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                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, February 19, 1993                   TAG: 9302190357
SECTION: BUSINESS                    PAGE: A-5   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

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IN BUSINESS

NationsBank to buy large Maryland bank

CHARLOTTE - NationsBank Corp. said Thursday it will move quickly to exercise its option to acquire Maryland's largest bank, MNC Financial Inc., for $1.36 billion.

The merger will give NationsBank, the nation's fourth-largest bank, a commanding share of the Washington, D.C., market.

"The acquisition of MNC is of enormous strategic importance for us," said Hugh McColl, NationsBank's chairman and chief executive officer. "This will give NationsBank the premier franchise in the vital and growing market of Maryland, Virginia and the District of Columbia."

Under terms of a purchase-option agreement announced last summer, NationsBank invested $200 million in MNC in exchange for an option to buy the financially troubled bank within five years. Now the banks say the deal will be completed before the end of 1993.

Subject to the completion of MNC's annual audit, the purchase price will be $15.17 per share of MNC common stock. Based on 89.7 million of MNC common shares outstanding, the total purchase price will be $1.36 billion, NationsBank said. - Associated Press

Playskool recalls cribs; 3 deaths cited

WASHINGTON - Playskool Travel-Lite portable cribs that were blamed for three infant suffocations are being recalled by the manufacturer, the Consumer Product Safety Commission said Thursday.

The agency said consumers should immediately stop using the cribs with model numbers 77101 and 77103 Kolcraft Enterprises Inc. of Chicago made 11,638 of them between 1990 and 1992, the agency said.

The cribs have two nylon mesh sides, which fold when the item is stored, but the three infants who died were found trapped in mesh when the sides accidentally folded, the commission said.

It said consumers who own the cribs should call Kolcraft at 1-800-453-7673 to arrange for them to be picked up. Kolcraft also will give a refund, the commission said. - Associated Press

Keywords:
FATALITY

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