Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, June 25, 1993 TAG: 9306250221
SECTION: BUSINESS PAGE: A-5 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Directors of Cleveland Bank & Trust Co. of Cleveland, Tenn., on Thursday agreed to affiliate with First Virginia Banks Inc., Falls Church-based parent of First Virginia Bank-Southwest of Roanoke.
Cleveland Bank & Trust has assets of approximately $225 million and operates six banking offices in Bradley County, Tenn.
Shareholders of Cleveland Bank & Trust will receive 11.5 shares of First Virginia Banks, Inc. common stock for each share of Cleveland Bank & Trust stock for a total of 1,150,000 shares of First Virginia common stock. Based on Thursday's close of $35.625 a share on the New York Stock Exchange, the deal is worth about $41 million. - Wire report
CompuAdd driven into Chapter 11
DALLAS - CompuAdd Computer Corp. this week became the latest casualty of intense competition in the personal computer industry, voluntarily filing for protection under Chapter 11 of federal bankruptcy laws.
The privately held Austin, Texas, pioneer of selling computers over the phone said its foray into selling through a nationwide chain of house-brand retail stores forced the filing. The company said it was unable to settle claims made by landlords and other creditors as it last week closed the last of its 120 CompuAdd stores. It previously had closed its Roanoke, Va., store.
The company listed assets of $80.5 million and liabilities of $96.2 million in its filing. The company also said it had drafted a plan of reorganization so that it could emerge from bankruptcy quickly, but declined to provide details. - Knight-Ridder/Tribune
Mortgage rates fall to 21-year low
WASHINGTON - Interest rates on 30-year, fixed-rate mortgages fell to a 21-year low of 7.34 percent this week, pulled down the fading of inflation fears on financial markets.
The latest mortgage-rate average, down from 7.38 percent the week before, was the lowest since the week ended May 5, 1972, the Federal Home Loan Mortgage Corp. said Thursday.
Rates previously had hit a low of 7.38 percent in late April but spiked up to 7.52 percent by late May.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 4.59 percent, down from 4.64 percent last week and the lowest since Freddie Mac began tracking ARM rates in 1984. - Associated Press
Sara Lee Corp., Chicago-based operator of knitwear mills in Martinsville and a L'eggs distribution center in Salem, said Thursday it will redeem on July 26 all of the outstanding shares of its convertible adjustable preferred stock for $50 plus dividends of $.1986 per share. - Wire report
by CNB