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

DATE: TUESDAY, August 30, 1994                   TAG: 9410120021
SECTION: BUSINESS                    PAGE: C8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

IN BUSINESS - BRIEFLY

Crestar Financial Corp., Richmond parent of Crestar Bank, said Monday it has will acquire Independent Bank, a Manassas-based commercial bank. Under terms of the agreement, Independent shareholders will receive $12.25 in cash or Crestar stock for each of the 1.02 million Independent shares outstanding. The transaction, which is expected to be completed by year-end, is subject to approval by regulators and Independent Bank shareholders. Independent, with assets of $92 million and deposits of $85.5 million, operates in Prince William County through two full service branches and two drive in facilities.

Representatives of the Yokohama Tire Corp. plant in Salem and Local 1023 of the United Rubber Workers union continued their contract talks Monday at an undisclosed location. Wayne Friend, Local 1023 president, said no progress was made towards settling the contract dispute between the two parties Monday, but they were scheduled to meet again at 9 a.m. this morning. "We talked and that's a beginning," he said. Over 750 union workers at at the Yokohama plant have been on strike since midnight July 23, when their collective bargaining contract with the company expired.

by CNB