Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, June 9, 1995 TAG: 9506100013
SECTION: BUSINESS PAGE: A-15 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
WASHINGTON - The nation's 1,512 savings and loan institutions boosted their profits 12.4 percent in the first three months of 1995, extending their recovery of the past five years.
The Office of Thrift Supervision reported Thursday the industry earned $1.18 billion in the first quarter, up from $1.05 billion in the final three months of 1994. More than 90 percent of the thrifts were profitable.
But the report said the number of problem institutions rose to 57 during the January-March period, from 53 in the fourth quarter of 1994. It was the first upswing since 1990.
``The recovery of the industry is not complete,'' warned OTS Acting Director Jonathan Fiechter. ``The progress thrift managers have made could be undermined if the proposed insurance premium differential is not resolved.''
-Associated Press
GM to appeal $26 million verdict
TUSKEGEE, Ala. - General Motors Corp. promised Thursday to appeal a $26 million jury verdict awarded to a black car dealer who claimed the company had discriminated against him, causing his business to collapse.
The Macon County jury gave $6 million to Charles Bell to compensate him for his losses and $20 million in punitive damages.
``The verdict and the damages returned by the jury in this matter are wrong,'' said GM spokesman Ed Lechtzin. ``We intend to take every step possible to have them set aside.''
The verdict was returned Wednesday in the second trial of Bell's suit against GM. The first case ended with a mistrial in September.
Bell said he and his wife, Shirley, were prospering in several businesses in North Carolina when GM enticed them to open the car dealership in Tuskegee in 1979.
His suit alleged that GM misrepresented facts and withheld business information from him, leading to debts and the eventual collapse of his dealership two years ago.
- Associated Press
Briefly ...
Media Mark, SE, a subsidiary of The Maddox Agency in Roanoke, has acquired the Little Caesar's advertising media account for Southwest Virginia. The 31-store pizza chain is owned and operated by Pamanda Inc. The agency will be responsible for planning, negotiating and placing television ads within the region. Media Mark is a media-only planning, negotiating and buying service with accounts throughout the Southeast.
The Packett Group of Roanoke has been selected as the advertising agency for the Papa John's franchise in Southwest Virginia. The franchise has seven stores in Roanoke, Lynchburg and the New River Valley. Papa John's International, based in Louisville, Ky., operates and franchises 727 pizza delivery and carry-out restaurants. The Packett Group will handle media planning and placement, and promotional planning and implementation for the Southwest Virginia Papa John's franchisee.
by CNB