Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, January 4, 1992 TAG: 9201040111
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Short
IN BUSINESS
Noland Co. cuts quarter's dividendCiting weak earnings and continued sluggish business conditions, Noland Co. on Friday cut its quarterly cash dividend 48 percent, from 11.5 cents per O share to 6 cents.
The new lower rate is effective with the January 1992 dividend, payable Jan. 23 to stockholders on Jan. 13.
Noland, a Newport News-based wholesale distributor of heating, plumbing and refrigeration equipment with operations in Roanoke, will report its 1991 earnings in mid-February. Through the first nine months, the company had a net loss of $631,000. - Wire report
NationsBank credit ratings established
Duff & Phelps Credit Rating Co. on Friday issued credit ratings for NationsBank, the banking company formed this week from the merger of NCNB Corp. of Charlotte, N.C. and C&S/Sovran Corp. of Norfolk and Atlanta.
The senior debt of NationsBank has been assigned a rating of Single A and the subordinated debt got a Single A Minus rating.
Duff & Phelps said the ratings reflect NationsBank's leading position in a broad range of geographic markets and product lines, its significant earnings power, adequate capitalization, and above-average liquidity countered by the assumption of a substantial amount of problem assets and a moderate level of parent company double leverage. Total assets of Charlotte-based NationsBank based on Sept. 30, 1991, reports approximated $119 billion, making NationsBank the third largest U.S. bank holding company as of Dec. 31, 1991.
- Wire report