Business Briefs: PNC Bank recognized with government award

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PNC Bank recognized with government award

PNC Bank was one of 15 recipients nationwide of the 2014 Secretary of Defense Employer Support Freedom Award. The annual award is the government’s highest recognition given to companies for their exceptional support of their employees who serve in the National Guard and Reserve. The recipients will be honored at the Pentagon Sept. 26.

Green Tree blood bank considers merger

The Institute for Transfusion Medicine in Green Tree, which operates Central Blood Bank, is in talks to merge with Orlando-based OneBlood, The deal would result in the formation of the largest independent blood bank in the country with combined revenues of $480 million. The two firms jointly distribute nearly 2 million units of blood annually.

Reed Smith changes senior management team

Law firm Reed Smith appointed three new members to its senior management team. Edward J. Estrada will be the firm’s global head of strategy, Casey S. Ryan will be global head of legal personnel, and Ray A. Cardozo will be chair of the litigation department. The new appointees join returning members David J. Boutcher, chair of the business and finance department; Roger J. Parker, EMEA managing partner; Gary A. Sokulski, chief operating officer; and global managing partner Sandy Thomas.

Latrobe company reports increase in net income

Commercial National Financial Corp. in Latrobe, parent company of Commercial Bank & Trust of PA, said net income for its fiscal second quarter ending June 30 rose to $1.7 million, or 58 cents per share, from $1.3 million, or 47 cents, in the same three months last year.

Contracts to buy homes slip in June

The National Association of Realtors said Monday that its seasonally adjusted pending home sales index slipped 1.1 percent to 102.7 in June. The index remains 7.3 percent below its level a year ago. Sales have been slowed by a mix of meager wage growth, rising home prices, and mortgage rates that rose steadily through the end of last year.

Tyson to sell some poultry operations

Tyson Foods plans to sell its poultry businesses in Mexico and Brazil for $575 million in cash to help pay debt from its recently announced acquisition of Hillshire Brands. Tyson Foods Inc. said it expects the sale of its Mexico and Brazil operations to JBS SA will be completed by the end of the year.

EU clears Apple's deal to buy Beats

The European Union’s antitrust authority has cleared Apple’s $3 billion deal to buy Beats Electronics, which makes headphones and offers music streaming services. The 28-nation bloc’s executive Commission said Monday the transaction does not threaten competition.

Virgin America files plans for IPO

Virgin America, the California-based airline, filed on Monday for an initial public offering of shares. The company has been unprofitable until last year, when it had earnings of $10.1 million. It licenses the Virgin brand name from the Virgin Group, which was started by businessman Richard Branson. The Virgin Group’s parent company, VX Holdings, has a 22.1 percent stake in Virgin America, according to the filing.

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