steel maker, located in Follansbee, W.Va., has worked with the IOF-WV program for nearly a decade, both as a research partner and as a recipient of services such as energy assessments.

    “Wheeling-Nisshin has been invaluable to IOF-WV, providing reality-checks and guidance for the research program,” Irwin said. “Their involvement with the IOF-WV team helped them save nearly $500,000 per year on their energy bills."

    The event is open to the public. 

    For more information about IOF-WV, visit http://iofwv.nrcce.wvu.edu .

Unemployment up in December in nearly every state county

    CHARLESTON — West Virginia's unemployment rate climbed seven-tenths of a percentage point to 8.6 percent in December 2009, according to figures released today by Workforce West Virginia. Nearly every county reported an increasing unemployment rate as well.

    The number of counties recording an unemployment rate considered much worse than average when compared to the state rate rose in December. This group included Wetzel (12.9), Jackson (12.9), Grant (13.1), Brooke (13.5), Pocahontas (13.6), Roane (14.4), Clay (14.6), and Calhoun (15.9). 

    The number of counties recording an unemployment rate considered better than average when compared to the state rate was unchanged in December. This group contained Kanawha (7.1), Cabell (6.8), Marion (6.6), Jefferson (6.5), and Putnam (6.1). 

    Once again, Monongalia (4.5) was the sole county recording an unemployment rate considered much better than average when compared to the state rate.

    Fore more information visit, www.workforcewv.org/LMI/datarel/cnty_PR.pdf 

West Virginia University to offer Executive MBA online

    MORGANTOWN -- Busy professionals seeking an MBA degree to advance their careers will have a flexible option this fall as West Virginia University’s College of Business and Economics has announced  it will offer the executive MBA online.

    “This is the first online executive MBA in the state by a college or university accredited by AACSB International,” said William Trumbull, interim dean of the College of Business and Economics. AACSB is the “gold standard” for accreditation.

    While the majority of the program is offered online, four residencies are required during the two-year program. The residencies will last three or four days and will allow students to build a connection to the WVU network and their classmates. While three of the residencies are on WVU’s main campus in Morgantown, one residency, The Washington Campus, gives students an inside look at the intersection of business and government in Washington, DC.

    “This highly interactive, online program will provide these MBA students opportunities to learn from experts,” said Trumbull. “Many of our faculty have earned doctorates from leading business schools and have extensive business experience. This expertise will enable students to bridge the gap between theory and practice.”

    Each course in the 48 credit-hour program lasts from four to eight weeks and students take one course at a time. As an option, students have the opportunity to study abroad in Germany, Ireland, China, Poland, Prague or Italy. The executive MBA program has been taught in distance-education centers throughout West Virginia for more than a decade.

    For more information, visit www.be.wvu.edu/online-mba.

City Holding Co. announces 2009 earnings

    CHARLESTON -- City Holding Company, a $2.6 billion bank holding company headquartered in Charleston, today announced net income of $42.6 million for the year ended December 31, 2009 compared to $28.1 million during 2008. Diluted earnings per share increased .94 per share, from $1.74 in 2008 to $2.68 in 2009 primarily due to a decrease in other-than-temporary impairment charges on investments and a lower provision for loan losses. Return on assets for the full year was 1.63%, return on tangible equity was 18.0%, the net interest margin was 4.18%, and the efficiency ratio was 50.0%.

    For the fourth quarter of 2009, the Company reported net income of $11.1 million, or .70 per diluted share compared to $4.2 million or .26 per diluted share in the fourth quarter of 2008. For the quarter, the Company achieved a return on assets of 1.69%, a return on tangible equity of 17.7%, a net interest margin of 4.07%, and an efficiency ratio of 50.3%.

    Charles Hageboeck, Chief Executive Officer and President stated "While the U.S. economy continued to struggle in 2009, I am quite pleased with City's results. Our asset quality continues to improve with non-performing assets, net charge-offs, and past due loans all improving as compared to December 31, 2008. We attribute this improvement to our disciplined lending approach and the relative stability of the markets in which we operate. For example, the national unemployment rate was 10.0% for November 2009 compared to 8.4% for West Virginia. Likewise, the national foreclosure rate for November 2009 was 0.24% compared to 0.01% for West Virginia. Our primary asset quality problems continue to be non-owner occupied residential construction at The Greenbrier Resort in White Sulphur Springs, West Virginia and real estate in the Eastern Panhandle of West Virginia, a distant part of the Washington DC metropolitan area. These properties accounted for approximately one half of City's net charge-offs in 2009."

