First National restating Q2

Under pressure from federal regulators, First National Bank of Northern Kentucky is restating its second quarter and raising $8.5 million in capital to make up for loan losses.

Complying with a Sept. 4 "prompt corrective action directive" from the U.S. Comptroller of the Currency, the Fort Mitchell-based bank said Friday that it will restate its second-quarter earnings to reflect an $8.5 million write-off for unspecified loan losses and a $4.5 million increase in loan-loss reserves. First National said it will add $8.5 million in capital from directors and investors.

The Comptroller forced the bank to strip former president Richard M. Thomas of "all executive decision-making authority."

Eagle-Picher files embezzlement suit

Eagle-Picher Industries Inc., a longtime Cincinnati company which moved its headquarters to Phoenix earlier this year, has filed a civil lawsuit accusing a former employee of fraud and embezzlement.

The suit in Hamilton County Common Pleas Court accuses John Franklin Brock, company former information technology director, of taking an unspecified amount of money, possibly millions of dollars.

The suit claims Mr. Brock used his position to falsify invoices submitted to Eagle-Picher from several computer and aviation businesses he maintained. Neither Mr. Brock nor an Eagle-Picher spokesman could be reached for comment Friday night.

Unova is new name with leadership changes

Unova Inc., which is merging it's Cincinnati Machine unit in Oakley with its Detroit-based Lamb Technicon unit, has announced the new name and leadership for the combined businesses.

Jim Herrman, Unova senior vice president, will be president of the newly named Unova Manufacturing Technologies business based in Detroit.Dan Janka, president of Cincinnati Machine US, will be vice president/sales and marketing for the new company. Gerald Budde, vice president/finance for Cincinnati Machine, will be vice president of finance and administration. Doug Harmon, senior vice president operations for Lamb, will be vice president engineering ,and Dave Nowicki, senior vice president North American operations for Lamb, will become vice president of manufacturing.

Unova plans to move production of Cincinnati Machine's horizontal machine production to Detroit and find facilities in Greater Cincinnati for its aerospace equipment and after-market support organization.

LCA-Vision reports $810,000 Q3 loss

Sycamore Township-based laser eye surgery provider LCA-Vision Inc. Friday reported a net loss of $810,000 for the third quarter, compared with a $20.7 million loss for the same period last year.

The company said revenues had increased by 1.3 percent, from just under $13.3 million last year to more than $13.4 million during this year's third quarter.

The results amounted to a loss of 2 cents a share, compared with a loss of 45 cents a share last year.

LCA-Vision said more than $2.2 million came from a legal settlement from another firm, and without those funds, loss would have been $3 million, or 7 cents a share.

Milacron credit rating lowered by one notch

Moody's Investor Service, the credit rating agency, Friday lowered its opinion of Milacron Inc.'s $340 million in debt by one notch.

Despite paying down $300 million in debt with proceeds from the sale of its metalworking tools business, "Milacron's credit protection measures remain weak,'' Moody's said. Moody's downgraded Milacron's $110 million senior secured bank credit revolver from Ba2 to B1; $115 million in senior unsecured notes from B1 to B2 and 115 million euros in unsecured notes from B1 to B2.

With the downgrade, Moody's said Milacron's rating outlook was stable.

Retired P&G executive joins McDonald's team

Kay Napier, who left Procter & Gamble Co. earlier this year, was appointed Friday as senior vice president of marketing at McDonald's Corp.

Ms. Napier was a vice president of North American Pharmaceuticals and the point person for P&G's efforts on women's health, including its osteoporosis drug Actonel.

Staff reports