FNBI celebrates Boston branch's 5th anniversary

Danversbank is not the only local bank opening branches in Boston in recent years. The First National Bank of Ipswich has been running ads touting the fact the 118-year-old bank has had a Boston branch for five years.

Why does the First National Bank of Ipswich, a wholly owned subsidiary of First Ipswich Bancorp with $266 million in assets, have a branch on 33 State St. in Boston?

Joanne Lattanzi, vice president of marketing, said the branch provides a convenience to customers who commute to Boston.

"It's just the perfect location for our customer base," Lattanzi said. The branch also allows the bank to do business in Boston. "Our branch manager is very well-versed in the retail and the lending piece."

The branch was originally an Atlantic Bank branch, but as that bank decided to concentrate on the New York area, it sold the branch to First National Bank of Ipswich along with "deposits, loans and related business" in 2005, according to a press release at the time. Terms of the deal were not disclosed. Sept. 5 marked the fifth anniversary of this branch location, Lattanzi said.

The First National Bank of Ipswich also has branches in Ipswich, Rowley, Newburyport, Essex and Gloucester.

"It's a nice location and we are a nice community bank to be in that location," Lattanzi said.

Why Charlie and Jill are not speaking at chamber breakfasts

State Treasurer Tim Cahill, an independent candidate for governor, is scheduled to address the North Shore Chamber of Commerce this morning during its monthly breakfast forum at the Danversport Yacht Club. Gov. Deval Patrick, the Democratic incumbent, is scheduled for a similar forum on Oct. 6.

The chamber will not be hosting a breakfast with Charlie Baker, the Republican candidate for governor, former CEO of Harvard Pilgrim Health Care and former Swampscott selectman, or, for that matter, with Jill Stein, the Green Party candidate.

The reason is the chamber does not want to jeopardize its nonprofit status. The business organization is nonpartisan and nonpolitical, said the chamber's president, Robert Bradford.

"We have to maintain that line," Bradford said. Cahill and Patrick are elected officials, so the chamber does work with those officials when looking at the intersection of business and public policy interests.

"As a business organization, we generally espouse the business point of view, according to our mission," said a statement from the chamber in an e-mail highlighting its gubernatorial series. "We appreciate business leaders who speak out and help those in elected office understand business concerns, and offer suggestions that can help improve the economic climate."

Bradford said he would have liked to have all the candidates for governor speak to the chamber at its monthly breakfast forum, but there is also not much time left. After Cahill speaks today, there is only one more breakfast forum scheduled before the November election.

Baker is already a familiar face to many business leaders on the North Shore. He spoke to the chamber's board of directors on Aug. 11, Bradford said. He has also spoken to the chamber as CEO of Harvard Pilgrim twice before.

Realtors see 10 percent drop in year-over-year pending home sales

The number of single-family homes put under agreement statewide fell 10 percent in August compared with the same month last year, the Massachusetts Association of Realtors said yesterday. It's the fourth consecutive month pending home sales have fallen.

In August, there were 4,117 homes put under agreement, compared with 4,570 homes in August 2009. The number of homes put under agreement in August was up 1.7 percent from July, the first rise in three months.

"While we're still down compared to the same time last year, there are signs that the rock-bottom interest rates might be starting to have an impact," said 2010 Massachusetts Association of Realtors President Kevin Sears in a statement. "Not only does the year-over-year gap appear to be closing, but also July-to-August pending sales increased for the first time since the end of the tax credit," said Sears, referring to the phaseout of a federal tax credit that buoyed the home market for much of last year through the spring. April was the last month homebuyers could enter into a purchase-and-sale agreement to get the tax credit.

At 1,435, the number of condominiums under agreement fell 19 percent last month, compared with August 2009. Month-to-month, the number of condos under agreement also fell slightly.

State fines grocers for missing sticky labels

If you have ever been in the supermarket and wondered about prices, there may be a reason.

The state Division of Standards said yesterday that it fined major food stores almost $144,000, after its checkers found 2,443 instances in which items were missing pricing labels. State law requires food stores put that little sticky label on each individual item, not counting eggs, snack food and soda.

"The easiest way for a consumer to know the price of the item is to see the price directly on the item they are buying," said Charles Carroll, the director of the Division of Standards, in a prepared statement. "This is a vital piece of consumer information to which retailers must pay attention."

The division investigated 10 retailers and 100 locations around the state. By law, the division can fine a retailer $100 for each missing item pricing label. For every 20 displays that are accurately labeled, a retailer earns forgiveness for one improper display.

Grocers this year were aiming to change the law to allow for electronic scanners in aisles, because if an item goes on sale, the label has to be removed and a new one put on it. That can be labor-intensive. A lot of mistakes result from human error, grocers say.

Frozen foods do not need to be labeled because the price labels do not stick to them.

Here is how some local food retailers fared in inspections carried out in July, according to the state:

At the Shaw's in Salem, inspectors found five items not labeled and issued $100 in fines.

At the Costco in Danvers, inspectors found 50 items missing prices and issued $2,200 fines.

At Market Basket in Salem, inspectors found 25 missing prices and issued $1,900 in fines.

At Stop & Shop in Danvers, inspectors found 25 missing prices and issued $900 in fines.

At the Walmart in Danvers, inspectors found 25 missing price labels and issued $2,500 in fines.

NESI makes Inc. 5000 list

Salem-based Non-Public Educational Services, NESI, is a Shetland Park educational services provider vying to operate a charter school in Salem.

It has also been selected by Inc. Magazine as one of the nation's fastest-growing private companies, making the Inc. 5000.

In 2010, NESI ranked 3,253, up from 4,595 last year. Company rankings compare percentage revenue growth over a three-year period. NESI's website says it has 1,000 employees overseeing 15,000 students worldwide.

"We have been in business for 32 years in the education marketplace," said Robert Crosby, NESI's president and CEO, in a prepared statement. "Our primary clients are federal and state education agencies and local school districts. There is a definite trend toward outsourcing various education-related projects, so I am hopeful that our growth will continue."

Among NESI's educational services is the Milburn Schools Division, which includes the operation of alternative public charter high schools under the name Richard Milburn Academies. These public charter schools boast smaller class sizes, more individual attention and flexible scheduling.

There are 13 schools in Florida and Texas, and the high school division is based in Virginia Beach, Va.

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Staff writer Ethan Forman can be reached at 978-338-2673 or by e-mail at eforman@salemnews.com.

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