    "City continues to have strong capital, solid liquidity, and a stable core-deposit franchise, and our asset sensitive balance sheet is poised to benefit from future interest rate increases. We are well positioned to compete against banks as they continue to work through asset quality and liquidity issues. We are proud to have been able to maintain our strong quarterly dividend of 34 cents per share while many of our peers eliminated or greatly reduced dividends to shareholders. City remains one of the most profitable, most liquid, and best capitalized publicly traded banks in the U.S. and looks forward to continuing to help our shareholders and customers through this difficult economic environment," Hageboeck concluded.

    City Holding Company is the parent company of City National Bank of West Virginia. City National operates 67 branches across West Virginia, Eastern Kentucky and Southern Ohio.

West Virginia Construction and Design Expo set for March 24-25

    CHARLESTON -- The 31th Annual W.Va. Construction and Design Exposition (EXPO) will be held March 24 and 25 at the Charleston Civic Center. Past shows have featured over 300 exhibitors with 500 indoor and outdoor exhibits and dozens of quality seminars for the construction, engineering, architectural and public works industries. The 2009 show attracted 6,000 attendees from 30 states. The show provides a great venue for ALL who are interested in exploring business opportunities within the construction and design industries.

    Registration is free to qualified attendees. Limited booth space is available for interested vendors.

    EXPO is sponsored by the Contractors Association of WV, WV Society of Professional Engineers, AIA-WV and the WV Utility Contractors Association, in addition to 19 co-sponsoring organizations. 

    For complete show and registration information visit, www.wvexpo.com .

SBA's Export Experts to host web chat on Jan. 28 on Going International

    WASHINGTON – The U.S. Small Business Administration's January Web Chat will highlight exporting basics and general SBA capital and credit programs for small business owners. Entering foreign markets can be a great way to boost sales and SBA offers loan programs to help small businesses expand or develop an export market. Business owners can find out if they are ready for exporting and learn more about how to get started.

    WHO: Richard Ginsburg and Patrick Tunison of SBA’s Office of International Trade will co-host the January Web Chat on “Small Business Exporting and Access to Credit.” Ginsburg and Tunison will answer question on how to grow a business through exporting.

    WHAT: SBA’s Web chat series, providing small business owners with an opportunity to discuss relevant business issues online with experts, industry leaders and successful entrepreneurs. Chat participants will have direct, real-time access to the Web chats via questions they submit online in advance and during the live session, with instant answers.

    WHEN: January 28, 2010, 1 p.m. ET. Ginsburg and Tunison will answer questions for one hour.

    HOW: Participants can join the live Web chat by going online to www.sba.gov , and clicking “Online Business Chat.” Web chat participants may post questions before the January 28th chat by visiting http://web.sba.gov/livemeeting/Jan10/ and posting their questions online.

Governor Releases January 'Open for Business' Report

    CHARLESTON – Gov. Joe Manchin recently released the January "Open for Business" report documenting the state's economic progress. The January 2010 report highlights projects and related announcements from businesses both large and small that will assist with the creation of new jobs and the preservation of existing jobs.

$328 million Biometrics Technology Center to be built in Clarksburg
    A new $328 million Biometrics Technology Center is scheduled to be built in Clarksburg. A joint facility of the FBI and U.S. Department of Defense, the new Center will be constructed on the campus of the Federal Bureau of Investigation's (FBI) Criminal Justice Information Services (CJIS) Division. The 360,000-square-foot structure will nearly double the space capacity of the existing 2,500-employee FBI CJIS Division campus. Once completed, the expansion will enable the FBI to consolidate all of its biometrics operations, many of which are in satellite facilities in Marion County.

International healthcare technology firm to open in Jefferson County
    Randox Laboratories, an international diagnostic reagent and equipment manufacturer based in Northern Ireland, plans to establish its first East Coast facility in Kearneysville. The firm is investing $7 million to renovate an existing structure into a 33,180-square-foot base for administration, distribution, sales and manufacturing. When it becomes operational in February 2010, the site is expected to create 50 scientific, sales and manufacturing jobs.

