Seth Hancock resigns from Churchill Downs board
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Longtime Churchill Downs Inc. board member Seth Hancock unexpectedly resigned his seat last week. The resignation was not announced until Tuesday. Churchill Downs held its annual meeting Thursday, the day that Hancock quit the board. Hancock has been on Churchill's board since 1973 and his term would have expired in 2010.
”After more than three decades of service, it's time for me to move on and embrace new challenges.,“ Hancock said in the corporate release. ”I look forward to CDI's continued innovation and success for the benefit of our entire industry.“
Hancock, 58, is managing partner of the storied Claiborne Farm in Paris and president of Hancock Farms. He is also a director of Hopewell Company and the Keeneland Association.
Hancock could not be reached for comment.
Churchill board chairman Carl F. Pollard said in the release: ”Seth Hancock has served the board with great distinction for many years, and his leadership will be missed. ... Personally, I wish him the very best in his future endeavors.“
BB&T 3rd-quarter dividend raised 2.2%
BB&T Corp. raised its third-quarter dividend Tuesday to 47 cents a share, an increase of 1 cent, or 2.2 percent, from the third quarter of 2007. The higher dividend will be paid Aug. 1 to shareholders of record on July 11. BB&T has $136.4 billion in assets and operates banks in 11 states, including Kentucky. The stock symbol is BBT.
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Pilot groups agree on joint contract
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Millionaires' numbers, wealth increase
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Fed expected to hold interest rate steady
Borrowing costs are likely to hold steady as the Federal Reserve tries to avoid both stirring inflation and stifling a fragile economy. Fed Chairman Ben Bernanke and his colleagues opened a two-day meeting Tuesday afternoon, where they will assess the economy and decide the best course on interest rates. The Fed is almost certain to hold its key interest rate steady at 2 percent when it wraps up its session on Wednesday. If that's the case, the prime lending rate for millions of consumers and businesses would stay at 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other loans.
Compiled from Staff, wire reports