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

DATE: THURSDAY, November 18, 1993                   TAG: 9311200267
SECTION: BUSINESS                    PAGE: B-10   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Long

IN BUSINESS

First Union given new debt ratings

Thomson BankWatch Inc. has issued new ratings for the long-term debt of First Union Corp., parent of Roanoke-based First Union National Bank of Virginia.

The rating agency has assigned ``A+'' for First Union's senior debt, ``A'' for its subordinated debt and ``A-'' for its preferred stock.

The Thomson BankWatch report said the ratings reflect First Union's ``solid franchise, increased emphasis on retail and middle-market banking, and sound capital structure.''

Thomson said the bank ``has continued to exhibit solid financial performance, improving asset quality and a growing capital position.''

-Staff report

Piedmont Trust picks new chief executive

Piedmont Trust Bank in Martinsville said Wednesday R. Bruce Valley will become president and chief executive officer on Jan. 1.

He will succeed Irving M. Groves Jr., who will remain as chairman, president and chief executive office of the parent company, Piedmont BankGroup Inc.

The BankGroup board said its management succession committee is seeking a successor to Groves, who plans to retire when he reaches 65 in March.

Valley, 53, a senior vice president of the bank, attended Wake Forest\ University and graduated from East Tennessee State University. He also attended\ banking school at the University of Wisconsin.

Prior to joining Piedmont, he worked as a Federal Reserve Bank examiner and for Palmer Bank Corp. in Sarasota, Fla.

- Staff report

Briefly ...

No Sweat Software Inc., a Martinsville computer software manufacturer, said it has sold trademark rights for its PC Dashboard program to Hewlett Packard Co., a California manufacturer of computers and related equipment. PC Dashboard is a menu program for IBM and other compatible computers.

VTLS Inc., a Blacksburg computer software company specializing in library automation, said it has installed a public access, cataloging, circulation and accounting system in the Jose Alvarado Library, the first of seven sites to install its library software at the Universidad Autonoma de Nuevo Leon in Monterrey, Mexico.

Adolph Coors Co., a Golden, Colo., beer brewer operating a bottling and distribution plant in Rockingham County, said Wednesday it has signed an agreement with El Aguila S.A., based in Madrid, Spain, for the purchase of a 500,000-barrel brewery in Zaragoza, Spain. The purchase will allow Coors to begin production in Europe, reducing the company's reliance on exporting for European sales.

First Virginia Banks Inc. on Wednesday declared a quarterly dividend of 31 cents per share on its common stock, a 10.7 percent increase over the prior quarterly rate of 28 cents per share. This is the second time this year the corporation has increased its dividend. The new dividend will be paid Jan. 10 to stockholders on Dec. 31.

First Union given new debt ratings

Thomson BankWatch Inc. has issued new ratings for the long-term debt of First Union Corp., parent of Roanoke-based First Union National Bank of Virginia.

The rating agency has assigned ``A+'' for First Union's senior debt, ``A'' for its subordinated debt and ``A-'' for its preferred stock.

The Thomson BankWatch report said the ratings reflect First Union's ``solid franchise, increased emphasis on retail and middle-market banking, and sound capital structure.''

Thomson said the bank ``has continued to exhibit solid financial performance, improving asset quality and a growing capital position.''

-Staff report

Wilder, Allen briefed on state's outlook

RICHMOND - Gov. Douglas Wilder and Gov.-elect George Allen expressed mild optimism about Virginia's economy Wednesday after a private briefing with business leaders.

``It isn't the bleakest picture in the world,'' Wilder said after meeting with his Advisory Council on Revenue Estimates.

``There's nothing that alarmed me,'' Allen said. ``It wasn't anything that I hadn't heard in bits and pieces before.''

Wilder said he hopes the state's budget shortfall will be smaller than the $500 million he has projected. Consumers seem to be getting more confident, although ``the economy hasn't boomed,'' he said.

Wilder said defense cutbacks remain the biggest problem for Virginia. The state has regained about 33,000 jobs, or one-third of the jobs lost during the recession, he said.

-Associated Press

Piedmont Trust picks new chief executive

Piedmont Trust Bank in Martinsville said Wednesday R. Bruce Valley will become president and chief executive officer on Jan. 1.

He will succeed Irving M. Groves Jr., who will remain as chairman, president and chief executive office of the parent company, Piedmont BankGroup Inc.

The BankGroup board said its management succession committee is seeking a successor to Groves, who plans to retire when he reaches 65 in March.

Valley, 53, a senior vice president of the bank, attended Wake Forest University and graduated from East Tennessee State University. He also attended banking school at the University of Wisconsin.

Prior to joining Piedmont, he worked as a Federal Reserve Bank examiner and for Palmer Bank Corp. in Sarasota, Fla.

- Staff report

UPS orders 10 more Boeing freighters

WASHINGTON - United Parcel Service, spurred by double-digit volume growth in its domestic and international air services, said Tuesday it ordered 10 more freighters from the Boeing Co. at a cost of $600 million.

The planes, a specialized freighter version of Boeing's 757 model, will be delivered in 1994 and 1995, UPS said. The company already operates 35 of the planes and has 20 more on order. By the end of 1997, UPS will have 65 of the freighters in its fleet, which now has 197 planes.

-Journal of Commerce

Briefly . . .

Adolph Coors Co.,o a Golden, Colo., beer brewer operating a bottling and distribution plant in Rockingham County, said Wednesday it has signed an agreement with El Aguila S.A., based in Madrid, Spain, for the purchase of a 500,000-barrel brewery in Zaragoza, Spain.

First Virginia Banks Inc.o on Wednesday declared a quarterly dividend of 31 cents per share on its common stock, a 10.7 percent increase over the prior quarterly rate of 28 cents per share. This is the second time this year the corporation has increased its dividend. The new dividend will be paid Jan. 10 to stockholders on Dec. 31.

by CNB