Global consulting firm opens first West Virginia office
    Consulting firm ICF International opened its first office in West Virginia. The Charleston office, which currently employs three people, focuses on education consulting. A global provider of consulting services and technology solutions to government and commercial clients, ICF has 50 offices in the U.S. and six international locations. ICF was included in the 2008 BusinessWeek's Annual List of the top 50 “Hot Growth Companies” and was ranked 38th on the Forbes’ list of America’s 200 best small companies.

Putnam County plant to ship engines to Japan
    The Toyota Motor Manufacturing plant in Buffalo will produce four-cylinder engines to ship to Japan. The plant had been shipping four-cylinder engines for Toyota Corollas to plants in Ontario and California. Although production ended in the California plant, the Buffalo plant will ship four-cylinder engines to the expanded facility in Ontario and to a factory in Japan. The Toyota Motor Manufacturing plant in Buffalo has 1,050 employees.

Census Bureau recruiting temporary workers in West Virginia
    The U.S. Census Bureau is recruiting temporary, part-time employees in West Virginia to assist with the 2010 Census. Job applicants may call the local Census office or toll-free Jobs Line at 1-866-861-2010 to schedule the required preemployment test. Application materials are available at http://2010.census.gov/2010census . An estimated 2,500 temporary workers may be hired statewide, primarily during the spring of 2010. The local Census offices in West Virginia are in Charleston, Kanawha County, 304-348-6730; Beckley, Raleigh County, 304-207-9390; and Morgantown, Monongalia County, 304-212-3100.

West Virginia companies receive national recognition for energy saving efforts
Four West Virginia companies recently received national recognition by the U.S. Department of Energy for their energy efficiency actions. Recipients of the Industrial Technologies Program Save Energy Now Awards were Mittal Steel, Weirton, Hancock County; Marble King, Paden City, Wetzel County; QuadGraphics, Martinsburg, Berkeley County; and Wheeling-Nisshin, Follansbee, Brooke County. The companies took part in an onsite energy assessment by the Industrial Assessment Center of West Virginia University, which focused on energy use in industrial processes. For more information on industrial energy assessments and efficiency programs, contact the Industries of the Future – West Virginia at http://www.iofwv.nrcce.wvu.edu or 304-293-7318, ext. 5426.

West Virginia in good position compared to other states’ economic indicators
    Although virtually every state is affected by the current recession, West Virginia enters 2010 with comparatively better economic indicators. The findings come from the Index of State Economic Momentum, produced by the nonpartisan Federal Funds Information for States. West Virginia was one of only four states to post positive income growth during the June-to-September period analyzed. West Virginia achieved 2.52 percent income growth, compared to the national average loss of 2.57 percent. No state reported employment gains, but West Virginia’s loss of 3.6 percent is less than the national average of 4.2 percent.

WVEDA approves bond allocations for power plant projects
During its December meeting, the West Virginia Economic Development Authority approved allocations for the following projects to facilitate the issuance of tax exempt bonds under the guidance of federal tax rules.
$47.8 million for Longview Power, Morgantown, a new 695 megawatt electrical power generating plant under construction
$35 million for Appalachian Power Company and $30 million for Ohio Power Company for projects at the John Amos Power Plant in Putnam County

Putnam County Development Authority Director elected to regional development council

    WINFIELD -- Putnam County Development Authority’s Executive Director, Gary Walton was recently elected to serve on the board of directors of the Southern Economic Development Council (SEDC).

    Originally organized in 1946, SEDC is the oldest and largest regional economic development association in North America.

    Membership in the organization represent 17 states in the American South, including Alabama, Arkansas, Florida, Georgia, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia, and the District of Columbia.

    “I am honored to serve on the board of directors for this historic organization. I look forward to working with SEDC’s outstanding staff, officers and the other state directors to serve economic development practitioners throughout the American South.” Walton said.

    He recently completed a two-year term as president of the West Virginia Economic Development Council (WVEDC).

    This year’s board and officers also include another West Virginian, 2nd Vice Chairman Mallie Combs-Snider, Executive Director of the Hardy County Rural Development Authority in Moorefield.

