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October 31, 2017

Biz briefs: Ashley Smith chairs national trade group

Smith-Midland President Ashley Smith serves as chairman of the National Precast Concrete Association.
We are pleased with the progress made in the third quarter.
— Fauquier Bankshares President/CEO Marc Bogan
Smith-Midland president leads precast association

The president of Smith-Midland Corp. will serve as the National Precast Concrete Association’s chairman of the board for the next year.

Ashley Smith began his one-year term Oct. 14 at NPCA’s 52nd annual convention in Atlanta.

Mr. Smith’s grandfather in 1960 founded the Midland company, a NPCA member since 1971. President of the company since 2008, Mr. Smith has served on the national association’s product committees and task forces. He has been a board member since 2011.

“Ashley’s long history of leadership, coupled with his precast experience, make him an ideal person for this role” NPCA President Ty Gable said. “Ashley and the board will be instrumental in guiding the future direction of the association to ensure it best serves all members and the precast industry.”

In his acceptance speech, Mr. Smith spoke about the company’s dedication and focus on eliminating the “Seven Types of Deadly Waste” addressed in lean manufacturing – overproduction, waiting, transport, extra processing, inventory, excess motions and defects. He added the importance of addressing an eighth deadly waste, the undeveloped potential of employees.

“As leaders in our companies and in the precast concrete industry, we have the opportunity not only to make great products, but to develop great people,” Mr. Smith said. “As you develop more employees and give them the opportunity to become superstars, you will see a culture shift. We could uncover some gems in our workforces if we just ask. We need to make sure to ask them to give more than their hands during their jobs.”

A publicly traded company (OTCQX: SMID), Smith-Midland develops, manufactures and sells an array of precast concrete products for use primarily in the construction, transportation, and utilities industries. Smith-Midland has three manufacturing facilities in Midland, Reidsville, N.C., and Columbia, S.C.


Fauquier Bankshares 3Q profit $1.28 million

The Fauquier Bank’s parent company reported net income of $1.28 million for the third quarter of 2017, an increase of 83.52 percent from the third quarter of 2016.

Fauquier Bankshares Inc.’s basic and diluted earnings per share of 34 cents rose from 19 cents a year earlier.

“We are pleased with the progress made in the third quarter,” President/CEO Marc Bogan said. “Our initial challenge was to change the trajectory of earning asset growth and expense management in order to improve profitability.

“We have seen improvement in most of the components that lead to improved profitability: increased earning assets, increased net interest income, improved margins, and reduced noninterest expense. These, combined with sustained low funding costs and solid expense management, have resulted in much improved profitability. As we go forward, our challenge will pivot to continuing to incrementally improve earning asset growth and expense management, and sustain our progress toward becoming a top performing bank.”

Total assets stood at $631.72 million on Sept. 30, up from $624.45 million on $623.88 a year earlier.

Founded in 1902, The Fauquier Bank has 11 branches in Fauquier and Prince William counties.


Chamber sponsors Nov. 15 job fair

Working with a Manassas recruitment company, the Fauquier Chamber of Commerce will sponsor a job fair Wednesday, Nov. 15.

The Fauquier Regional Job Fair will take place from 9:30 a.m. to 1 p.m. at the Stoneridge Events Center at 7373 Comfort Inn Drive near Warrenton.

Reliant Hiring Solutions charges $200 for employers to have a table at the event — with $25 discounts for chamber members. Admission is free for job seekers.

For more information, visit: www.FauquierJobFair.com.
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