Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, February 9, 1993 TAG: 9302090351
SECTION: BUSINESS PAGE: A-5 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Short
IN BUSINESS
Dominion notice sets March 1 merger dateDominion Bankshares Corp., confirmed Monday it expects to complete its merger into First Union Corp. on March 1. The announcement came in the form of a call for redemption all of its outstanding 7 3/4 percent debentures, not due until 1996.
Roanoke-based Dominion said the principal amount, $8.5 million, will be paid on March 8. Debenture holders are entitled to receive 100 percent of the principal amount plus accrued interest, for a total redemption of $1,024.33 per $1,000. Notice of redemption was mailed to debenture holders Friday.
Dominion said the redemption is being undertaken because of the merger of operations into First Union Corp. of Virginia, a subsidiary of First Union Corp. of Charlotte, N.C.
- Staff report
New air conditioning to use old idea: ice
Dominion Bank's air conditioning for the new four-story addition to its Plantation Road operations center comes from ice stored in five large tanks, a novel system estimated to save $8,000 a year and pay back its investment in less than two years.
The system, first in the Roanoke Valley and one of the first in Southwest Virginia, uses the same principle as an ice chest that cools cans of soda, said Clayton Preas, an Appalachian Power Co. air-conditioning engineer.
The system requires a smaller electric water chiller, saving electrical and maintenance costs, he said. The chiller operates at night when electric demand is low.
- Staff report