Huntington Bancshares Incorporated Declares Quarterly Cash Dividend on Its Common Stock

    COLUMBUS, Ohio -- Huntington Bancshares today announced that the board of directors has declared a quarterly cash dividend on its common stock  of .01 per common share. The dividend is payable April 1, 2010, to shareholders of record on March 18, 2010.

    Huntington Bancshares Incorporated is a $53 billion regional bank holding company headquartered in Columbus, Ohio. Huntington has over 600 banking offices in Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia.

SBA Announces Virtual Training Initiatives

    CLARKSBURG – A series of live Webinars and hands-on workshops will be offered by the U.S. Small Business Administration and resource partners over the next few months designed to provide small businesses with information on how to do business with the federal government. Training will include marketing to federal agencies, finding opportunities online, what and how the government buys and required registration procedures.

    “We want to reach as many small businesses and entrepreneurs as we can and our Virtual Training Initiative is a perfect way to expand our outreach efforts in rural West Virginia,” said Judy McCauley, director of SBA’s West Virginia District Office. “This Virtual Training Initiative is a series of webinars and training events to assist West Virginia entrepreneurs to find new markets, sell more goods and services, and create more jobs.”

    An interactive and hands-on series of training events focused on Selling to the Government, SBA’s Small Business Certification Programs and the Contractor Registration process, is set for 1:30 p.m. on Friday, Jan. 22 in Clarksburg and Dunbar; and 10 a.m. on Monday, Jan. 25 and Wednesday, Feb. 10 in Beckley. To register for one or all of these events and for additional information, contact Naomi Bassel at naomi.bassel@sba.gov or (304) 623-5631.

    Government Contracting 101, a live Webinar series, will be offered at noon on Friday, Feb. 26. The webinar will also be held March 26 and April 23. For registration information, visit the SCORE website at www.wvscore.org or contact Kimberly Donahue at the SBA’s Charleston Branch Office at (304) 347-5220 (email kimberly.donahue@sba.gov ). Instruction is provided by the Regional Contracting Assistance Center (RCAC) (SBA co-sponsorship number 10-0390-08).

    The federal government is the largest purchaser of goods and services in the world, spending nearly $520 billion in 2008. Contracting can be an excellent option for small businesses searching for expansion opportunities and for ways to keep their companies viable in today’s business climate. The U.S. Small Business Administration oversees various certification programs which can provide minorities, women, disabled veterans and other social and economic disadvantaged individuals with tools to engage in federal contracting.

West Virginia’s Unemployment Rate Climbed to 8.6 Percent in December

     CHARLESTON — West Virginia’s unemployment rate climbed seven-tenths of a percentage point to 8.6 percent in December, WorkForce West Virginia reported today. The number of unemployed state residents rose 5,300 to 67,400. Total unemployment was up 32,700 over the year. 

     Total nonfarm payroll employment declined 5,400, with losses of 2,900 in the goods-producing sector and 2,500 in the service-providing sector. Within the goods-producing sector, losses were led by a seasonal decline of 2,000 in construction. Other declines included 500 in manufacturing and 400 in mining and logging. Service-providing losses included 1,200 in professional and business services, 500 in educational and health services, 500 in trade, transportation, and utilities, 200 in leisure and hospitality, 100 in other services, and 100 in government. Financial activities contained the sole gain of 100, while information employment was unchanged over the month. 

    Since December 2008, total nonfarm payroll employment has fallen 19,100, with losses of 11,700 in the goods-producing sector and 7,400 in the service-providing sector. Declines included 7,000 in trade, transportation, and utilities, 5,100 in manufacturing, 5,000 in mining and logging, 1,800 in leisure and hospitality, 1,600 in construction, 1,000 in financial activities, 800 in other services, and 500 in information. Employment gains included 2,000 in educational and health services, 1,400 in government, and 300 in professional and business services. 

     West Virginia’s seasonally adjusted unemployment rate climbed seven-tenths of a percentage point to 9.1 percent, while the national rate remained at 10.0 percent.

U.S. Small Business Administration unveils new microloan program

DUNBAR – The Kanawha Institute for Social Research & Action, Inc. (KISRA), a faith-based and community-serving initiative of the Ferguson Memorial Baptist Church located in Dunbar, W.Va., was recently approved as a statewide intermediary to make small business loans under the U.S. Small Business Administration’s Microloan program.

