THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Wednesday, November 9, 1994 TAG: 9411090374
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 56 lines
SCC says ``Enough, already'' to Bell Atlantic: The State Corporation Commission rejected a request from Bell Atlantic-Virginia for even more regulatory freedom than the commission granted last month. The SCC, in a 2-1 vote, practically lifted profit restrictions on the state's largest local phone company - in return for a moratorium through 2000 on rate increases by Bell Atlantic on a number of services, including basic service. Following that vote, Bell Atlantic asked the SCC to lift the rate freeze on all but the most basic services and to drop its order that the phone company eliminate charges for Touch-Tone service. On Tuesday, the SCC unconditionally rejected the phone company's latest request, saving customers an estimated $150 million to $160 million over the next six years. (Staff)
Richmond airport receives $6.7 million expansion grant: Richmond International Airport's receipt of a $6.7 million federal grant will enable the facility to pursue its ambition of becoming an East Coast cargo hub. The grant from the Federal Aviation Administration will be used to build a new taxiway that will accommodate 747-400s, the world's largest commercial aircraft. The federal funds also will allow for an existing taxiway to be widened and renovated. Attracting cargo operations is part of the airport's overall improvement plans that will take the facility into the next century. (Associated Press)
FBI building in Norfolk sold: Level Associates of Newport News bought the headquarters office building for the Federal Bureau of Investigation in Norfolk for $4.9 million. Robinson & Wetmore Properties Inc., a commercial real estate firm, sold the 55,000-square-foot building to the Raleigh-based institutional investor. The sale closed recently. (Staff)
EARNINGS
Seaboard Bancorp earnings up slightly: Helped by improved credit quality and lower operating expenses, Seaboard Bancorp Inc. in Virginia Beach reported a modest recovery in earnings in the Sept. 30 quarter from a loss in the year-earlier period. The parent of Seaboard Savings Bank said it earned $201,685, or 4 cents a share, for the July-through-September period. That compared with a net loss of $1.21 million, or 24 cents, in the year-earlier quarter. The biggest contributor to Seaboard's income was the absence of a provision for loan losses. In the third quarter of 1993, the company's pretax earnings were reduced by a $1.26 million addition to its loan-loss reserves. Seaboard's net interest income, its biggest source of earnings, was up 4 percent from the year-earlier period, while its operating expenses were down 15 percent. For the nine months through Sept. 30, the company's net income totaled $695,244, or 14 cents a share. In the year-earlier period, it lost $1.11 million, or 41 cents a share. (Staff) by CNB