Another unusual coincidence is that Captain Martin until a few months ago was master of the Jacob Hook. When he took charge of the Richmond, he turned the Hook over to his brother-in-law.

Both Captain Martin and Captain Quillen live in Laurel.

Captain Quillen was nominated for State Treasurer on the Democratic ticket several years ago. His brother, John Quillen, is Clerk of the Peace of Sussex County.

More recent maritime news: Whale washed up near Bethany Beach died from ship strike, MERR says

Feb. 4, 1976, The Morning News

Farmers Bank gets 3 rescue offers

Three potential investors have expressed interest in providing badly needed capital to the financially troubled Farmers Bank of the State of Delaware.

The bank has asked the state for $10 million to $20 million to shore up its finances after sustaining a $9 million loss in 1975 – chiefly from bad loans.

In a hastily called meeting last night, directors of Farmers heard of feelers from an insurance company, another bank and a wealthy Miami Beach investor with Delaware ties. Directors declined to identify the insurance company or the interested bank. …

Gov. Sherman W. Tribbitt characterized one of the feelers as an offer, and, in a brief appearance at the directors meeting, urged the bank to accept it. It came from Victor Posner, wealthy chairman of the NVF Corp. of Yorklyn. …

Tribbitt said Posner had offered to put up $15 million of his personal funds in exchange for preferred stock in the bank. Tribbitt said the state could find another $5 million from unspent capital improvement and divestiture funds to provide the needed total of $20 million. …

The board meeting was called by eight of the nine directors who represent the state’s interest in the bank. The state already owns 49.3% of the bank’s common stock and is the bank’s largest depositor with more than $100 million currently in time and demand accounts….

Farmers Chairman A. Edwards Danforth has been under fire from legislators since last Wednesday when the bank’s difficulties first were revealed to state officials….

Tribbitt rebuked the Farmers chairman for blaming the bank’s problems on its relationship with the state. The Federal Deposit Insurance Corp. said the major problem was the bank’s real estate loans, Tribbitt told reporters.

The governor said he continues to support divestiture of the state’s ownership in the bank.

A summary of the FDIC examination obtained by The Morning News shows the ratio of problem loans to bank assets had risen to more than double the accepted danger level. …

The bank’s $124 million portfolio of securities – stocks and bonds – was worth $11 million less than the original purchase price.

The FDIC report listed $31.3 million in capital accounts – stocks, bonds and retained earnings – and showed $4.5 million in reserves for loan losses, a total of $35.8 million.

The report showed the bank had $73.1 million in classified assets, mainly problem loans and securities losses. Classified loans amounted to $66.8 million. Of that total, $50.7 million were listed as substandard, $6.3 million as doubtful and $9.8 million as lost.

Farmers Bank acknowledged last night that the bank is in technical default on $9 million it borrowed in recent years to buttress its capital. But Farmers President Edward W. Hagemeyer said the two New York banks that hold the capital notes are not pressing for immediate payment and are allowing Farmers to continue making interest payments.

Feb. 5, 2006, Sunday News Journal

The rising cost of everything: Expect to spend hundreds more a month

When retiree Charles Kolodjeski moved into his Little Heaven manufactured home south of Dover in 1986, his monthly expenses totaled $500.

He estimates he now spends $2,500 to $3,000 a month on food, land rent, gasoline, health care, insurance, utilities and incidentals. …

Like residents across the state, Kolodjeski, 74, is facing even greater cost-of-living increases this year. From gasoline prices and heating bills to health care and housing costs, many Delawareans are going to be shelling out hundreds of dollars more each month.

The extra cost can mean real trouble for many in a state the U.S. Census Bureau estimates had a median income of $50,315 in 2004, with 79,682 of the state’s 830,364 people living below the federal poverty line.

And other increases could be coming soon. Property tax hikes loom in New Castle County, and many school districts are facing shortfalls. State officials are talking about higher tolls and fees for driver’s licenses and car registrations.

Come May, Delmarva Power electricity customers will begin paying nearly 60% more to keep the air conditioning humming.

Recent electric rate news: Delmarva seeks summer rate hike to fund new $67.8 million revenue

“No matter how you turn, they get you,” Kolodjeski said. …

Like most, Kolodjeski’s income hasn’t kept pace with rising expenses.

Civilian workers’ wages and benefits rose 3.1% in 2005, the smallest increase in nine years, according to the U.S. Labor Department. Meanwhile, inflation was at 3.5%.

Patricia Parsons, 58, is one of the many not seeing income increase as expenses mount. The Long Neck retiree said her lot rent for her manufactured home rose this year by 37% to $6,200. Neighbors with waterfront lots had 70% hikes, she said.

“A lot of people have walked away. They’ve abandoned their homes,” said Parsons, who supports a bill in the General Assembly to force land owners to justify increases above inflation….

Here are examples of how Delawareans are being squeezed by increasing costs this year compared to one year ago:

• Cost of median home, $230,600, up 19% from $193,800
• Home insurance, $442, up 13% from $390
• Monthly rent, two-bedroom apartment, $804, up 5% from $765
• Natural gas, Delmarva Power, $1.58 a cubit foot, up 20% from $1.26
• Heating oil, $2.53 a gallon, up 21% from $2.05
• Electricity, Delmarva Power, 14 cents a kilowatt hour, up 59% from 9 cents
• Automobile insurance, $2,262, up 8% from $2,092
• Gasoline, regular unleaded, $2.34 a gallon, up 31% from $1.79
• White bread, $1.05 a loaf, up 8% from 97 cents
• Milk, $3.29 a gallon, up 0.2% from $3.21
• Ground beef, $2.61 a pound, up 5.6% from $2.47
• Dozen eggs, grade A large, $1.35 a dozen, up 12.5% from $1.20
• Health insurance, premiums up 9.2%

Reach reporter Ben Mace at rmace@gannett.com.