ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, April 25, 1996 TAG: 9604250038
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
Bank's regional merger is Lynchburg's gain
Central Fidelity Banks Inc. said Wednesday it will combine its Western and Southwestern regions, moving the headquarters from Roanoke to Lynchburg. The bank named Monty W. Plymale, now working in Roanoke, as head of the larger territory.
The move follows announcement of the retirement at the end of this year of Rodger W. Fauber as head of the company's Charlottesville-based Western Region.
The combined region will extend from Charlottesville and Harrisonburg south to Bristol, taking in the Roanoke and New River valleys, Martinsville and Danville. It will include 78 offices and represent more than one-third of the bank's assets.
The bank also named Roy D. Stallings president of its southwestern area. He will report to Plymale. Stallings, who has been with Central Fidelity for 32 years, now manages the company's 25-branch, in-store banking program in Hampton Roads.
Plymale, a Roanoke native, joined the bank in 1981 in Richmond. He returned to Roanoke as executive vice president in 1986 and became president of the Southwestern Region in January 1995.
- Staff report
New rules govern sale of electricity
WASHINGTON - Federal regulators ordered major changes Wednesday in the way electricity is sold at the wholesale level and said the new rules should save consumers $3.8 billion to $5.4 billion a year.
The electric rates for millions of people will be affected, the Federal Energy Regulatory Commission said.
The new rules, which go into effect 60 days after they are published in the Federal Register, will require public electric utilities to open their transmission lines to competitors and share information about available transmission capacity.
- Associated Press
Arizona tea maker plans hillbilly brew
NEW YORK - Ferolito, Vultaggio & Sons, the maker of the fast-growing Arizona line of teas, said Wednesday it would introduce a new beer, Mississippi Mud Black and Tan, to be sold in 32-ounce moonshine-like jugs.
Vultaggio also announced five new Arizona teas, a 20-ounce nonalocholic Arizona Pina Colada and a malt-based margarita called Palm Beach.
- The New York Times
2 charged in scam against Kmart
MILWAUKEE - A Michigan lawyer and an Illinois real estate broker were charged in federal court Wednesday for their roles in an alleged 1991 scheme to defraud Kmart Corp. through a series of kickbacks and bribes totaling more than $750,000.
The charges relate to a $170 million sale or lease of 43 Kmart properties by Milwaukee developer Frank Crivello and follow the January indictment of Michael Dowdle, Kmart's former director of shopping center development and marketing, who oversaw the sale.
- Bloomberg Business News
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