Citicorp reports 1995 Earnings at record levels, with pretax results up 21% and return on equity at 18%.NEW YORK--(BUSINESS WIRE)--Jan. 16, 1996--Citicorp today announced 1995 record pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern earnings of $5.6 billion, an increase of 21% from 1994. Net income of $3.464 billion, although also a record, was virtually flat with last year's $3.366 billion -- the effective tax rate in 1995 was 38%, compared with the unusually low 26% in 1994. Per share results were $6.48 in 1995, up from $6.29. Return on total equity was 18%, down from 21%, reflecting higher equity levels. Total capital rose to $27.7 billion, up from $26.1 billion. Reserves were built by $0.3 billion to $5.4 billion. John S. Reed For other persons of the same name, see John Reed. John Shepard Reed (born 1939) is the former Chairman of the New York Stock Exchange. He previously served as Chairman and CEO of Citicorp, Citibank, and post-merger, Citigroup. , Chairman, said: "Our 1995 results continue to be outstanding. Our global consumer business celebrated its 20th anniversary with earnings of $2 billion, up 11% from 1994. Our banking business -- focused in the emerging markets and on a key set of global customers -- earned $1.6 billion, up 15% from 1994. "1995 was also the last year of our 1993-1995 effort to rebuild the company's balance sheet -- we were about three quarters of a year ahead of plan. Having significantly improved our portfolios, capital position, reserves, and ratings in the first part of the year, we were able to use over $1.5 billion of 'free capital' to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. 23.1 million shares of our stock. As the company enters 1996, it is focused on its global consumer and banking franchises and on continuing to deliver superior results." -0-
1995 1994 Change
($ in Millions, except per share)
Pretax Earnings $5,585 $4,611 21%
Net Income 3,464 3,366 3
Core Businesses 3,588 3,172 13
Earnings Per Share (Fully Diluted) $6.48 $6.29 3
Return on Total Equity 18% 21%
Revenue increased $1,927 million and operating expense increased
$960 million, a 2:1 ratio in keeping with Citicorp's revenue/expense
goal. Revenue was up 11% (9% excluding the effect of foreign
currency translation) from 1994, primarily reflecting increases in
the global consumer business, trading- related revenue and banking
activities in the emerging markets. Operating expense was up 9% (an
on-target 7% excluding the effect of foreign currency translation).
As a result, the operating margin increased by $1 billion, or 13%.
The 1995 net credit loss ratio of 1.99% for managed consumer
portfolios was lower than in recent years, although it bottomed out
in the 1995 first quarter. Consumer credit costs of $2.473 billion
were up 6%, reflecting an expanded volume of card assets (which rose
18.0%) and new customers, as well as losses in the consumer
portfolios in Argentina and Mexico. Commercial credit costs in the
banking business remained low at $20 million in 1995; in the prior
year there was a net recovery of $116 million. North America
Commercial Real Estate credit costs declined $305 million to $52
million.
Fourth quarter net income of $905 million ($1.72 per share); Pretax
earnings rose 17% to a record $1.4 billion
1995 1994 1995
4th Qtr 4th Qtr Change 3rd Qtr Change
($ in Millions,
except per share)
Pretax Earnings $1,440 $1,231 17% $1,388 4%
Net Income 905 1,042 (13) 877 3
Core Businesses 936 891 5 873 7
EPS (Fully Diluted) $1.72 $1.95 (12) $1.62 6
Return on Total Equity 19% 24% 18%
Revenue in the fourth quarter was up 6% to a record $5 billion and
expenses were up 5% from the fourth quarter of 1994, resulting in an
operating margin less credit costs of $1.5 billion. Pretax earnings
of $1.4 billion were up 17% from the previous-year quarter.
Net income of $905 million was down $137 million from the 1994
fourth quarter, reflecting lower taxes in the 1994 quarter, when $285
million of tax benefits were recognized. Net income improved 3%
compared to the 1995 third quarter.
