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

DATE: WEDNESDAY, August 17, 1994                   TAG: 9409290010
SECTION: BUSINESS                    PAGE: B8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINES

The board of directors of First Union Corp., Charlotte, N.C.-based parent of First Union National Bank of Virginia, declared a quarterly cash dividend for its series 1990 cumulative perpetual adjustable rate preferred stock. The dividend rate for the stock is 8.35 percent per annum, applied against $50 ($1.0438 per share), payable Sept. 30 to holders of record as of Sept. 15.

- Staff report

CFW purchases security company

CFW Communications Co. of Waynesboro has acquired National Alarm Systems Inc., a Harrisonburg security company.

CFW Communications is a holding company that operates CFW Telephone (Clifton Forge-Waynesboro Telephone) and five other subsidiaries, which serve more than 40,000 customers in Western and central Virginia with a variety of communications services.

"The acquisition fits very well into our business as a regional communications provider," said Carl Rosberg, senior vice president of CFW. The security company, established in 1970, has 13 employees and 3,000 customers.

- Staff report

Bankrupt Krisch to liquidate

Krisch American Inns Inc., a public stock company with no operating assets, plans to liquidate. Attorneys for the company have asked the U. S. Bankruptcy Court to convert Krisch American from a Chapter 11 bankruptcy reorganization to a liquidation bankruptcy.

The company was begun in 1986 and once had interests in a dozen hotels. It lost its last property in October when it was forced to deed a 49 percent interest in Sugar Bay Plantation Resort hotel in St. Thomas, U.S. Virgin Islands, to a lender.

Krisch American has about 1,200 stockholders, including many from the Roanoke Valley. A creditors' meeting is scheduled for Sept. 1 at 10 a.m. in the Poff Federal Building.

Three other Krisch companies, Krisch Realty Associates L.P., Krisch Hotels Inc. and KR Associations Inc., are in Chapter 11. All of the companies are the outgrowth of a hotel business begun in the 1950s by two brothers, Joel Krisch and Adolph Krisch. Adolph Krisch is deceased. Sam Krisch, Joel Krisch's son, is president of all the companies.

- Staff report