DATE: Saturday, July 26, 1997               TAG: 9707260369

SECTION: BUSINESS                PAGE: D2   EDITION: FINAL 

                                            LENGTH:   54 lines

LOCAL SCENE

CHESAPEAKE

TARGET AWARDS GRANT TO CHILDREN'S RESOURCES-HAMPTON ROADS: The Target store on Greenbrier Parkway awarded a $1,500 grant to the Children's Resources-Hampton Roads foundation on Wednesday. The Children's Resources foundation supports the programs of the Tidewater Regional Group Home Commission. The grant will fund an arts residency program for youths served by the commission.

NORFOLK

MAIZEL APPOINTED EXECUTIVE MEDICAL DIRECTOR FOR SENTARA: Dr. David R. Maizel, a family practice physician, was named executive medical director for the Sentara Medical Group. He will be responsible for the delivery of all medical programs, clinical services and professional activities to physicians, clinical providers working within Sentara Medical Group. He was the organization's medical director of clinical operations.

TWO ACCOUNTING FIRMS MERGE: Goodman & Company and Collins-Gregg Associates of McLean, Va., have merged the practices. The merger was effective July 1. In addition to the Norfolk office, Goodman & Company also has offices in Richmond, Newport News, Petersburg and Colonial Heights.

VIRGINIA

CRESTAR DECLARES DIVIDEND: Crestar Financial Corp. Friday declared a regular quarterly dividend of 29 cents per share on Crestar's common Stock. The dividend is payable on Aug. 21 to shareholders of record on Aug. 4. Crestar Financial Corp. is the holding company for Crestar Bank. At June 30, Crestar had total assets of $22.8 billion and total deposits of $15.8 billion.

WACHOVIA BOOSTS DIVIDEND: Wachovia Corp. said it will boost its quarterly cash dividend to 44 cents a share from 40 cents. The new dividend is payable Sept. 2 to stockholders of record Aug. 6. The increase brings the total annual dividend to $1.24 a share, up from $1.12 a share in 1996. This marks the third time in two years that Winston-Salem, N.C.-based Wachovia, which has a branch in Norfolk, has raised its dividend.

ALL'S FORGIVEN, FIRST UNION: First Union Corp.'s stock rebounded to the same level as last Friday, signaling that the market has forgiven the bank for its $3.13 billion purchase of Signet Banking Corp. When First Union agreed to buy Signet at 3 1/2 times book value, the stock of the Charlotte, N.C.-based bank fell more than three percent to 94 7/16, as investors questioned the price.

SIGNET BANKING CORP. STOPS DIVIDEND REINVESTMENT PROGRAM: Signet Banking Corp. announced the termination of its dividend reinvestment program as of the close of business Friday. Signet investors who are enrolled in the plan will be issued certificates for the number of whole shares registered in the plan and will receive cash in lieu of any fractional shares. In addition, Richmond-based Signet will no longer enroll participants. Current plan participants who are shareholders of record on Aug. 4 will also receive the regular quarterly dividend payable on Aug. 19, in the form of a check. ILLUSTRATION: Maizel

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