Global Consumer Business
20 years and a record $2 billion of earnings Full Year 1995 1994 Change ($ in Millions) Adjusted Revenue $12,272 $11,331 8% Operating Expense 6,700 6,192 8 Operating Margin 5,572 5,139 8 Credit Costs 2,473 2,338 6 Pretax Earnings 2,899 2,601 11 Net Income 1,981 1,778 11 Return on Assets 1.65% 1.68% Fourth Quarter 1995 1994 Change ($ in Millions) Adjusted Revenue $3,195 $2,955 8% Operating Expense 1,694 1,636 4 Operating Margin 1,501 1,319 14 Credit Costs 688 595 16 Pretax Earnings 763 674 13 Net Income 554 470 18 Return on Assets 1.79% 1.65%
Global Consumer net income increased 11% to $1.981 billion in 1995.
Citibanking earned $0.6 billion, up from $0.4 billion in 1994, led by
the United States and Europe. Cards earned $1.2 billion, up from
$1.1 billion, reflecting growth in Asia Pacific and the United
States. The Private Bank earned $0.2 billion, virtually flat with
1994.
In the fourth quarter, net income was $554 million, up 18% from the
same 1994 quarter. Net income in the second half of 1995 was $1.076
billion, up 19% from $905 million in the 1995 first half and up 14%
from the 1994 second half.
The 8% growth in adjusted revenue in both the year and the quarter
from the year earlier was led by cards in the U.S. and Asia Pacific
and by Citibanking in Latin America, Europe and the United States.
Expense also increased by 8% in the year and by 4% in the fourth
quarter from the year-earlier quarter. Investment spending
continued, particularly in Asia Pacific and Latin America.
The overall consumer loss rate of 2.14% of managed loans in the 1995
fourth quarter increased from 2.02% in the previous quarter and 2.03%
in the 1994 fourth quarter. The increase was due mainly to the
expanded volume and higher loss rate of bankcard assets in the United
States and economic difficulties in some Latin American countries.
The U.S. managed bankcards loss rate of 3.77% compared with 3.70% in
the 1995 third quarter and 3.49% in the 1994 fourth quarter; the 1995
fourth quarter loss rate included a 12 basis point benefit from the
sale of certain bankrupt accounts. The loss rate in branch banking
worldwide was 1.20%, compared with 1.14% in the 1995 third quarter
and 1.25% in the 1994 fourth quarter.
At 58 million, the number of cards worldwide (including affiliates)
was 7% higher than in the 1994 fourth quarter, led by growth in the
United States and the Asia Pacific region. Charge volume on
Citicorp-issued cards in Asia Pacific was up 25% and on U.S.
bankcards up 15%. Managed card receivables grew by 39% in Asia
Pacific. Managed U.S. bankcard receivables increased $6.0 billion,
or 16%, to $44.8 billion, and total accounts 2.7 million to 25.4
million from December 31, 1994. Total U.S. bankcard charge volume
increased by $3.1 billion from the 1994 fourth quarter to $24.2
billion.
In the United States, the number of customers who enrolled to use
electronic banking services, primarily through personal computers,
increased more than 200% after fees were eliminated June 1, and an
estimated 20% of the approximately 125,000 customers were new to the
bank. During the fourth quarter, banking by personal computer was
launched in Florida, with the result that Citibank now offers free PC
banking in all its U.S. markets.
Citibank continued to implement its model-branch expansion, designed
to give a consistent look and customer experience worldwide. At
year-end there were 439 model branches, comprising 36% of the more
than 1,200 worldwide consumer branches. During the quarter India and
Thailand were added to the international Citicard network, increasing
to 31 the number of countries where the service is available.
Assets under management in private banking rose 12% in 1995 to $87.5
billion from a year earlier.
Commercial Banking Business
Service to corporate customers throughout the world; Net income up 15%, return on assets reached 1.18% Full Year 1995 1994 Change ($ Millions) Adjusted Revenue $6,222 $5,513 13% Operating Expense 3,929 3,510 12 Operating Margin 2,293 2,003 14 Credit Costs 20 (116) NM Pretax Earnings 2,173 2,069 5 Net Income 1,607 1,394 15 Return on Assets 1.18% 1.00% Fourth Quarter 1995 1994 Change ($ in Millions) Adjusted Revenue $1,525 $1,580 (3)% Operating Expense 1,000 966 4 Operating Margin 525 614 (14) Credit Costs (3) 10 NM Pretax Earnings 503 591 (15) Net Income 382 421 (9) Return on Assets 1.15% 1.19%
Commercial banking delivered solid performance in 1995, increasing
revenues and expanding the global network while reducing assets.
