Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, April 9, 1993 TAG: 9304090426
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
Shareholders OK merger into CrestarShareholders of CFS Financial Corp., holding company for Continental Federal Savings Bank of Fairfax, on Thursday approved merger of the company into Crestar Financial Corp.
The merger, announced in December, is subject to final approval by regulators. Continental has $710 million in deposits and 19 offices in Northern Virginia. Richmond-based Crestar has assets of $12.7 billion and 288 offices in Virginia, Maryland and the District of Columbia. - Staff report
Wood-products plant coming to Halifax
RICHMOND - J.M. Huber Corp. of Edison, N.J., on Thursday announced plans to open a wood products manufacturing plant that will employ 120 people in Halifax County.
The plant will produce oriented strand board, which is a plywood replacement used in construction.
The Halifax facility will be the largest of Huber's three plants, said Robert W. Adams, president of J.M. Huber's Wood Products Division in Charlotte, N.C. - Associated Press
GM requiring noncompete pacts
General Motors Corp., stung by the defection of one of its top officers, is requiring many of its executives to sign agreements barring them from going to work for a competitor.
The company said top officials were being required to not work for a competitor for three years from the date they signed the agreement. The noncompete clauses are being made part of the compensation agreements top managers must sign each time they get raises.
The top two officials at Ford Motor Co. and Chrysler Corp. already must sign such noncompete agreements. - Associated Press
Group gets stake in S&K Famous Brands
A group including Fidelity International Ltd. and FMR Corp. of Boston has acquired 5.12 percent or 244,000 common shares of S&K Famous Brands Inc., a Richmond-based men's-wear retail chain. The group purchased 75,000 shares for $14.50 to $17.25 each, according to a Securities and Exchange Commission filing. - Wire report