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NH Business Newsreel

Local firm to manage properties

MANCHESTER — Cityside Management Corp., with offices at 186 Granite St., has won a contract to provide management services for multi-unit properties throughout the Northeast that have been repossessed by government lenders but are still occupied.

The contract covers residential real estate in all six New England states, Delaware, New Jersey, New York, North Carolina, Ohio, Pennsylvania and South Carolina.

A company spokesman said the terms of the deal preclude identifying the specific government agency. The properties in question went into foreclosure and could not be sold at an amount equal to the outstanding debt.

In such cases, the government housing agency in question retains ownership, hires a property manager and hopes to eventually find a new owner/landlord at the right price.

Cityside CEO Chris Dolloff said the company continues to expand its experience managing a variety of assets for federal, state and private equity investors.

In addition to its Manchester headquarters, the company has five field offices throughout the United States.

Centrix reports 12% earnings rise

BEDFORD — Centrix Bank recorded 12 percent year-over-year earnings growth for the year ended Dec. 31, with net income available to common shareholders of $7.4 million or $2.29 per diluted common share, compared with $6.6 million or $2.08 per diluted common share, for the year ended Dec. 31, 2012, the bank reported last week.

Net income in 2012 included after-tax gains on the discretionary sale of select investment securities of $829,000.

Excluding these net gains in 2012, net income available to common shareholders for the year ended Dec. 31, 2013 increased 28 percent over the 2012 comparable period, which would have totaled $5.8 million, the bank said.

For the quarter ended Dec. 31, the bank reported net income available to common shareholders of $2 million or 63 cents per diluted common share, compared with $908,000 or 28 cents per diluted common share for the same period last year, which included a $1.2 million after tax loss on a loan default.

Centrix is a full-service commercial bank that services small and medium-sized businesses and professionals, municipalities and not-for-profit organizations.

Trace Adkins
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