Net income of $1.6 billion increased $213 million from 1994 and
represented a return on assets of 1.18%, up from 1.00%. Fourth
quarter net income of $382 million was down $39 million from the same
1994 quarter, reflecting lower venture capital gains.
Full-year revenue of $6.2 billion increased 13% from 1994, primarily
because of improved worldwide trading results, as well as
multinational client and transaction services revenue growth in the
emerging markets. The increases were partially offset by the effects
of repositioning in the developed markets business designed to
improve future returns. Fourth quarter revenues of $1.5 billion
declined $55 million from the same 1994 quarter, as stable core
business results and improved trading-related revenue were more than
offset by lower venture capital results attributable to a significant
gain recognized in the 1994 fourth quarter.
Trading-related revenue of $1.7 billion in 1995 increased $550
million from 1994, reflecting continued customer demand for
risk-management products and improvement in market-making activities.
In the fourth quarter, trading-related revenue of $413 million
increased $126 million from the same 1994 quarter but declined $85
million from the 1995 third quarter.
Expenses in the quarter were essentially unchanged from the third
quarter and up 4% from the prior-year fourth quarter. Expenses in
the year were up 12% (10% excluding the foreign currency translation
effect), reflecting business expansion in the emerging markets and
continued investments in processing efficiencies.
Net credit costs were negligible in both the 1995 and 1994 fourth
quarters. Credit costs in 1995 remained low at $20 million, compared
with a net recovery of $116 million in 1994.
Developed economies
Banking business in the developed economies earned $666 million in
1995 and $168 million in the fourth quarter, compared with $581
million and $210 million a year earlier.
Significant progress was made toward improving returns, with average
assets of $82 billion in the quarter reduced by $4 billion from the
1995 third quarter and $14 billion from the 1994 fourth quarter.
These declines are attributable to a lower level of trading assets
and business repositioning actions undertaken during the year.
Revenue in 1995 grew $372 million, to $3.6 billion, reflecting
primarily improved trading results, partially offset by the effect of
business repositioning. Fourth quarter revenue of $866 million
declined from the year-ago quarter, primarily the result of a $180
million pretax venture capital gain recognized in the 1994 quarter.
Fourth quarter expenses were essentially unchanged from the 1995
third quarter and 1994 fourth quarter, while in the year expense
increased 10% (8% excluding the foreign exchange translation effect),
mainly from investment in technological efficiencies and costs
associated with increased business volume.
Emerging markets
In the banking business with global, local and regional customers in
the emerging markets, 1995 net income of $941 million was up by $128
million from 1994. Fourth quarter net income of $214 million
increased $3 million from the prior year's quarter.
Revenue growth of $337 million was led by increased business for
multinational clients and in transaction services. Revenue in 1995
also reflected gains in trading-related activities, which were
approximately equal to the benefit in 1994 from an unusually
favorable rate environment in Brazil. In the fourth quarter, revenue
increased $50 million to $659 million from the year- earlier quarter.
Expense in the quarter was essentially unchanged from the 1995 third
quarter and up $29 million from the 1994 fourth quarter. Expense
growth from 1994 primarily reflected investment spending to grow the
franchise.
The commercial banking business is now present in 73 emerging
markets. During the year Citibank absorbed costs related to 1994,
1995 and planned 1996 entries into seven countries and expansion of
existing operations in six countries. Citibank typically incurs net
costs for two years before such investments become profitable.
The Cross-Border Finance Group was first in 1995 rankings in the
volume of capital raised for emerging markets issuers outside their
home countries.
Other
North America Commercial Real Estate reported net income of $8
million in the 1995 fourth quarter and a net loss of $9 million in
the year, compared with losses of $65 million and $299 million in the
1994 fourth quarter and year, respectively. The improvement resulted
from substantially lower credit costs.
Total commercial cash-basis loans and Other Real Estate Owned (OREO)
of $2.2 billion at December 31, 1995, including $1.3 billion related
to North America Commercial Real Estate, were down $0.9 billion from
$3.1 billion a year earlier and $0.5 billion from $2.6 billion in the
third quarter.
The cross-border refinancing portfolio reported 1995 net income of
$201 million, including $58 million in the fourth quarter, compared
to $222 million in 1994 and $74 million in the fourth quarter.
