First Bancorp president expects to retire next year

Daniel Daigneault, president and CEO of The First Bancorp, announced his intent to retire early next year from the Damariscotta-based bank.

The First’s board of directors named Tony C. McKim, president and chief operating officer, as Daignault’s eventual successor as CEO.

The bank, founded in 1864, is the 18th-oldest bank in the United States, according to a Thursday news release announcing the impending management change. Under Daigneault’s tenure, which began in 1994, the bank grew from four locations with assets of just under $200 million to 16 locations and nearly $1.5 billion in assets.

McKim joined the bank in 2005 when it merged with the First National Bank of Bar Harbor, where he had been president and chief executive. The First trades on the Nasdaq as FNLC. Its stock price closed at $16.03, rising 1.14 percent over the course of the day.

GM says recalls may last until middle of summer

General Motors is telling Wall Street that a recent spate of recalls may last until mid-summer as the company continues to review unresolved safety issues.

The news comes a day after the Associated Press learned that GM CEO Mary Barra told members of Congress that the company cannot make ignition switches fast enough to keep up with demand in its recall of 2.6 million small cars.

The ignition switch problem has been linked to at least 13 deaths in crashes involving Chevrolet Cobalts and Saturn Ions. Congress and the Justice Department are investigating why GM knew about the switch problem for at least a decade but only started recalling the cars in February.

 

Toyota announces recall involving brake assembly

Toyota has announced recalls of about 10,500 Lexus GS 350 sedans from the model year 2013, and about 370,000 Sienna minivans from the model years 2004 to 2010.

Toyota Motor Sales said the Lexus sedans suffer from a possible brake pedal assembly failure that could activate the brakes without driver input, and without activating the rear brake lights. No accidents, injuries or fatalities have been associated with the problem, which Toyota said could result in “unexpected moderate deceleration.”

The Sienna recall involves cars sold in cold climates. They are at risk of salt and water corroding the spare tire carrier because of a faulty foam splash protector.

National average gas price steady for Memorial Day

For the third year in a row, the national average price of gasoline will be within a penny or two of $3.64 per gallon this Memorial Day.

Steady gasoline prices are largely the result of crude oil prices that have remained steady as well, as rising output in the U.S. and elsewhere have offset declining production in OPEC countries such as Iran.

 

— From staff and news services