Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, June 3, 1995 TAG: 9506060046
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Virginia banks on Friday failed to follow a move to lower the prime lending rate, the rate banks set for loans to their most credit-worthy customers. A regional bank in the Midwest, Southwest Bank of St. Louis, cut its prime lending rate to 8.5 percent from 9 percent. No major U.S. bank moved to match the cut immediately, but Southwest has often moved ahead of larger banks on prime rate changes. The last broad move in the prime rate was an increase of a half percentage point to 9 percent on Feb. 1.
The seven major banks that do business in Western Virginia - Central Fidelity, Crestar, First Union, First Virginia, NationsBank, NBC and Signet - all said Friday that their prime rates remained at 9 percent.
The interest charged on most business loans and some consumer loans, especially credit card accounts, is tied to the prime rates.
- Staff report
Mitsubishi looks for possible sites
NEWPORT NEWS - Executives of Mitsubishi Electronics are looking here for sites for a potential plant but have made no definite plans, an official of the company said Friday.
``I think this is just a routine inspection for future possibilities,'' Tom Chapman, the company's California-based vice president for corporate communications, said of plans by Mitsubishi officials to visit Newport News next week.
Local leaders said this week that a Japanese electronics firm would be looking at a potential plant site, but they declined to identify the company.
- Associated Press
Bankruptcies
Three bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke.
F&S Investments Inc. of Salem, a franchisee of fast-food restaurants, filed for liquidation. Charles Gregory Caldwell, president, asked for an extension of time to file financial information because of a series of complex franchise and leasing arrangements, but he estimated assets at less than $100,000 and liabilities at more than $100,000.
L&M Sports Emporium Inc. of Tazewell, a retail silk-screening business, filed for liquidation. Paul Black, president, said assets totaled $123,000 and liabilities were $167,769. Black, of North Tazewell, personally filed for liquidation with assets of $97,010 and liabilities of $256,453.
- Staff report
Earnings ...
Goody's Family Clothing Inc., Knoxville, Tenn.-based retailer, reported net earnings of $2.3 million, or 14 cents per share, on sales of $144.9 million for its first quarter ended April 29, compared with year-earlier $2.8 million, or 17 cents per share, on sales of $124.3 million.
Kellwood Co., St. Louis apparel, camping goods and home textiles company and parent of Halmode Apparel Co. of Roanoke, reported net earnings of $11.1 million, or 52 cents per share, on sales of $1.36 billion for its fiscal year ended April 30, compared with year-earlier $35.6 million, or $1.68 per share, on sales of $1.20 billion.
- Staff report
Briefly
Virginia's Commonwealth Transportation Board has allocated grants to build rail spurs to serve new and expanding businesses from its Industrial Access Railroad Track program. The grants include $150,000 for the Georgia-Pacific Corp.'s cardboard liner factory in Bedford County and $118,750 for the Drake Extrusion Inc. polyproplene fiber plant in Henry County.
Cascade Gardens, a lawn and garden center, has opened on Virginia 24 in Vinton. Catherine S. Bivens is owner of the business selling mulch, topsoil, nursery stock and flowers.
L'Orient Styling Salon, a beauty salon, has opened at 32 S. Main St., Lexington. Hwa Cha Steenburgh is owner of the business.
Environmental Directions Inc., a Roanoke consultant, has received a five-year contract for consulting and laboratory services with Oak Ridge Associated Universities in Oak Ridge, Tenn.
Intermet Corp., parent of Lynchburg Foundary Co. in Radford, said it plans to move its corporate headquarters from Atlanta to Detroit to be closer to its customer base. No date was give for the move.
Hayes, Seay, Mattern & Mattern Inc. of Roanoke has been cited by the Naval Facilities Engineering Command's Atlantic division in Norfolk for its performance in design of projects for the Navy. The architectural and engineering firm has designed industrial and operational facilities and utilities projects in Virginia and North Carolina.
by CNB