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(The Frederick News-Post Online - Frederick County Maryland Daily Newspap\
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(Clear road)Tj
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(Originally published August 27, 1999)Tj
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(By)Tj
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( Roy Meachum )Tj
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(Mayor James Grimes has been taking heat on curbing the powers of the His\
toric District )Tj
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(Commission. There have been letters to the editor; one called him a ''hi\
ck.'' )Tj
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(So why is the self-styled country boy smiling? )Tj
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(By any standard, Mr. Grimes has learned, in his second term, to turn lem\
ons into lemonade: The )Tj
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(sour looks belong to his harshest critics. Among their ranks: those who \
profess the greatest )Tj
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(affection for absolute authenticity in the restoration of our proud old \
houses. )Tj
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(The rest of the city -- its overwhelming majority -- care more for retai\
ning the vitality of the )Tj
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(downtown, which is the very core of the county. )Tj
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(While critics want his scalp for supporting the proposed new building on\
Carroll Creek, they have )Tj
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(never come up with an alternate plan that touches even the fringes of co\
mmon sense. )Tj
0 -2.92728 TD
(More importantly, from the point of historic preservation, they continue\
to ignore the approvals )Tj
0 -1.2 TD
(the project received from both the city commission and the state. )Tj
0 -2.92728 TD
(As far as I can figure out, the mayor became involved chiefly to get con\
struction off the dime; )Tj
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(two years after the developer thought he had approval, he was hobbled by\
the few who would )Tj
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(seemingly prefer gas lights along Market Street. )Tj
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(The water tower poses quite a another question. Whether to letter or not\
to letter, emblazoning )Tj
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(the city's fair name around the tank, became a test of wills between His\
Honor and the board's )Tj
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(president pro tem. )Tj
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(Meta Nash argued, successfully, I felt, that the proposition had been du\
ly defeated, under her )Tj
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(leadership, but revived and rammed through while she was absent. She was\
right. )Tj
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(Life is not fair and politics can be a real bummer. )Tj
0 -2.92728 TD
(For the life of me, I can't imagine what genuine difference it makes, on\
e way or another. I'm )Tj
0 -1.2 TD
(inclined to agree our distinctive spires make the new identification red\
undant. But the issue )Tj
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(scarcely rates with Carroll Creek's proposed building, for example. )Tj
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(As folks who have put their lives and their mutts where their mouths and\
hearts are, smackdab )Tj
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(in the middle of historic downtown, the Meachums -- Sharon more than her\
husband -- fear the )Tj
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(impact of continuing decay and neglect around us. )Tj
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(Without economic vitality, absentee owners simply will not put money int\
o property bought as )Tj
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(an investment; each counts on someone else to bring back the neighborhoo\
d. And that's where )Tj
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(City Hall comes in. )Tj
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(Any mayor can do little more than cajole and entice, bump and bounce dow\
ntown along; )Tj
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(keeping it from total collapse until he can find the right combination o\
f civic mindedness and )Tj
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(business smarts. )Tj
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(The process is delicate; it doesn't always work. At its best, it consume\
s considerable time and )Tj
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(energy. It takes place -- always -- under a thousand eyes. )Tj
0 -2.92728 TD
(Every success arouses suspicion that, somehow, the incumbent chief execu\
tive has lined his )Tj
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(personal pocket. )Tj
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(That has been the attitude, of course, way off Market Street, over what \
Mr. Grimes dubbed "Jobs )Tj
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(Pathway" and maps call Monocacy Boulevard extended. )Tj
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(Because his trucking company sits on the boulevard, where it joins East \
Patrick Street, the )Tj
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(mayor's effort to create both an eastern bypass and an economic developm\
ent zone has, at )Tj
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(times, been hampered by allegations he stood to make a pile, on the side\
. I've even heard tales )Tj
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(about how he's involved in "secret" partnerships. )Tj
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(When confronted directly with the rumors, Mr. Grimes has replied usually\
with a dismissing )Tj
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(snort. Everything he owns is on the public record, he says. )Tj
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(In my considered opinion, he is a politician of a very rare breed. His c\
ompanies, investments and )Tj
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(real estate holdings are more than sufficient; their values continue to \
grow. \(If he were after )Tj
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(money for money's sake, why waste his time playing mayor?\) )Tj
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(Moreover, these accomplishments enable him to soft-pedal his ego, at lea\
st compared to other )Tj
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(elected officials. No public figure, in my experience, has ever simply e\
njoyed his position more. )Tj
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(Why should he mess with his great success by trying to rip off taxpayers\
? He may be a "hick," as )Tj
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(that letter writer said, but nobody has ever accused Jim Grimes of stupi\