Corporate items had a net loss of $316 million in 1995 and $97
million in the fourth quarter, compared with earnings of $327 million
in 1994 and $142 million in the 1994 fourth quarter. The key factor
in the 1995 results, both for the year and the quarter, was a
significantly lower level of tax benefits.
Capital
Citicorp generated $1.8 billion of funds in excess of dividends,
capital building and needs for funding business expansion during the
year. $1.5 billion of these funds were used to repurchase 23.1
million shares of common stock, including 10.8 million shares for
$726 million in the fourth quarter. Total capital to risk-adjusted
assets was estimated at 12.3% and Tier 1 capital at 8.4%, compared
with last year's 12.0% and 7.8%, respectively.
In November Citicorp completed the redemption of its Conversion
Preferred Stock, Series 15 (commonly called PERCS). Under the
redemptions, Citicorp issued approximately 27.5 million shares of
common stock for PERCS, which had been issued in October 1992 to
raise approximately $1.1 billion of Tier 1 capital.
Employment
Total employment was 85,300 at year-end 1995, compared with 82,600 a
year earlier. Employees outside the United States increased,
especially in support of consumer activities in emerging markets, as
did employment in U.S. cards.
Tables detailing key financial data, an analysis of operating margin, pretax earnings, business results and credit indicators follow, along with financial statements. Further details concerning the financial results will be available in March in Citicorp's Form 10-K. -0- KEY RATIOS & OTHER CONSOLIDATED FINANCIAL DATA
Fourth Quarter Full Year
1995 1994 1995 1994
------ ------ ------ ------
NET INCOME ($M):
Before Cumulative Effect
of Accounting Change...... $ 905 $1,042 $ 3,464 $3,422
After Cumulative Effect
of Accounting Change(A)... 905 1,042 3,464 3,366
NET INCOME PER COMMON SHARE: On Common & Common Equivalent Shares Before Cumulative Effect of Accounting Change...... $ 1.89 $ 2.20 $ 7.21 $ 7.15 After Cumulative Effect of Accounting Change(A)... 1.89 2.20 7.21 7.03 Assuming Full Dilution Before Cumulative Effect of Accounting Change...... $ 1.72 $ 1.95 $ 6.48 $ 6.40 After Cumulative Effect of Accounting Change(A)... 1.72 1.95 6.48 6.29 COMMON STOCKHOLDERS' EQUITY PER SHARE.................. $38.64 $34.38 CLOSING STOCK PRICE AT QUARTER END............. $67.25 $41.38 PROFITABILITY RATIOS (Annualized): Return on Total Assets: Before Accounting Change... 1.35% 1.55% 1.29% 1.31% After Accounting Change(A). 1.35 1.55 1.29 1.29 Return on Common Stockholders' Equity: Before Accounting Change... 20.5% 29.0% 20.8% 26.3% After Accounting Change(A). 20.5 29.0 20.8 25.8 Return on Total Stockholders' Equity: Before Accounting Change... 18.6% 24.0% 18.3% 21.8% After Accounting Change(A). 18.6 24.0 18.3 21.4 CAPITAL: Tier 1 ($B)................ $ 18.9 $ 16.9 Tier 1 & 2 ($B)(B)......... 27.7 26.1 Tier 1 Ratio(B)............ 8.4% 7.8% Tier 1 & 2 Ratio(B)........ 12.3 12.0 Common Equity as a % of Total Assets........ 6.4% 5.4% Total Equity as a % of Total Assets........ 7.6% 7.1% DIVIDENDS DECLARED ($M): Common................... $ 127 $ 59 $ 492 $ 176 Preferred................ 72 91 343 358
(A) The 1994 full year results include the cumulative effect
of adopting SFAS No. 112, "Employers' Accounting for
Postemployment Benefits," as of January 1, 1994.
(B) 1995 Estimated.