The announcement was made at the KISRA facility, located at 131 Perkins Avenue in Dunbar, in a ceremony on Wednesday, Jan. 13. Michelle Foster, CEO of KISRA, Rev. Emanuel A. Heyliger, KISRA Board Chairman, and Judy K. McCauley, Director of SBA’s West Virginia District Office.

As a SBA Microlender, KISRA can provide loans from $5,000 to $25,000 to entrepreneurs anywhere in West Virginia. Microloans can be used for working capital and acquisition of materials, supplies, furniture, fixtures and equipment.

“As the only statewide microlender for the SBA, KISRA is very excited about the opportunity to provide access to capital for those business owners who need it the most,” said Foster.

“SBA’s Microloan program provides a critical source of capital for entrepreneurs, including women, low-income individuals and minorities, who often have difficulty obtaining capital to start and grow their businesses,” said McCauley. “With these resources, KISRA can put more entrepreneurs and small business owners in a position to succeed and create jobs that will help drive West Virginia’s economic recovery.”

Under the Microloan program, KISRA can make loans to start-up, newly established, or growing small businesses. While the Microloan program is open to all entrepreneurs, the program especially supports underserved markets, including borrowers with little to no credit history, low-income borrowers, and women and minority entrepreneurs in rural and urban areas who generally do not qualify for conventional loans, or other, larger SBA guaranteed loans.

Small businesses are West Virginia’s number one private sector job creators. Helping a new business get off to the right start and assisting business owners as they grow successful enterprises is the ultimate goal of SBA’s Microloan program. One essential element of a successful small business is a business plan, which is a requirement of KISRA in order to receive a Microloan. Through KISRA’s Business Enterprise Center, business plans and other types of assistance are available to entrepreneurs wanting to succeed in their pursuit of achieving their dream of successful small business ownership.

Business owners interested in learning if they qualify for assistance under the SBA Microloan program can contact KISRA at (304) 768-8924 x203, (877) 34KISRA (877-345-4772) or via email at loan@kisra.org. Entrepreneurs in Harrison, Marion and Monongalia counties can also contact the Washington County Council on Economic Development at (724) 225-8223 or via email at wcced@washingtoncountypa.org.

West Virginia Chamber of Commerce outlines ten solutions for 2010 to spur economy

CHARLESTON – With just over a week to go before the start of the 2010 session of the state Legislature, today the West Virginia Chamber of Commerce unveiled its list of 10 solutions for 2010 that will help stimulate economic growth across the state. 

“The Chamber’s list of solutions will advance West Virginia’s economic competitiveness, improve the state’s business and human capital capacity and ultimately grow our economy and offer new employment opportunities to our citizens,” said Steve Roberts, Chamber President. “This formula for success also will  help to diversify our economy for all West Virginians.” 

“Strengthening the state’s economy is the primary issue on the minds of West Virginians, and particularly in light of the national recession it is imperative that our state leaders improve our business climate and enact these solutions now in order to help sustain our state’s economic growth and provide for new expansion,” Roberts continued.

