Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, May 18, 1994 TAG: 9405180086
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Crestar Financial Corp., Richmond-based banking company with operations in Western Virginia, has acquired the deposits of Piedmont Federal Savings Association of Manassas, which has been under Resolution Trust Corp. conservatorship since October 1992.
Crestar said it paid the RTC $10 million for $160.2 million in Piedmont deposits. It closed four of Piedmont's six branches Friday and will close the other two in three months.
|-Staff report
Botetourt buys
large industrial site
The Botetourt County supervisors Monday approved buying 104 acres of prime industrial land for $795,000, a purchase they think could put it in competition for future plant sites of Fortune 500 companies.
The property is along U.S. 11 south of Cloverdale, southeast of the Lawrence Transportations Systems terminal that is under construction. The property is zoned for light industrial use and is served by sewers, gas and electricity. The county is extending water lines to the area.
Much of the tract, known as the L.L. Rice farm, is owned by A.E.W. Inc. The supervisors said they authorized the purchase "in the spirit of cooperation and the economic welfare of the Roanoke Valley as a whole."
|-Staff report
Briefly ...
nThe Kroger Co., Cincinnati-based supermarket chain with regional headquarters and stores in the Roanoke Valley, said Friday it will call for redemption of the remainder of about $37.4 million of its 83/4 percent senior subordinated reset notes due in 1999. The notes will be redeemed June 15 at 101 percent of their face amount plus accrued interest.
nITT Corp. Chairman Rand V. Araskog told shareholders Tuesday he plans to combine the company's financial services and insurance businesses into one corporate group and examine ways to combine the manufacturing businesses into a worldwide technology company. A third corporate group would be anchored by the ITT Sheraton hotel chain, he said. New-York-based ITT operates a night-vision products plant and a gallium arsenide technology center in Roanoke County.
by CNB