Seasoned professional Abelli named to post at Monadnock
Dino Abelli has joined Monadnock Non-Wovens LLC as Technical Sales Manager covering industrial air and liquid filtration markets.
Abelli comes to Monadnock, based in Mount Pocono, with more than 35 years of experience in a variety of non-wovens, filtration and related technical fabrics industries. He has held positions in R&D, Product Development, Sales Management, Account Management and Business Development previously working with International Paper/Veratec, Snow Filtration, Hollingsworth & Vose and PGI/Fiberweb.
“Dino is a seasoned professional with broad experience in the nonwovens industry, and we are glad to have him join our fast growing team,” said Keith Hayward, managing director for Monadnock Non-Wovens. “His past success, energy, enthusiasm and polished approach to sales will be very beneficial as we continue to grow our product portfolio in new technical and specialty markets.”
Abelli will concentrate his efforts in expanding Monadnock’s meltblown and composite presence into new markets while helping secure and strengthen its position with existing customers.
Monadnock Non-Wovens, a subsidiary of Monadnock Paper Mills, Inc. of Bennington, NH, was established in 1999 to manufacture non-woven material for the fast growing filtration, facemask, healthcare, consumer and homeland security markets. It supplies non-woven roll goods media to converters around the world using advanced fiber technology to meet Global standards.
Wayne Bank quarterly earnings rise 3.9 percent from prior year’s quarter
Norwood Financial Corp. and its subsidiary, Wayne Bank, announced earnings of $2,041,000 for the three months ended March 31, which represents an increase of 3.9 percent from the $1,964,000 recorded during the same three-month period of last year.
Earnings per share on a fully diluted basis were $.55 in the first quarter of this year compared to $.54 in the first quarter of 2014. The annualized return on average assets was 1.15 percent in the first quarter of 2015 and the annualized return on average equity was 8.22 percent.
Total assets were $734.4 million as of March 31, an increase of $31.2 million, or 4.4 percent, compared to the prior year total. Total loans increased $22.9 million compared to March 31, consisting of a $16.6 million increase in commercial lending and $6.3 million of growth in retail loans. Commercial financing increased $17.8 million, installment loans grew $5.2 million and residential mortgage loan balances increased $1.1 million during the first quarter, while construction loans decreased $1.2 million.
“Our first quarter results provide a good start for 2015,” said President and CEO Lewis Critelli. “Net interest income improved over the prior quarter and the same period of last year due to a significant amount of loan growth, while operating expenses remain well controlled. Working with borrowers experiencing cash flow pressure will remain a top priority as we make our way through this difficult economic environment. We expect that stress on loan quality will continue into 2015.”
Norwood Financial Corp. is the parent company of Wayne Bank which operates from 15 offices throughout Wayne, Pike, Monroe and Lackawanna counties. The company’s stock is traded on the Nasdaq Global Market under the symbol “NWFL”.
Pocono Chamber to honor students
Each year the Education Committee of the Greater Pocono Chamber of Commerce honors students in the community who have overcome adversity in their life and still manage to succeed. The luncheon will honor 10 students on May 19 at Wolf Hollow at Water Gap Country Club in Delaware Water Gap. For more information, call Pat Metzgar at the Chamber at 570-421-4433.
Chamber taking Bizzy Awards entries
The Greater Pocono Chamber of Commerce is accepting entries for its 10th annual Bizzy Awards that takes place in September. There will be 14 categories awarded this year. Call Pat Metzgar at 570-41-4433 for details.