WESTMINSTER -- Thomas K. Ferguson, president and chief executive officer of Carroll County Bank and Trust Co., announced that the bank's net income for 1990 increased 24.5 percent over 1989.
The increase marks the seventh consecutive year for earnings growth. Net earnings for 1990 were $3,737,754, up $735,391 over 1989.
Net income per share in 1990 was $2.56, an increase of 24.3 percent, compared to $2.06 in 1989. The return on average stockholders' equity was 12.21 percent, compared to last year's level of 10.65 percent.
Total assets grew to $431,875,337, compared to 1989 total assets of $398, 004, 841, an increase of $33,870,496, or 8.5 percent.
Total deposits for 1990 amounted to $351,533,641, an increase of $17,562,108, or 5.3 percent, compared to $333,971,533 in 1989.
Headquartered in Westminster, the bank operates 12 Carroll County offices andone in Howard County. The bank also owns a wholly-owned subsidiary, Carrollco Insurance Agency.
The annual stockholders meeting will be April 13 at the Quality Inn Conference Center in Westminster.
BUSINESSES GET REPRIEVE
Businesses in the Freedom District area who last June received large water meter upgrade bills, still have three months before they have to pay the bills.
Freedom District BusinessAssociation President Jon R. Buck said the group is using its own people who have expertise in the budgetary, technical and engineering areas of water management to work with the county to make sure the charges were equitable.
The group met with the county last week againto discuss the charges, although Buck would not comment on any possible outcome.
"We don't know exactly the result of the working groups," he said. "Our committee will work with the various county departments to evaluate how the charges were developed."
The county sentbills to more than 40 Freedom District businesses ranging from $5,305 to $81,327, and totaling more than $500,000, Buck noted.
The bills were supposedly for the upgrading of water meters by businesses whose water use exceeded the amounts for their meters, the county said.
The county wanted the businesses with three-quarter-inch meters to upgrade them to 1- or 2-inch meters.
"We can't validate the rationale for budget or technical reasons for the charges or how the county arrived at those numbers," Buck said. "There are some parts that just don't add up and that's what we want, is the answer."
He saidthe businesses are about half way through a 6-month moratorium that County Commissioner Julia W. Gouge gave them for payment of the bills.
At the time the bills were sent out, the county set up payment plans for those businesses that couldn't pay, although some businessesfought the bill and hired a lawyer.
One thing the business association is looking at, Buck added, is the American Water Works Association's suggested methods for utility rate structures.
"We'll look at the national standards and the local standards, how things are done, and maybe make some recommendations," he said.
He said he was pleased with the outcome of last week's meeting and the cooperation between both sides.
CHINA LION GETS LICENSE
The county liquor board has approved a beer, wine and liquor license for a new Chinese restaurant in Westminster.
The China Lion opened in November at Cranberry Mall in the space formerly occupied by the Jumbo Inn, a Polynesian restaurant that closed in mid-November.
The Jumbo Inn had the same type of liquor license.
The new restaurant is owned by Wai Kwong Yip and Che Hunn Chan, both of Columbia, Howard County, and Westminster accountant Charles C. Davis. It seats about 150 people.
Yip and Chan were born in Hong Kong. Yip, 25, is president and treasurer of the corporation, Busy Kitchen Inc., that operates the restaurant; Chan, 37, is vice president and secretary.
They presented the liquorboard with 286 signatures on a petition in support of the license ata hearing last month.
SALERNO, S LICENSE OK"D
The county liquor board has approved an application from a Sykesville restaurant to seeve hard liquor as well as beer and wind.
Salerno's Restaurant, in the 1000 block of Liberty Road in Eldersburg, has sold beer and wine for about three years. The business is owned by Bruce I. Reamer of Eldersburg and seats 54 people.
The liquor board also approved a name change on the license in a decision released last week. Steven H. Reamer and Warren Grimm no longer are involved with the business.
Bruce Reamer presented a petition with about 700 signatures in support of the license change to the board at a hearing in January.
He said he planned renovations in the next few months and will expand the menu to add crabs and seafood. The restaurant now serves pasta, submarine sandwiches, pizza and Italian dishes.
DEVELOPER EYES SITE
A developer is interested in buying and developing a piece of industrial land in Hampstead, but James C. Threatte, director of the countyDepartment of Economic and Community Development, said he couldn't release details.