Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, March 6, 1993 TAG: 9303080773
SECTION: BUSINESS PAGE: A-4 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
Tenn. bank affiliates with First VirginiaFirst Virginia Banks Inc., Falls Church parent of First Virginia Bank-Southwest in Roanoke, said Friday it would affiliate with United Southern Bank of Morristown, Tenn. Shareholders of United Southern will receive 1.7 shares of First Virginia Banks Inc. common stock for each one share of the 115,694 shares of United Southern Bank stock for a total of 196,679 shares of First Virginia. - Wire report
Consumer credit surges again
WASHINGTON - After spending heavily at Christmas, Americans took out their credit cards again in January, boosting their borrowing for the fifth straight month, the government said Friday.
Consumer installment credit outstanding rose at a seasonally adjusted annual rate of 1.5 percent to $727.6 billion, the Federal Reserve said.
That followed a 5.3 percent increase in December, the best in two years and even better than the 4.1 percent initially estimated.
Economists expect consumers to continue to increase their spending this year, although perhaps at a somewhat slower pace than at the end of 1992.
In January, revolving credit - which includes credit cards - soared at an annual rate of 9.4 percent to $253.2 billion. That offset declines in auto loans and in other kinds of consumer borrowing.
Auto loans fell at an annual rate of 2.5 percent to $259.6 billion. But that followed an 11 percent increase in December.
Other kinds of consumer loans fell at a 2.9 percent rate to $214.8 billion in January. This category includes loans for mobile homes, education, boats, trailers and vacations.
The Fed's consumer credit report includes all household debt not secured by real estate. It does not include home equity loans or mortgages.
- Associated Press
30-year mortgage rates hit 20-year low
WASHINGTON - Interest on 30-year, fixed-rate mortgages declined to a 20-year low of 7.44 percent this week, the Federal Home Loan Bank Corp. said Friday.
That was down from 7.53 percent a week earlier and was the lowest weekly average since 7.43 percent during the week ended Feb. 9, 1973.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 4.79 percent, down from 4.85 percent last week and the lowest since the tracking of ARM rates was begun in 1984. - Associated Press
CSX consolidates real estate offices
RICHMOND - CSX Corp. has consolidated employees from its real estate companies in Richmond and Jacksonville, Fla.
Officials of the Richmond-based transportation company said this week the move, which has taken place gradually for several years, was official on Jan. 1.
CSX Real Property of Jacksonville will be the sole organization responsible for the development, sale, marketing, leasing and management of properties for CSX Corp. CSX Realty of Richmond will continue to own some corporate real estate assets, company officials said. - Associated Press
Va. rated highly for credit-card issuers
Virginia ranked as the seventh-friendliest nationwide for credit-card issuers - partly because Virginia lawmakers last year removed a cap on late fees an issuer can charge, according to a survey released this week.
South Dakota was named the most attractive state, followed by Nebraska, Delaware, Utah, Florida and Arizona, says the survey by DRI/McGraw Hill, an economic consulting firm.
Massachusetts was the least attractive state for credit-card issuers.
The report released Wednesday was underwritten by MasterCard International.
Since Virginia changed its law last year, the number of people working in credit card operations in the state increased by 90 percent, according to Richmond-based Signet Banking Corp. The bank itself will have added 600 credit card jobs by the end of the year. - Associated Press