ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, November 15, 1996 TAG: 9611150085
SECTION: BUSINESS PAGE: A-10 EDITION: METRO
CHARLOTTE, N.C. - First Union Corp. has completed its acquisition of Center Financial Corp. for about $380 million in stock, making the Charlotte-based company the third largest Connecticut bank in terms of deposits.
First Union, which will pay 0.3539 share of its stock for each Center Financial share, valued the transaction at $384.1million. Center Financial shareholders received First Union shares worth $25.44 for each of their shares, based on First Union's recent average closing price. Shares of Waterbury-based Center Financial traded Wednesday at 24 7/8. First Union shares rose 5/8 today to 71 1/4.
-Bloomberg Business News
Martinsville bank completes buyout
MainStreet BankGroup Inc. of Martinsville said Thursday it has completed acquisition of Hanover Bank of Mechanicsville. The merger was approved by regulators and Hanover's shareholders.
MainStreet now has eight community banks with 35 offices and total assets of $1.2 billion. Hanover shareholders will receive 0.884 of a share of MainStreet for each Hanover share. The price is equivalent to $18.65 a share.
-Staff report
Briefly
* Thirty-year, fixed-rate mortgages averaged 7.59 percent this week, down from 7.67 percent last week and the lowest since 7.38 percent March 7, according to a national survey released Thursday by the Federal Home Loan Mortgage Corp. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.52 percent, down from 5.56 percent. Fifteen-year mortgages averaged 7.11 percent, down from 7.2 percent.
* Stanley Furniture Co. Inc., Stanleytown maker of residential furniture, on Thursday announced the secondary offering of 1 million shares of its common stock at $16 per share. The shares were sold by the ML-Lee Acquisition Fund L.P. and certain affiliates of the Thomas H. Lee Co. After the offering, the Lee Fund and affiliates of the Lee company will own 1.6 million shares, or about 34 percent of the outstanding common stock.
LENGTH: Short : 45 lines Type first letter of feature OR type help for list of commands FIND S-DB DB OPT SS WRD QUIT QUIT Save options? YES NO GROUP YOU'VE SELECTED: QUIT YES login: cby CNB