One of Greater Cincinnati's largest credit unions might be established with the merger of Hambuco Federal Credit Union and Mutual Benefit Credit Union Inc.

        The merger, announced Friday, is subject to a vote of Hambuco members through Nov. 27. State regulators waived Mutual Benefit's members' need to vote on the merger, which will be considered a merger of equals.

        The new credit union would have total assets of almost $130 million and serve more than 22,000 members from nine locations in Greater Cincinnati.

        Hambuco was created to serve Hamilton City teachers, while Mutual Benefit is sponsored by Cinergy.
       

Cincy Financial reports profits

               Cincinnati Financial Corp. reported net income for the third quarter that fell just short of Wall Street's expectations.

        The Fairfield-based insurer said it earned $35.7 million, or 22 cents a diluted share. That compares with $31 million, or 19 cents a diluted share, excluding a one-time charge ($5.6 million, or 3 cents a diluted share, including the charge) from 2000's third quarter.

        Analysts had expected net income of 24.1 cents a diluted share.

        For the quarter, total revenues advanced 7.4 percent, to $643.9 million, from $599.8 million.
       

LensCrafters parent profitable

               Luxottica Group S.p.A., parent of Cincinnati-based LensCrafters, said Friday that fashionable eyewear helped the Italian company's bottom line.

        Luxottica said net income for the quarter rose by 17.9 percent, to 69 euros, from 58.5 million euros in the third quarter last year. Using average currency conversions for each period, the company's net income rose 16 percent, to $61.4 million from $52.6 million.

        — From staff reports

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