Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, March 17, 1995 TAG: 9503170030
SECTION: BUSINESS PAGE: A-9 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
First Union Corp. said Thursday it expects to license 800 existing investment sales specialists to sell annuities in seven states and the District of Columbia.
The company said its goal is to have one licensed annuity sales person in every one of the 1,300 branches throughout its bank system. That would equal 180 in Virginia and about 15 in the Roanoke Valley.
About 400 employees are expected to complete the licensing program by year-end, the bank said, with the rest finishing by the end of 1996.
By licensing employees as life insurance agents, First Union said, it will develop one of the banking industry's largest annuity sales forces.
About 1,700 First Union employees are licensed to sell mutual funds, and another 250 are expected to be licensed for mutual funds by mid-year.
The bank said it expects the branch licensing effort to result in a dramatic, long-term increase in annuity sales.
- Staff report
Briefly ...
Bedford Bancshares Inc., holding company of Bedford Federal Savings Bank, on Thursday declared a semi-annual cash dividend of 15 cents per share, payable April 20 to stockholders of March 31. This is the first dividend declared by the corporation since it issued stock in August.
Tultex Corp., Martinsville maker of fleecewear and activewear, on Thursday announced the offering of $110 million in 10-year senior notes, earning 105/8 percent and due March 15, 2005. The offering is through J.P. Morgan Securities Inc. of New York and NationsBanc Capital Markets Inc. in Charlotte, N.C. The notes were priced at par, meaning they are being sold for the same amount as when they are redeemed at maturity. Proceeds from the sale will be used to repay the company's indebtedness.
by CNB