Star Banc Corp. plans to keep its trust and private banking division in Cincinnati after its merger with Milwaukee-based Firstar Corp. is complete late next month, bank officials said Thursday.
Though Star will be combining its $3 billion mutual fund family with Firstar's $6 billion family, the management of the complex will remain the same. That means Star's 16 portfolio managers and three securities analysts will remain in Cincinnati.
The private bankers and trust officers for both banks also will keep their jobs and remain in their respective cities. Star has 30 private bankers and about 200 trust officers. Firstar has 80 private bankers and 600 trust officers.
Dan Benhase, executive vice president and head of Star's trust and private banking division, said cutbacks will affect back-office workers, not employees who deal directly with customers.
Kroll-O'Gara Co. nets $5.3M in 3Q
Fairfield-based Kroll-O'Gara Co. reported record results for the third quarter ended Sept. 30.
The international supplier of security services and hardware said net income increased to $5.3 million, or 30 cents a share, from $2.2 million, or 14 cents a share, a year ago.
Revenues rose 40 percent to $67.1 million from $47.8 million a year ago. Operating income increased to $9.2 million from $4.6 million last year.
Sale of funeral unit boosts American Financial
The sale of its funeral services unit helped American Financial Group Inc. post a substantial gain in third-quarter profits.
The Cincinnati-based insurer had net earnings of $56.4 million, or 91 cents a share, compared with $26.7 million, or 44 cents a share, during the same quarter last year.
The company said it realized net gains of $14.1 million primarily from the sale of American Annuity Group's funeral services division, offsetting a loss related to the company's investment in Chiquita Brands International Inc.
During the quarter, AFG announced the sale of its Great American Insurance Co.'s commercial lines business for up to $358 million to Hamilton-based Ohio Casualty Corp.
Cemetery, funeral home bought by Service unit
Rose Hill Burial Park and Kowalk Funeral Home-Rose Hill Chapel in Hamilton have been acquired by a unit of Service Corp. International for an undisclosed price.
The Hamilton businesses will become part of SCI Ohio Financial Services Inc. Rose Hill Burial Park was founded in 1929, while Kowalk Funeral Home-Rose Hill Chapel opened in 1995. The Kowalk family will remaininvolved with the businesses and their 17 employees will continue their roles.
Richards Industries fined for late test filing
The U.S. Environmental Protection Agency said Cincinnati-based Richards Industries Inc. agreed to pay a $27,500 penalty to settle violations of federal chromium testing and reporting rules at its valve plant on Wasson Road.
The EPA said the company was cited April 16 for failure to conduct timely and valid tests that its chromium emissions complied with federal limits and failure to submit complete test results. A spokesman for the company said it failed to get the testing report submitted on time.
The EPA said the company completed the tests April 29, and it was in compliance. The EPA said there was no evidence that the company exceeded Clean Air Act emission standards for chromium.
