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Saturday, May 3, 2003

Tristate summary



Compiled from staff reports

Nadler's loses Forest Fair slot

Nadler's men's store at Forest Fair Mall will close today after losing a lease dispute with mall owner, the Mills Corp. of Arlington, Va.

Mills bought the mall last September. It ordered most of the Forest Park mall's tenants, except the major anchors, out earlier this year to allow for major renovations.

Store owner Mel Nadler sued Mills, arguing that his lease had been violated because Mills didn't give him sufficient notice to move. A federal judge dismissed the suit.

Nadler said he is in negotiations to open a new store at Northgate Mall.

Provident intends to keep auditor

Despite accounting discrepancies that forced it to restate profits for several previous years, Provident Financial Group Inc.'s board wants to retain Ernst & Young as the Cincinnati banking's company's auditor for this year.

That proposal in the company's proxy will be voted on at Provident's annual meeting on June 19.

The proposal comes after the parent of Provident Bank in April said for the second time since early March that it would have to restate earnings because of accounting problems on auto-lease transactions. The bank said those problems caused it to erroneously book $114.4 million in overstated profits from 1994 though 2002.

Provident paid Ernst & Young more than $1.4 million in audit and other fees last year, according to the proxy.

Some Provident investors also have raised questions in class-action lawsuits against the company since the restatement announcement about the status of Ernst & Young as its independent auditor.

Job openings at Fifth Third

Fifth Third Bank, which Friday celebrated its traditional 5/3 Day on Fountain Square, plans to hire another 463 people locally. It accepted applications during the square festivities.

The Cincinnati banking gianthas openings locally to fill such positions as product managers, sales representatives, operations managers and mortgage-loan originators.

Fifth Third now has 8,500 full- and-part-time employees in Cincinnati.



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