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

DATE: WEDNESDAY, June 1, 1994                   TAG: 9406010083
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

IN BUSINESS

First Union Corp. said Tuesday it plans to acquire Home Federal Savings Bank of Washington, D.C., which operates six branches in the District of Columbia and a mortgage office in Annandale and has $232 million in assets and $204 million in deposits.

Completion of the acquisition is expected during the fourth quarter of this year, subject to approval by regulators and Home Federal stockholders.

Under terms of the agreement, Home Federal shareholders will receive 0.4835 of a share of First Union stock for each share of Home Federal stock, subject to adjustment under certain conditions. The acquisition would be worth about $25 million if it had been consummated Tuesday.

- Staff report

Reynolds creates firm with Mitsubishi

RICHMOND - Reynolds Metals Co. and the Mitsubishi Corp.said Tuesday they have formed M&R Automotive Products Inc. to market aluminum automotive parts in Japan. Reynolds, a major aluminum producer with recycling operations in the Roanoke Valley, makes automotive parts such as drive shaft tubes, bumper systems, heat exchanger tubing, sunroof tracks, door beams and space frames. It has plants in North America, South America, Europe, the Middle East and Asia.

M&R Automotive - to be based in Tokyo - was formed as a follow-up to an agreement signed by the companies in December 1992. Terms of the joint venture were not disclosed.

-Associated Press