Organized workers at Procter & Gamble Co.'s Ivorydale complex have rejected a contract offer from the company but are continuing their talks with P&G.

Members of the Employee Representation Association (ERA) voted Feb. 26 to reject P&G's offer - details weren't disclosed - but there hasn't been a strike authorization vote taken. A three-year contract covering about 1,000 workers expired Feb. 19.

P&G spokeswoman Linda Ulrey said Wednesday that it is ''business as usual'' at the plant with workers adhering to terms of the last contract. ''We expect to be able to reach an agreement satisfactory to all,'' she said.

ERA officers could not be reached for comment.

P&G employs 1,300 at Ivorydale, the oldest factory in the company.

Lenox Bancorp dividend

Lenox Bancorp Inc. has declared the company's first cash dividend.

The dividend will amount to 5 cents, payable April 1 to stockholders of record March 17. The Cincinnati-based parent of Lenox Savings Bank has assets of $47 million and an office in St. Bernard.

OHSL dividend up to 22 cents

OHSL Financial Corp. will increase its quarterly dividend 16 percent to 22 cents a share from 19 cents. The dividend is payable April 15 to shareholders of record March 31.

The parent of Oak Hills Savings and Loan Co. is one of Cincinnati's largest thrifts with five offices.

Clarcor completes deal

Clarcor Inc. has completed its acquisition of United Air Specialists Inc., a Cincinnati-based maker of industrial air-cleaning equipment.

Clarcor, based in Rockford, Ill., acquired United Air in a stock swap, issuing more than 1.2 million shares to close the transaction. Clarcor shares closed at $24 Wednesday.

Clarcor makes mobile and environmental filtration products and consumer goods.

Ashland unit to sell shares

Ashland Inc. plans to sell 17.7 percent of its exploration business to the public, raising $70 million in the creation of Blazer Energy Corp.

Blazer, the former Ashland Oil Exploration Inc., will sell 3.1 million shares to the public, leaving the remainder owned by its parent, Russell, Ky.-based Ashland.

The $70 million in proceeds would be used to pay part of a $195 million dividend to the parent company, according to a filing Wednesday with the Securities and Exchange Commission.

Rolodex sale finalized

Insilco Corp. Wednesday said it completed the sale of its Rolodex business to Newell Co. for $117 million.

Columbus-based Insilco sold the subsidiary as part of its plan to focus on its industrial businesses. Freeport, Ill.-based Newell makes home furnishings and housewares.

CheckFree unveils E-Bill

CheckFree Corp. has unveiled a service to let consumers view and pay bills on the Internet, extending its efforts in electronic commerce.

CheckFree, of Columbus, said customers can access E-Bill on the World Wide Web to view utility bills and mortgage payments on their PC and pay the bills online. The fees are deducted automatically out of a user's bank account.

Consumers will have to pay 25 cents a use, though that fee could diminish if banks sign up and adopt the system, spokesman Matt Lewis said.