-0-
CONSOLIDATED STATEMENT OF INCOME CITICORP and Subsidiaries (In Millions of Dollars, Except Per Share Amounts)
Fourth Quarter % Full Year %
1995 1994 Chg 1995 1994 Chg
------ ------ --- ------ ------ ---
Interest Revenue.... $5,858 $5,402 8 $22,963 $23,813 (4)
Interest Expense.... 3,298 3,080 7 13,012 14,902 (13)
----- ----- ------ ------
Net Interest Revenue 2,560 2,322 10 9,951 8,911 12
----- ----- ------ ------
Fees & Commissions... 1,372 1,377 - 5,165 5,155 -
Trading Account...... 196 29 NM 559 158 NM
Foreign Exchange..... 175 185 (5) 1,053 573 84
Securities Trans..... 67 22 NM 132 200 (34)
Other Revenue........ 419 577 (27) 1,818 1,751 4
----- ----- ------ ------
Total Fees, Commissions
and Other Revenue...2,229 2,190 2 8,727 7,837 11
----- ----- ------ ------
TOTAL REVENUE.........4,789 4,512 6 18,678 16,748 12
----- ----- ------ ------
PROVISION FOR
CREDIT LOSSES........ 531 558 (5) 1,991 1,881 6
----- ----- ------ ------
Operating Expense:
Salaries.............1,124 1,051 7 4,445 4,029 10
Staff Benefits....... 302 284 6 1,281 1,136 13
Net Premises &
Equipment Expense... 438 427 3 1,698 1,583 7
Other Expense........ 954 961 (1) 3,678 3,508 5
----- ----- ------ ------
TOTAL OPERATING
EXPENSE..............2,818 2,723 3 11,102 10,256 8
----- ----- ------ ------
INCOME BEFORE TAXES
AND CUMULATIVE EFFECT
OF ACCOUNTING CHANGE.1,440 1,231 17 5,585 4,611 21
Income Taxes......... 535 189 NM 2,121 1,189 78
----- ----- ------ ------
INCOME BEF. CUMULATIVE
EFFECT OF ACCTG CHANGE 905 1,042 (13) 3,464 3,422 1
Cumulative Effect of
Accounting Change(A). - - - - (56) NM
----- ----- ------ ------
NET INCOME...........$ 905 $1,042 (13) $ 3,464 $ 3,366 3
===== ===== ====== ======
INCOME APPLICABLE
TO COMMON STOCK.....$ 836 $ 950 (12) $ 3,126 $ 3,010 4
===== ===== ====== ======
EARNINGS PER SHARE: On Common & Common Equiv. Shs Income Before Cumulative Eff. of Acctg Chg.... $ 1.89 $ 2.20 $ 7.21 $ 7.15 Income After Cumulative Eff. of Acctg Chg.... $ 1.89 $ 2.20 $ 7.21 $ 7.03 Assuming Full Dilution Income Before Cumulative Eff. of Acctg Chg.... $ 1.72 $ 1.95 $ 6.48 $ 6.40 Income After Cumulative Eff. of Acctg Chg.... $ 1.72 $ 1.95 $ 6.48 $ 6.29
(A) The 1994 full year results include the cumulative effect
of adopting SFAS No. 112.
NM Not meaningful, as percentage exceeds 100%.
-0-
CONSOLIDATED BALANCE SHEET CITICORP and Subsidiaries (In Millions of Dollars)
Dec. 31 Dec. 31 %
1995 1994 Chg
------- ------- ---
ASSETS
Cash and Due from Banks......... $ 5,723 $ 6,470 (12)
Deposits at Interest with Banks. 9,028 6,862 32
Securities(A):
Held to Maturity............... - 5,092 -
Available for Sale............. 18,213 13,602 34
Venture Capital................ 1,854 2,009 (8)
Trading Account Assets.......... 32,093 38,875 (17)
Federal Funds Sold &
Securities Purchased
Under Resale Agreements........ 8,113 6,995 16
Loans, Net of Unearned Income
Consumer....................... 105,643 96,600 9
Commercial..................... 59,999 55,820 7
------- -------
Total Loans, Net............ 165,642 152,420 9
Allowance for Credit Losses..... (5,368) (5,155) (4)
Customers' Acceptance Liability. 1,542 1,420 9
Premises & Equipment, Net....... 4,339 4,062 7
Interest & Fees Receivable...... 2,914 2,654 10
Other Assets.................... 12,760 15,183 (16)
------- -------
Total........................... $256,853 $250,489 3
======= =======
LIABILITIES
Non-Int. Deposits (in the U.S.). $ 13,388 $ 13,648 (2)
Int. Deposits (in the U.S.)..... 36,700 35,699 3
Non-Int. Deposits (Outside the
U.S.).......................... 8,164 7,212 13
Int. Deposits(Outside the U.S.). 108,879 99,167 10
------- -------
Total Deposits.............. 167,131 155,726 7
