Delaware-based Power Electronics moves to Eastern Shore
As part of state and local government efforts to spur job growth in Maryland, Gov. Martin O’Malley and Queen Anne’s County officials announced that Delaware-based Power Electronics Inc. will move its operations to Millington in Queen Anne’s County.
The firm, which designs and manufactures metal structures that house the protection and control equipment for substations, plans to add 60 new positions during the next two years.
Provided these job creation targets are met, Power Electronics will receive conditional loans of $150,000 and $15,000 from Maryland and Queen Anne’s County, respectively. The firm would also be eligible for job creation tax credits.
“This is a great example of the good things that can happen when state and local governments leverage their resources and work together to create jobs,” O’Malley said in a statement.
BCSB Bancorp earnings increase in first quarter
BCSB Bancorp Inc., the holding company for the Baltimore County Saving Bank, reported a net income of $240,000 in its first fiscal quarter, which ended Dec. 31, 2008.
During this period, the bank received a $10.8 million capital infusion from the Treasury Department through the Troubled Asset Relief Program.
The company also reported that the ratio of non-performing assets to total assets declined from a year ago, from 0.49 percent to 0.22 percent.
“The company continues to make progress in it efforts to improve profitability and enhance shareholder value in these difficult economic times,” BCSB President and Chief Executive Officer Joseph Bouffard said in a statement.
— Compiled by Daniel Furman
