Business briefs: Problem credit unions identified


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Problem credit unions identified

Four Pittsburgh-area credit unions landed on an independent research group's list of problem financial institutions in the fourth quarter. They included CGH in New Kensington; Iron Workers, Downtown; Shacog, Mt. Lebanon; and Westco, Greensburg. Institutions earning two stars or fewer end up on BauerFinancial's problem list. CGH received the lowest rating, earning zero stars. Westco got one star, while the two other credit unions received two stars. No Pittsburgh area banks made the problem list. For more information visit www.bauerfinancial.com.

Mylan sets vote

Shareholders of Mylan Inc. are being asked to vote on a shareholder proposal requiring that the chairman of the board be an independent director, not a current or former employee of the generic drug company, according to a proxy statement for Mylan's annual shareholders' meeting filed Monday. The meeting is set for April 11 at 10:30 a.m. at the St. Regis in Washington, D.C. The proxy also showed that Mylan CEO Heather Bresch was paid total compensation of $9.05 million in 2013, down from $10 million the previous year. Mylan chairman and former CEO Robert Coury was paid $15.4 million in 2013, according to the filing.

IRS seeking recruits for taxpayer panel

The Internal Revenue Service is seeking volunteers from Pennsylvania and 18 other states to serve on its Taxpayer Advocacy Panel, an advisory group that makes recommendations for improving IRS services. Panel members, who serve three-year terms, must commit to 200 to 300 hours annually. Applications, available online at www.improveirs.org, will be accepted through April 11. For more information call toll-free 888-912-1227 and select option five.

Bank sells securities

FNB Corp. in Hermitage said it sold its portfolio of pooled trust preferred securities resulting in a pretax gain of $13.8 million. Excluding the gain, the sale is expected to be neutral to operating earnings this year, FNB said.

EBay rejects Icahn's nominees for board

EBay is urging shareholders to vote for its directors rather than the pair put up by activist investor Carl Icahn. The e-commerce company says its four directors up for re-election, including CEO John Donahoe, company co-founder and managing director Fred Anderson, Intuit co-founder Scott Cook and former Agilent Technologies CEO Edward Barnholt, should be re-elected. Icahn has put forth two directors that are his employees. The activist investor’s ultimate goal is to persuade eBay to spin off its profitable mobile commerce arm, PayPal.

Sbarro again files for Ch. 11 reorganization

Sbarro said Monday that it is filing for Chapter 11 reorganization, the struggling pizza chain’s second trip through bankruptcy court in less than three years. The filing comes after the company shuttered 155 of its U.S. locations last month. Sbarro had cited declining traffic in the mall food courts where it does much of its business for the closures. 

American Airlines, JetBlue ending agreement

American Airlines and JetBlue Airways Corp. are ending an agreement that allowed travelers to add connections to their itinerary on each other’s aircraft. The companies also said that they are ending a reciprocal frequent flyer program accrual agreement beginning April 1. All American AAdvantage miles or JetBlue TrueBlue points already accrued through the partnership will be credited to customers’ accounts and are not affected.

CEO says American Airlines got $381 million for airport rights

The CEO of American Airlines says his company is getting $381 million from selling takeoff and landing rights at New York’s LaGuardia Airport and Reagan National Airport outside Washington, D.C. Doug Parker said his airline was paid more than it expected to get for the rights — called slots — at the busy airports. The U.S. Justice Department put a higher figure — more than $425 million — on American’s gain. 

Also in business... 

Calgon Carbon named former RTI International Metals president and CEO Timothy G. Rupert independent lead director, effective May 1.


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