Following are the West Virginia Chamber’s “Ten Solutions For 2010:”
1.) Small Business Development -- To improve the competitiveness of the state’s small business community and to spur entrepreneurial development, the West Virginia Chamber proposes enactment of a number of incentives and programs for small businesses and start-up ventures. These include the enactment of a new statewide entrepreneurial development strategic program, creation of a one-year exemption on local B&O taxation for science and technology-based start-up enterprises that locate within cities; establishment of a tax credit against Personal Income Taxes (up to $5,000 a year) for small businesses that invest in high-technology equipment, applications, services and training to improve their competitiveness, operations, productivity, etc.; exclude net business income derived from patents and copyrights from West Virginia taxation; provide for Personal Income Tax deductions and exemptions for small businesses that the federal government recognizes; and allow the deductibility on state taxes of the other half of the federal self-employment tax.
2.) Appeal of Right -- Appellate review is an essential component to a fair and balanced judicial system, but West Virginia is the only state that does not provide an absolute appeal of right of a final judgment from a lower court. This significantly tarnishes the state’s reputation in terms of its legal and judicial climate. The West Virginia Legislature should enact an appeal of right for all final judgments in the Circuit Courts.
3.) Legal Climate -- West Virginia must continue its efforts to enact meaningful legal reforms so employers can operate in an environment where they can get fair trails and face fewer nuisance lawsuits. A fair and just legal system is essential to building more confidence for business investment and growth. West Virginia needs to enact additional legal reforms so it can come in line with nearly every other state. These include limits on punitive damages, an automatic right of appeal, elimination of medical monitoring, meaningful limits to joint-and-several liability, restricting deliberate intent lawsuits, asbestos reform, to name a few. Also, West Virginia needs to get politics out of its court system by enacting nonpartisan election of judges and justices.
4.) Judicial Restructuring -- The West Virginia Chamber of Commerce supports the Governor’s Independent Commission on Judicial Reform in its call for the creation of an intermediate appellate court and the study of a business court pilot project. The establishment of an intermediate appeals court system and a specialized commercial court in West Virginia should aid in improving the perception and performance of the West Virginia judicial system.
5.) Business Costs -- West Virginia needs to continue to reduce the cost of doing business in the Mountain State. A major cost on state employers is West Virginia’s business tax structure, which ranks among one of the highest in the nation. While West Virginia has a plan underway to eliminate the business franchise tax and lower the corporate net income tax rate, more needs to be done. The state also must preserve the reforms that were enacted in the areas of workers’ and unemployment compensation so these programs remain fiscally sound. Finally, the West Virginia Chamber urges the Legislature to enact legislation in 2010 to modernize the property tax assessment and appeals process.
6.) Workforce Development/Skills -- West Virginia must invest in more efforts to help ensure employers across our state will have a trained and skilled workforce who possess the knowledge and capabilities needed in today’s workplace. Through added public-private efforts and funding, our state must provide education and training programs that match the needs of today’s employers, particularly new programs focused on using advanced equipment and ensuring technological fluency and proficiencies. We also must help workers — particularly those who have been lost their jobs — to have access to retraining and skills development opportunities so they can compete for available jobs in new fields. Finally, employers need to be able to ensure a drug-free workplace.
7.) Regulatory Permits -- West Virginia needs to improve the process used by businesses to obtain lawful environmental and regulatory permits. Many company managers complain that obtaining the environmental permits needed for a plant expansion or retrofit are too time-consuming, burdensome and costly. West Virginia must eliminate this disincentive so a business can improve or expand operations while still protecting the environment.
8.) Energy, Manufacturing Industries -- West Virginia’s energy and manufacturing industries are under attack from a variety of forces. These are major segments of our economy, and they generate a large part of the jobs and economic activity in our state. In addition, our energy and manufacturing economies provide a major portion of the tax dollars needed for education, public safety, health care services and other vital needs. West Virginia must protect its energy industry and manufacturing operations in order to have a stable, viable economy and healthy job base. State leaders need to enact specific legislation to address and alleviate the challenges facing these “goods-producing” segments of our economy.
9.) Infrastructure -- West Virginia needs to continue finding additional funding for important infrastructure needs, particularly in the three core areas: 1) roads, highways, and bridges, 2) broadband, wireless and fiber connectivity, and 3) utility upgrades and expansions. Today’s “just in time, connected” business environment means companies must be able to ship their goods and receive products in a timely manner and stay connected to offices and facilities via a modern transportation system and advanced telecommunications infrastructure.
10.) Health Delivery Modernization – For several years now West Virginia has been positioning itself as a leader in the use of health information technologies, telehealth systems and electronic medical records. Many of these efforts are culminating in added federal funds that will help to modernize certain aspects of the state’s health care delivery system, particularly in rural areas. The Chamber calls on the Legislature to enact a strategic approach regarding the advancement of health information technology, and the state’s new GO-HELP office should coordinate activities to secure and implement federal health information technology stimulus funds. The Chamber also supports the establishment of a federal regional health information technology exchange in West Virginia.
Enactment of these recommendations in 2010, particularly those dealing with lawsuit reforms, tax modernization and business cost reductions, are vital to further advancing the state’s economic growth and creating a more stable and competitive environment for businesses and professionals to operate, invest and employ West Virginians, Roberts added. “Enactment and implementation of these policies will improve the state’s business climate and position the state so it can be more competitive and enjoy greater prosperity.
More information about the West Virginia Chamber’s 2010 policy positions can be found by going to the organization’s web site:

http://www.wvchamber.com/AdvocacyIssues/BusinessIssues/PolicyIssues/tabid/153/Default.aspx