A Week In Business

Char Wederbrand

Char Wederbrand

New Sales Associate

OCEAN CITY — Bud Church Realty, broker for Coldwell Banker, has welcomed Char Wederbrand as its newest sales associate.

Wederbrand, a member of the Coastal Association of Realtors, the National Association of Realtors and the Maryland Association of Realtors, will be specializing in first-time home buying and second home purchases in the Berlin, Ocean City and Ocean Pines areas.

Foundation Director To Retire

SALISBURY — Melody Nelson, chairman of the Board of the Community Foundation of the Eastern Shore, announced that President and CEO Dr. Doug Wilson has announced his retirement effective at the close of 2014.

Wilson has been in the position for two years and has developed a 10-year strategic plan for increasing the foundation’s grant making goals to $10 million by 2024. He has reorganized the foundation’s internal operations for greater efficiency and tighter management controls, as well as updated policy and procedures to comply with the changes in the governing laws.

The Board of Directors will be responsible for approving an Executive Transition Committee that will guide the process of identifying a new President.

Wilson is looking forward to traveling and spending more quality time with his wife, Patty and their family.

Sales Up Across Shore

BERLIN – The latest figures from the Coastal Association of REALTORS® (CAR) indicate sales are up in all three counties on the Lower Shore. The impetus behind this surge is interest rates for fixed mortgages are down, industry representatives report.

According to the association’s local market statistics, October saw an increase in both contracts and settlements in Somerset, Wicomico, and Worcester counties compared to the same time last year. New contracts, or pending sales, of single family homes and condominiums went up 18.8 percent and new settlements, or completed transactions went up 3.9 percent.

Lauren Bunting of Bunting Realty in Berlin said a continued decrease in interest rates for fixed-rate mortgages could be the impetus for this encouraging uptick in home sales. Freddie Mac recently reported that the average interest rate for a 30-year fixed rate mortgage is 3.98 percent, down from 4.10 percent this time last year.

“We saw solid interest and activity throughout the summer months, and the recent drop in interest rates has created a welcome sense of urgency and affordability,” Bunting said. “With the lower interest rates, buyers can up their purchase price and it opens them up to more options when looking for a new home.”

CAR Executive Director Sheila Dodson added, “Following several months of increasing contracts, we’ve been expecting a surge in settlement numbers as these sales came to fruition. Each month, our local statistics reflect a more active market, which indicates a healthier local economy.”

Average days on the market for single family homes and condominiums in all three counties saw a decrease in October, compared to September, from 109 to 104.

Bank Announcements

SALISBURY — First Shore Federal recently made two personal announcements.

Sue Vincent

Sue Vincent

Sue Vincent of Salisbury has been promoted to the position of Head of Internal Audit and Snow Hill Mranch Manager for First Shore Federal Savings & Loan Association.

Vincent has been with First Shore for more than 18 years, having served as controller for the past 11 years. She has a degree in business administration and accounting from Bloomsburg State College in Bloomsburg, Pa.

“We are pleased to announce this reorganization of duties and the promotion of Ms. Vincent,” said Marty Neat, president and CEO of First Shore. “We’re confident that she’ll do a great job as Snow Hill Branch Manager while at the same time adding strength to our internal audit and management team.”

In other news, Raymond Perdue of Snow Hill has joined the staff of First Shore Federal Savings & Loan Association as controller.

Perdue graduated from Salisbury University with a major in accounting in 2008. He was formerly a staff accountant for PKS & Company in

Raymond Perdue

Raymond Perdue

Salisbury and prior to that served an internship with Perdue Farms.

“We are most pleased to have Ray Perdue join our management team,” said Diane Turner, vice president and chief financial officer of First

Shore. “We’re confident that he’ll do an outstanding job for First Shore as we expand and continue to serve our customers on the Lower Shore of Maryland and Delaware.”

First Shore Federal, with nearly $300 million in assets, is headquartered in Salisbury and has eight branches on Delmarva. A ninth branch, being constructed in Millsboro Del., will open early in 2015.