N
Retirees honored
Dallas Post/Ed Campbell
New bank signs
There's a new addition to the Dallas skyline with
the installation of a new sign at the Dallas Village
office of First Eastern Bank. John L. Owens,
above left, vice president and manager of the
Dallas branch, and David W. Sommers, assistant
vice president and assistant manager, display the
new sign, part of an ongoing effort to clearly
identify First Eastern branches and their ‘‘Quik
Teller’’ automated teller machines.
Company offers bonds
Kidder, Peabody & Co.,
Inc. of Wilkes-Barre will
Senior Manage an offering
of approximately $100,000,-
000 Virginia Housing
Development Authority
Bonds this month. The
interest income on these
bonds will be exempt from
Federal Income Tax.
The Authority will use
the proceeds from the
bond sale to make mort-
gage loans to eligible bor-
rowers for financing own-
ership of single family
residential housing. The
Authority expects there
will be bonds that mature
each year from 1985 to
1992 and term bonds that
will mature in 20 years. It
is also expected that Com-
pound Interest Bonds will
mature from 1993 to 1998
and in 2015.
Compound Interest
Bonds pay principal and
all of the interest only at
maturity. The interest is
compounded every six
months until the bonds
mature or are redeemed.
Anyone desiring addi-
tional information on the
Virginia Housing Bonds,
including anticipated
yields on the conventional
bonds and compound inter-
est bonds is asked to con-
tact Jack B. Smoak,
Kidder, Peabody & Co.,
Inc, at 826-9100 or 343-
1261.
Expressions
of Sympathy
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ROBERT D. RICHARDSON
Completes course
Robert D. Richardson, of Dallas was recently gradu-
ated from the Stonier Graduate School of Banking,
Richardson was among 450 bankers from across the
country to graduate from the oldest graduate banking
school in the nation. Stonier is a three-year program
conducted at Rutgers University by the American
Bankers Association (ABA).
Richardson, a senior vice president in First Eastern
Bank’s Commercial Loan Department, was graduated
from Dickinson College, Carlisle, with a BA degree in
Economics.
He serves as president of the Dallas Firemen and
Ambulance Association; past chairman of the Back
Mountain Memorial Library Auction; serves on the
Pennsylvania Industrial Development Authority Loan
Review Committee; Division leader of the Wilkes
College and College Misericordia Fund Drives as well as
the United Way Fund Drive.
He is a board member of the Wyoming Valley
Crippled Children’s Association and past chairman of
the Easter Seal Campaign; administrative board
member and chairman of the Finance Committee of the
Dallas United Methodist Church; board member and
chairman of the Northeast Chapter of the Robert Morris
Associates; executive board member of the Penn
Mountains Council, Boy Scouts of America and a
member of the executive committee of Allied Services,
John Heinz Institute.
Notes 30 years |
Talk to any small businessman in Wilkes-Barre and he
would probably know what the letters or acronym
“S.B.A.” stand for - the U.S. Small Business Adminis-
tration. This is true, in part, because this federal agency
touched the lives of so many people during the 1972
Agnes Flood with its disaster financial assistance
program.
Today, as then, the S.B.A. plays a significant role in
our areas economic recovery by helping small busi-
nesses.
John Sokolowski, Manager of the Wilkes-Barre Branch
Office, pointed out the important part small businesses
play in today’s economy. “They employ more than half
of the working force in the United States’’ and ‘Small
businesses are more responsive to the changing times,”
Sokolowski said.
From Sokolowski’s perspective, “Big businesses could
not survive without small businesses” because small
business have been our innovators and inventors. For
example, small firms and individual inventors have
originated more than half of our new products and
services, some include the bifocal lens, safety razor,
electronic music synthesizer and ice cream cone.
According to the Wilkes-Barre office, the contributions
the Agency has made can be seen with its 30-year facts
and figures. There were 449,769 business loans made
through Sept. 30, 1982 for a total of $34,227 billion.
Disaster loans made through Sept. 30, 1982 totalled
898,976.
