THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, July 27, 1995 TAG: 9507270495
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 66 lines
During a brief meeting Wednesday, shareholders of the Norfolk thrift holding company CENIT Bancorp Inc. approved an agreement to buy Princess Anne Bank in Virginia Beach for stock worth almost $15 million. Sixty-nine percent of CENIT's 1.24 million shares voted in favor of the transaction. Shareholders of Princess Anne, a community bank with assets of $81.19 million, were scheduled to vote on the agreement Wednesday night. The two institutions expect to complete the transaction around Aug. 1. (Staff) NationsBank proposes plan to combine banks
NationsBank has asked federal regulators for permission to combine its banks in four states and the District of Columbia into a single bank, part of a move officials say could save $50 million a year. If permission comes by fall, the banks will operate as one in the first quarter of 1996. The holdup, says bank spokeswoman Mary Waller, is in NationsBank's computer systems, which will not be able to talk to each other until then. (Bloomberg) Dollar Tree's earnings, sales rise in quarter
Dollar Tree, the Norfolk-based discount variety chain, said its earnings more than tripled in the second quarter, mostly because of a strong Easter selling season and new promotional efforts. The company said its profits jumped to $2.6 million, or 14 cents per share, in the three-month period ended June 30. That's up from $859,000, or 5 cents per share, in the 1994 quarter. Sales for the same period increased 40 percent to $62.9 million from $45 million. Revenues at stores open at least a year soared 17 percent. Dollar Tree, which recently went public, has 452 stores that sell products for $1 each. (Staff) -------------------------------------------- EZ Communications plans to offer Internet access
EZ Communications Inc. will offer Internet access services for listeners of EZ radio stations. EZ's wholly owned subsidiary, the Radio Data Group, will develop a revenue stream from Internet access and monthly usage charges of subscriber/listeners. The company's first service offerings will begin in Seattle and continue with each EZ radio market. (Staff) Peninsula yard recovers portion of disputed bill
American Classic Voyages has agreed to pay Newport News Shipbuilding $13 million of its disputed bill for the overhaul of its cruise ship, the Independence. The Peninsula yard claims it's owed $26.8 million for the overhaul, which it stopped in October because it hadn't been paid. Disagreeing over change orders, American Classic said it only owed the yard $13 million. Work on the Independence was completed elsewhere after its owners posted a $20 million bond. The $13 million came out of the bond after a federal judge in Norfolk ruled Wednesday that the shipyard's recovery could not be limited by the bond. (Knight-Ridder Financial News) Baltimore port names new executive director
Tay Yoshitani, the second-ranking official with the Port of Los Angeles, was named executive director of the Maryland Port Administration. In Los Angeles, Yoshitani was responsible for all commerce and operations related to that port. He also negotiated long-term agreements with major container lines, bulk operators, passenger ship companies and retail commercial ventures. One of his key accomplishments was developing a $120 million coal facility. (Journal of Commerce) by CNB