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Almanac
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Business New Haven
11/17/1997
By: BNH
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Show Me the Money
New Haven Savings Bank has set aside a lending pool of $5 million for business located in, or planning to relocate to, New Haven's Town Green Special Services District. The loans, which have a maximum term of seven years and may be up to $150,000, are to be lent to qualifying businesses at the prime rate. In addition, there are no fees, except when the collateral is real estate. The Town Green district is congruent with the Elm City's Central Business District (CBD).
More YES Men
(and Women)
The Meriden-based Yankee Energy Services Co. (YESCo.), a subsidiary of Yankee Energy System Inc., has acquired Mira Systems Inc. of Farmington, as well as the commercial and industrial heating, ventilation, air conditioning (HVAC) and controls business of ENServe Corp. of Hartford. Company officials say the acquisitions will enhance YESCo.'s building controls and HVAC capabilities and increase the company's customer base. YESCo. President Michael Bielonko said he hoped the acquisitions would add $5 million to $10 million to the company's annual revenues. Yankee Energy is the parent of Yankee Gas Services Co., the state's largest natural-gas distribution company.
Both Sides Now
A new videotape, A Win-Win Solution to ADA Disputes, has been released jointly by the Connecticut Better Business Bureau and the Americans with Disabilities Act Coalition of Connecticut. The 20-minute tape is designed to educate people with disabilities and the companies they work for or frequent about a program to resolve disputes when they arise. The presentation explains what mediation is, how to file a complaint and walks viewers through a staged session. The BBB recommends its for parties involved in disability discrimination and/or accessibility issues. For info or a copy, call 203-269-2700, ext. 101, or visit www.connecticut.bbb.org.
A Twin for Twin Towers
Another pair of office towers will soon be visible on the ever-growing Shelton skyline. Local developer David Mack, in partnership with the Boston-based Davis Cos., plans to erect 375,000 square feet of office space at Shelton Research Park. The partners previously undertook successful projects at 1000 Bridgeport Avenue and the Trumbull Marriott. Developer R.D. Scinto (BNH, August 25) built the two Shelton Enterprise Towers and has begun construction on a third.
Not Just Hot Air
The Bridgeport-based Connecticut Energy Corp., parent company of the Southern Connecticut Gas Co., earlier this month reported record earnings for fiscal 1997, which concluded September 30. Per-share earnings of $1.81 grew by 6.5 percent over 1996 earnings of $1.70 per share. Net income reached a record $16.4 million, which marked an eight-percent hike over the $15.2 million the natural-gas distributor earning the previous year. “Fiscal 1997 marked the eighth consecutive year in which we have achieved growth in annual earnings per share - a record unmatched by any other natural-gas distribution company in the U.S.,” said Carol A. Forest, the company's vice president of finance, CFO and treasurer. “This was done primarily through customer growth in our principal subsidiary [SCGC], a concerted effort to lower expenses, and modest contributions from our unregulated subsidiaries.”
Wearing the White Hats
The Federal Deposit Insurance Corp. has bestowed the Bridgeport-based People's Bank with an “outstanding” Community Reinvestment Act (CRA) rating. The CRA was enacted by Congress in 1977 and by the state legislature in 1989 to encourage banks and thrifts to meet the credit needs of their communities, particularly with regard to low- and moderate-income individuals and neighborhoods. “Community reinvestment is one of the principles this banks was founded on in 1842, and our employees proudly carry on that tradition today,” said People's President and CEO David E.A. Carson. People's also has an “outstanding” CRA rating from the state's Department of Banking.
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