THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Tuesday, October 18, 1994 TAG: 9410180363
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: (Staff)
LENGTH: Short : 36 lines
Media General to sell Mexican affiliate
Media General said Monday that it has reached an agreement with PIPSA, an agency of the Mexican government, on the expected sale of Media General's 49 percent interest in the Pronapade newsprint mill in San Luis Potosi, Mexico. PIPSA is the majority owner of the mill and has held an option to buy Media General's interest for $3.6 million.
EARNINGS
Commerce Bank up 8 percent: Commerce Bank made $1.85 million, or 62 cents per share, in 1994's third quarter, up from $1.71 million, or 60 cents per share, a year ago. Virginia Beach-based Commerce Bank had assets of $699.6 million and deposits of $643.0 million at Sept. 30, the end of the quarter. In June the bank agreed to be bought by Wilson, N.C.-based BB&T Financial Corp., that state's fourth-largest bank holding company. Commerce Bank has 21 Hampton Roads branches.
Tredegar improves: Tredegar Industries Inc., based in Richmond, reported third-quarter net income to $26,475,000 or $2.50 per share, up from $2,307,000 or 21 cents per share in 1993. Third-quarter sales were $135,905,000, up from $122,203,000 in 1993. by CNB