Business News

Bank of America’s Monty Sayler and Merrill Lynch’s Ryan Kirby recently presented United Way of the Lower Eastern Shore Executive Director Kathleen Mommé with a $7,000 corporate gift from Bank of America for the 2010 United Way Campaign. Submitted Photo

Bank Earns 5-Star Rating

OCEAN CITY – The Bank of Ocean City has announced that it has again received the coveted 5 Star Rating from Bauer Financial, Inc.

Bauer Financial has been analyzing and reporting on the financial condition of the nation’s banking industry since 1983. Through the years, Bauer Financial has earned the reputation as "the nation’s bank rating service". 

Bank of Ocean City has been servicing Ocean City and the surrounding area since 1916.

Association Elects Leaders

BERLIN – The Eastern Shore Building Industry Association has announced the election of its Executive Committee and Directors for 2011 at its recent December meeting.

The executive committee will consist of President John Kotoski, River Run Development Associates; Vice President Greg Greiser, Messick Inc.; Associate Vice President Jeremy Crawford, Bradco Supply Company; Secretary Greg Sauter, Geo-Technology Associates, Inc.; Treasurer Phillip Cheung, E.S. Gregory & Associates; and Immediate Past President Don Messick, Messick, Inc.

The Directors include Denis Brilliant, GFL Roofing; Steve Campbell, Avon Dixon Insurance; Kate McCloskey, Interior Concept, Inc.; Bill Hays, Handy Hays Service; Colleen Deptula, Beach Construction; Richard Insley, Rinnier Management; Mike Poole, Rakow Homes; Robert Purcell, Beachwood Inc.; and Brian Trego, Stone Tech Crushing.

Utility Seeks Higher Rates

SALISBURY – Delmarva Power this week asked the Maryland Public Service Commission to authorize an increase in electric delivery rates for the company’s nearly 200,000 Maryland customers.

If approved, the change would add 2.8 percent to monthly residential electric bills, effective July 21, 2011. The typical bill for a Standard Offer Service residential customer using 1,000 kilowatt-hours a month would increase by $3.76, moving the average monthly bill from $135.26 to $139.02. 

The proposed $17.8 million increase reflects rising costs required to provide customers with safe and reliable electric service. Factors include upgrades to the electric system to improve reliability and support investment in new technology. 

“We are seeking a relatively modest rate increase to help us keep pace with the demands for quality service and the cost of maintaining and improving our electric delivery system so that we can ensure the continued, reliable flow of electricity to our customers,” said Gary Stockbridge, President, Delmarva Power Region. “Investing in a safe, reliable and efficient electric system benefits the communities we serve.” 

Delivery rates cover the cost of the poles and wires that carry electricity to customers’ homes and businesses and are separate from supply rates. Supply rates are driven primarily by the cost of fuel to make electricity and reflect the cost of energy that Delmarva Power purchases on behalf of its Maryland customers who do not buy power from an alternate supplier. Customers who buy from a competing supplier will see the same increase in their delivery rates.

Community Honored

BERLIN – GolfCourseHome® Network’s 3rd Annual "Best of the Best" rankings selected The Carl M. Freeman Companies’ Bayside as a Community of Distinction for 2010.

The selection is based on a summation of honors reflecting all major media rankings of golf courses and golf communities for the current year.

With over 500 homes settled, Bayside will have more than 1,600 homes when completed.