Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, February 22, 1992 TAG: 9202220175
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
VA mortgage rate rises to 8.5 percentWASHINGTON - The Veterans Affairs Department announced Friday that it was raising the maximum interest rate on VA mortgages to 8.5 percent.
The VA said the one-half percentage point increase from 8 percent would become effective for new mortgages it guarantees beginning Monday.
It marked the first change in VA mortgage rates since Dec. 20, when the rate was cut from 8.5 percent to 8 percent, the lowest level in 14 years. The VA cited recent increases in interest rates in financial markets. - Associated Press
Shenandoah Life swells surplus fund
Shenandoah Life Insurance Co. reported Friday it increased its surplus account last year by 19.6 percent, from $34.2 million to $40.9 million. The account protects policies in case of market fluctuations or other contingencies that could impact the company negatively.
Joseph E. Stephenson, president of the company, reported the figure at the company's annual policyholders' meeting.
Shenandoah's assets at year-end stood at $512.7 million, up 12.8 percent from $454.7 at the end of 1990. Net income last year was $7.2 million, a jump of 79 percent.
Sales rose 14.6 percent from $7.3 million in 1990 to $8.4 million last year. The latter figure included $3.1 million from individual insurance, $4.1 million from group programs and $1.2 million from annuities.
Thomas L. Robertson, president of Carilion Health System of Roanoke, was elected to the board. Re-elected were Preston Caruthers of Arlington, William E. Lavery of Blacksburg and William C. Stott Jr. of Roanoke. - Staff report
Winn-Dixie to close Roanoke-Salem store
Winn-Dixie Stores has notified the owner of The Plaza of Roanoke-Salem that it plans to close its store there at the end of March.
Ken Sachs, property manager for Walt Robbins Inc. of Alexandria, said Friday his company has offered rent concessions to encourage the grocery chain to stay at the Melrose Avenue center, but he doesn't think it will help.
Ivan Hardesty, spokesman for the Jacksonville, Fla.-based chain, said the final decision will be made next week. Winn-Dixie closed another Roanoke Valley store, on Va. 419, last April. At that time, Hardesty said the company was evaluating its older properties. - Staff report