“In the last five years alone, 1.5 million men and
women attended management assistance training ses-
sions sponsored by SBA,” Sokolowski said. “And an
counseling from SBA.”
SRA also has management assistance counseling
programs that exist to help. Every individual business
should know about and understand the importance of the
counseling program.
Also, the Greater Wilkes-Barre Chamber of Com-
merce hopes to open new avenues of counseling that
could prove to be vital to small businesses in achieving
their goals. Some of these programs are not used to the
ager, especially in the new business start-up area.
Sound advice can be critically important to a newly
forming venture.
Another of SBA’s programs is the S.B.I. ‘Small
Business Institute’” which started in 1972. It can benefit
local area businesses through the assistance provided at
Wilkes College and King’s College. The service is
available locally by calling 826-6497 and requesting to be
considered for the program. It is free of charge to the
small business client. In the last five years, students
and their faculty advisors counseled 40,000 small busi-
ness clients, or an average of 8,000 a year on a nation-
wide basis.
The Small Business Development Center is another of
the SBA services that can be obtained through Univer-
sity of Scranton and Wilkes College in this area. The
Centers maintain a paid full-time staff to assist and
counsel new and existing businesses on a regular basis.
The S.B.D.C. can provide advice on promotion, advertis-
ing, market research or financing alternatives to name
a few of its services. The advice gan be in depth over a
management. questions you have been wondering about.
The third program available is SCORE, Service Corps
of Retired Executives, and ACE, Active Corps of
Executives, who provide voluntary counseling, also free
of charge.
Nationwide, SCORE has 9,000 members who last year
helped 128,693 business firms. SCORE has 405 chapters
around the country. The Wilkes-Barre Chapter 261,
started in 1974, has access to the services of over 30
retired executives with a wide variety of specialties to
help in solving business problems.
Cases are usually assigned at monthly meetings of
retired executives living in the community. However,
the volunteer also has access to the services of other
retired executives in nearby chapters such as Williams-
port and Scranton.
Joe Galletta is one member who became involved with
SCORE three years ago.
When asked to join SCORE, Galletta decided to take
up the offer. He was born and raised in the Pittston
area. In the early 1930’s he and his family moved to
New York.
In New York, Galletta operated a very successful air
conditioning business, Air Modern, Inc. The business
started as a heating and air conditioning company. But,
with the enormous changes in technolgy over the years,
it became involved in thermodynamics, energy conser-
Mountaintop
Rt. 309
McDonald's
m= He
Friday
Shavertown
Rt. 309
Shavertown
decided to retire. The business was sold to the
employees and the Galletta family returned to this area.
“The knowledge I acquired would be no good to me if
I kept it all to myself,” Galletta stated. “If I’m able to
help my fellow man succeed in business or in the
stagnant by just sitting back and doing nothing. Youre
doing nothing but wasting your're time.” Galletta says
if you're healthy you should stay active for as long as
you can. - 2
“Why deteriorate?” he asks. ‘There are so many
retired people - successfully retired people - with plenty
of knowledge just sitting back and wasting their time
when they could be helping their fellow man. Share your
knowledge, your knowledge is a terrible thing to waste.”
The files of the local SBA office contain several
success stories about small companies that probably
would not have started out properly or would have gone
under except that someone told the properties about
S.B.L., S.B.D.C. or SCORE-ACE.
Richard and Joanne Long got their Sweet Valley
hardware started on the right foot, thanks to the
business tips of Jim Manley, 81, former owner of
Manley Tire Service and SCORE member. Manley
offered advice on starting a business over a three-month
period, from how to attract customers to required
permits. Long has, since opened a second store in
Shickshinny, meeting the hardware needs of that
community.
Noting SBA’s 30th anniversary, a number of highly
successful and well known companies which received
SBA loans or help in their early days can be cited.
Firms such as Federal Express, Iowa Beef Processors,
Apple Computer, Gentex Corp. (Carbondale) are a few
of the outstanding success stories.
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