dity. )Tj
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(Last week the commissioners made the mayor look almost brilliant. Overco\
ming considerable )Tj
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(opposition and noisy flack, the extension of Monocacy Boulevard cleared \
the final major obstacle )Tj
T*
(in its path. )Tj
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(By unanimous vote the county board agreed to provide the city a ''missin\
g link,'' access to one-)Tj
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(third acre that had bottled up the whole project. )Tj
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(In exchange, property owners agreed to a binding covenant intended princ\
ipally to soothe )Tj
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(concerns in the Deerbought subdivision. )Tj
0 -2.92728 TD
(The restrictions amount to a laundry list of every neighborhood's worst \
nightmares. Plopping any )Tj
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(of them down on the 60-plus acres makes little sense; it probably would \
never have happened. )Tj
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(But now all the nearby residents can sleep soundly and Jim Grimes' pride\
-and-joy faces only )Tj
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(routine procedures; it's on its way. )Tj
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(That was the big one: the make-or-break mark for his administration. Oth\
er projects will surely )Tj
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(follow, but nothing will compare to completing the ring around the city \
and generating badly )Tj
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(needed tax revenue to boot. )Tj
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(Incidentally, while discussions have focused on the economic aspects, as\
in the name Jobs )Tj
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(Pathway, little has been made over the contributions extending the boule\
vard will make to )Tj
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(relieving pressure on overcrowded traffic arteries. Life becomes so much\
easier for folks who live )Tj
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(east of the city. )Tj
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(The real losers all around are those folks waiting for Jim Grimes to fal\
l flat on his nose. Not yet. )Tj
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16 0 0 16 34 552.75497 Tm
(F&M Bancorp reports higher earnings)Tj
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9 0 0 9 34 540.0435 Tm
(Originally published October 18, 2000)Tj
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10 0 0 10 34 508.315 Tm
(From Staff Reports)Tj
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( )Tj
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(F&M Bancorp, Frederick, reported a 21 percent increase in earnings for t\
he third quarter to )Tj
0 -1.2 TD
($4.971 million or 44 cents per share, compared to $4.120 million or 37 c\
ents per share for the )Tj
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(same period last year. )Tj
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(Earnings increased in the first nine months to $14.477 million or $1.31 \
per share, compared to )Tj
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($1.15 per share for the same period last year. )Tj
0 -2.92728 TD
(The increase in earnings continued to be driven by strong growth of 20 p\
ercent, resulting in )Tj
0 -1.2 TD
(increased income of 11 percent from the first nine months of last year. \
Net interest income )Tj
T*
(increased at a slower 6 percent as higher interest costs were incurred f\
or deposits and )Tj
T*
(borrowings than compared to the first nine months of last year. )Tj
0 -2.92728 TD
(Non-interest income also contributed significantly to the earnings incre\
ase, with strong revenues )Tj
0 -1.2 TD
(from the bank's insurance agencies up 19 percent, trust and investment i\
ncome up 36 percent, )Tj
T*
(and service charges on deposit accounts up 13 percent. Non-interest inco\
me now represents )Tj
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(approximately 29 percent of the bancorp's total income. Operating effici\
encies resulting from )Tj
T*
(synergies created in the C&F Bank merger, reengineering and technology u\
tilization have )Tj
T*
(contained operating costs in the first nine months to a 2 percent increa\
se from the same period )Tj
T*
(last year. )Tj
0 -2.92728 TD
(Total assets were $1.770 billion, an increase of 7 percent from the thir\
d quarter last year. )Tj
0 -1.2 TD
(Return on assets and return on equity for the first nine months were 1.1\
3 percent and 13.11 )Tj
T*
(percent, respectively. Shareholders equity ended at $151 million, approx\
imately 3 percent )Tj
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(higher than on Sept. 30, 1999. )Tj
0 -2.92728 TD
(Asset quality remains strong as evidenced by a ratio of non-performing a\
ssets to total assets )Tj
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(of .25 percent. )Tj
0 -2.92728 TD
(The allowance for credit losses remained at 1.09 percent, after increasi\
ng the third quarter )Tj
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(provision for loan losses by $585,000 from the previous quarter and taki\
ng a conservative )Tj
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(position in charging off an additional $744,000. Net charge-offs for the\
current quarter )Tj
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(represented .07 percent of assets. )Tj
0 -2.92728 TD
("The third quarter continued to reflect our ability to capitalize on goo\
d economic conditions in a )Tj
0 -1.2 TD
(great market area. We continue to deepen out relationships with our exis\
ting and newly acquired )Tj
T*
(customers. By providing personalized service across a spectrum of financ\
ial products and )Tj
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(services, we will continue to profitably grow and thrive in partnership \
with our customers," said )Tj
T*
(Faye E. Cannon, president and chief executive officer. )Tj
0 -2.92728 TD
(F&M Bancorp offers a full line of financial services through 55 communit\
y offices, 73 ATMs and )Tj
0 -1.2 TD
(Express Bank in eight counties in Maryland and Adams County, Pa. It's in\
surance subsidiary, )Tj
T*
(Keller-Stonebraker Insurance Inc. and Potomac Basin Group Associates off\
er a full line of )Tj
T*
(insurance products. )Tj
10 0 0 10 131.07001 547.515 Tm
(Please send comments to )Tj
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(webmaster)Tj
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( or contact us at 301-662-1177.)Tj
-8.817 -2.39999 Td
(Copyright 1997-08 Randall Family, LLC. All rights reserved. Do not dupli\
cate or redistribute in any form.)Tj
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(The Frederick News-Post )Tj
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(Privacy Policy)Tj
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(. Use of this site indicates your agreement to our )Tj
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(Terms of Service)Tj
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