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Lewes, Delaware
Jim's Towing Service
January 30, 1998     Cape Gazette
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January 30, 1998
 

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CAPE GAZETTE, Friday, January 30 - BUSINESS & REAL ESTATE February 5, 1998 - 37 Lewes' Second Street businesses changing locations the age group that she stocks toys, puzzles and hobby materials for. She said she will close for a cou- ple of days to get the new store arranged and then reopen without much downtime. The scheduled move of Kids' Ketch out of Lewes Mall began a chain reaction that will see Green- Greenhorn will move from its eurrent location to Lewes Mall, where Kids' Ketch is va- cating. Buttery owners sign contract on Walsh house By Dennis Forney Three downtown Lewes busi- ness - Kids' Ketch, Greenhorn and Josephine Keir Oriental Rugs - are in the process of-changing loca- tions for the 1998 summer season. A fourth - The Buttery - is looking at a major project involving the purchase and renovation of J.B. Walsh's 18th century home, on Savannah Road opposite the cast end of Second Street, for its restaurant operation. Kids' Ketch owner Theresa Ford said this week that she plans to move her business from the Lewes Mall to the former Franklin Hardware building during the third week of February. Ford, who purchased the build- ing with her husband, Jim, last fall from Bob and Gloria Miller, said the move into the much larger space will enable her to expand horn Ltd. move from its location next to R&L Liquors to the former Kids' Ketch location. Moving in- to the Greenhorn space will be Josephine Keir Oriental Rugs, which currently occupies a down- stairs space in the New Devon Inn. Those moves can begin taking place once Kids' Ketch makes its move from Lewes Mall. Dale Jenkins, who owns the New Devon Inn, said no one has come forward yet to take the place currently leased by Keir Oriental Rugs. Jenkins restored the New Devon Inn to its present state 10 years ago and has it listed for sale for $1.9 million. She said she has three different parties interested in its purchase. "I'm very proud of what's been accomplished here," said Jenkins this week, "and I have mixed feel- ings about selling. But I figure I have at least one more project in me, though I have no idea yet what it will be." Jenkins said none of the parties interested have yet signed any pa- pers. Owners of The Buttery Restaurant and Charcuterie, now located in the New Devon Inn, have a contract on the J.B. Walsh house, which faces Second Street from its vantage point on Savannah Road. Buttery plans forming That's not the case however with John Donnato and Twain Gonzales who own The Buttery Restaurant and Charcuterie on the first floor of the New Devon Inn. Donnato confirmed this week that he and Gonzales have signed a contract to purchase J.B. Walsh's home on Savannah Road for cre- ation of a larger "and slightly more formal" restaurant than their current operation. Donnato said that although the project still hinges on getting the necessary financing, "we're work- Continued on page 40 First Omni transition creates questions; minimal job loss expected coming from, we have no idea how many jobs will be lost," said Reese Nank, First Maryland vice president for corporate com- munications. "What will be the effect on our employees? The gist of it is that there will be some job loss; we don't know num- bers now." Of the approximately 800 who are em- ployed with First Omni in Millsboro, Nank said many have the same level of job skills that will be required for First Maryland's customer services division scheduled to be shifted there. She said the bank is planning to consolidate the consumer installment loan operation and customer service cen- ters, now in other states, in Millsboro. "The bank charter will remain in Delaware," she said. "We will have a ser- vice and sales facility in Millsboro and plan to map many people into new jobs there. "A recent merger of First Maryland with Dauphin Deposit Bank in Pennsylvania cre- ates the need to establish the new operation in Millsboro." First Maryland, an $11 billion corpora- tion, purchased Dauphin Deposit, worth $6 billion, to increase the corporate ledger to $17 billion in assets. Nank dispelled rumors that have gone as far as saying that First Omni/First Maryland is closing its doors in Millsboro. However, she would not predict a number of those who could be looking at the loss of a job. Continued on page 40 By Rosanne Pack A recent play in the big leagues of finan- cial institutions has raised questions about the career-game plans of hundreds of First Omni Bank employees in southern Delaware. However, Richard White, First Omni CEO, feels very confident about the banking transition and the future of most of the current employees, even though the credit card operation has been sold and will not be administered in Millsboro. "I can tell you that I feel very optimistic about the success of placing the vast major- ity of First Omni credit card employees and back office staff with our First National Bank of Maryland operation that is coming in," White said. "We prefer not to release a lot of different numbers regarding employ- ees, but one definite thing that is happening is that the First Omni credit card business will end in Millsboro." Late last year, First Maryland Bankcorp, parent of First Omni, announced an agree- ment to sell the consumer credit card port- folio based in Millsboro. The buyer, BankAmerica Corp., will not operate a credit card business from that location. Al- though First Maryland will not say how many current employees could be out of a job, rumors circulating in the area put the number near 200. A question of numbers "I don't know where these figures are Implement an asset allocation strategy Too many individual investors blur the distinction between "sav- ing" and "investing." "Saving" is setting money aside in a secure lo- cation for a certain need or desire. "Investing" entails putting money to work toward achieving a finan- cial goal with the possibility of generating return. As an investor, it is of utmost importance to be able to answer certain fundamen- tal questions: Will your current in- vestment portfolio be able to meet both short- and long-term invest- ment objectives? Is your current portfolio correctly geared to your individual level of tolerance for risk? One sound way to answer these questions is by using asset alloca- tion - a disciplined, objective in- vestment game plan that will help FINANCIAL FOCUS you meet your financial goals. Many financial professionals be- lieve the asset allocation model should be tailored to your particu- lar goals and needs. A simple asset allocation model for an individual investor general- ly requires a portfolio of assets di- vided into three categories - stocks, bonds and cash. Each is assigne d a fixed percentage. Based on this strategy, a conserva- tive portfolio would generally contain more bonds and cash than stocks. A more aggressive portfo- lio might contain a higher percent- age of stocks. Since diversifica- tion of assets is generally recog- nized as a reliable way to reduce and manage risk in a portfolio, the mix of assets in your allocation model should reflect your pre- ferred level risk. Considerations such as current spending require- ments, tax implications and infla- tion-adjusted returned may also be addressed through the asset allo- cation process. Asset allocation is flexible and revolves around per- sonal needs. However, profession- al financial advisors have general- ly found that investors at various age levels tend to be best served by adopting allocation models that address the needs of their "life-cy- cle phase." In most cases, the longer your investment time hori- zon, the more aggressive your in- vestment strategy might be. For example, investors in their 30s and 40s tend to have several needs and concerns in common (e.g., children, new home, college education and retirement plan- ning). The address these concerns, an asset allocation plan that em- phasizes stocks is often recom- mended because they historically have provided superior returns over time. At the other end of the spectrum are investors who are close to or who have entered into retirement. Their goal might in- clude providing enough income to maintain a lifestyle, or growth of their capital to ensure that they do not outlive their assets. For these investors, an above-average hold- ing in bonds may be recommend- ed, Obviously, these are guidelines. When implementing an asset allo- cation strategy, the various per- centages allocated to stocks, bonds and cash should be assessed on a personal basis and reassessed annually. Be sure to check with your financial advisor regularly. Thomas A. Talley is a financial planner with Raymond James & Associates, Inc. of Wilmington.