Trading Account Liabilities..... 18,274 22,382 (18) Purchased Funds & Other Borrowings............... 16,334 20,907 (22) Acceptances Outstanding......... 1,559 1,440 8 Accrued Taxes & Other Expenses.. 5,719 5,493 4 Other Liabilities............... 9,767 8,878 10 Long-Term Debt.................. 17,151 16,497 4 Subordinated Capital Notes...... 1,337 1,397 (4)
STOCKHOLDERS' EQUITY
Preferred Stock
(Without Par Value)............ 3,071 4,187 (27)
Common Stock (Par value $1.00).. 461 421 10
Surplus......................... 5,702 4,194 36
Retained Earnings .............. 12,190 9,561 27
Net Unrealized Gains -
Securities Available for Sale(A) 132 278 (53)
Foreign Currency Translation.... (437) (471) 7
Common Stock in Treasury,
at Cost(B)..................... (1,538) (401) NM
------- -------
Total Stockholders' Equity.. 19,581 17,769 10
------- -------
Total........................... $256,853 $250,489 3
======= =======
(A) Reflects the transfer of $4.7 billion of securities from the
Held-to-Maturity portfolio to the Available-for-Sale
portfolio at fair value ($4.3 billion) as of November 30,
1995, as permitted under guidelines issued by the FASB. As a
result, total equity decreased $260 million (net of tax).
(B) Amount at December 31, 1995 primarily reflects the repurchase
of 23.1 million shares during 1995 at a cost of $1.5 billion.
NM Not meaningful, as percentage exceeds 100%.
-0-
EARNINGS PER SHARE DATA (Before Cumulative Effect of Accounting Change in 1994)
Fourth Quarter Full Year
1995 1994 1995 1994
------- ------- ------- -------
On Common and Common
Equivalent Shares(A):
Earnings($ Millions).. $ 840 $ 973 $ 3,188 $ 3,159 Shares(Thousands)(B).. 444,861 443,095 442,061 441,695 Earnings Per Share(D). $ 1.89 $ 2.20 $ 7.21 $ 7.15 Assuming Full Dilution(C): Earnings($ Millions).. $ 868 $ 1,007 $ 3,315 $ 3,295 Shares(Thousands)(B).. 505,700 517,829 511,453 515,052 Earnings Per Share(D). $ 1.72 $ 1.95 $ 6.48 $ 6.40 COMMON SHARES OUTSTANDING (In Thousands) End Of Period......... 427,289 395,081
(A) For earnings per share on common and common equivalent
shares, dividends on Conversion Preferred Stock, Series 15
are added back to income applicable to common stock, and
the number of shares issuable on conversion are added to
weighted-average shares outstanding. Also added to
shares outstanding are other common equivalent shares and
book value shares issuable under certain benefit plans.
(B) Total shares in the fourth quarter and full year of 1995
reflect average share repurchases of 17.5 million and 5.8
million, respectively.
(C) For earnings per share assuming full dilution, the dividends
on Conversion Preferred Stock, Series 15 are added back to
income applicable to common stock, and the number of shares
issuable on conversion are added to weighted-average shares
outstanding. Additionally, dividends on Convertible
Preferred Stock, Series 12 and 13 are added back to income
applicable to common stock, and the shares issuable on
conversion are added to shares outstanding. The number of
common equivalent and book value shares are calculated on a
fully diluted basis as well.
(D) Full year 1995 calculations reflect the actual number of
common shares issued in connection with the redemptions of
Conversion Preferred Stock, Series 15. Previously reported
interim periods included greater numbers of common shares
for unredeemed Series 15 shares computed under applicable
accounting guidelines based on market prices in those
periods. As a result, full year 1995 earnings per share
amounts exceed the amounts that would be derived from adding
interim periods.
CONTACT: Citicorp Press contact: John M. Morris, (212) 559-4285 Investor contact: Frederick Frederick, city, United States Frederick, city (1990 pop. 40,148), seat of Frederick co., NW Md.; settled 1745, inc. 1817. The processing center of a fertile farm and dairying area, it makes beer, household items, optical and glass products, leather goods, A. Roesch, (212) 559-2715 |
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