THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Thursday, September 1, 1994 TAG: 9409010564
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: (Staff)
LENGTH: Short : 23 lines
Signet Banking Corp. completed its acquisition of Chester-based thrift holding company Pioneer Financial Corp. on Wednesday. The transaction, which involved an exchange of shares, had a value of almost $60 million. Richmond-based Signet said it will keep 10 of the 11 branches operated by Pioneer's savings bank subsidiary and will keep 68 of Pioneer's 143 employees. ``This acquisition will add value to our existing metropolitan Richmond market area,'' said Robert M. Freeman, Signet's chairman and chief executive officer. Signet said it will issue about 1.5 million new common shares as part of the acquisition. But the transaction will not dilute its per-share earnings, Signet said. by CNB