THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, September 22, 1995 TAG: 9509220472
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Short : 45 lines
Federal regulators are probing possible insider trading of a Newport News savings bank's stock in the weeks before it agreed to a takeover by Crestar Financial Corp. The buying came while TideMark Bank and Crestar officials were negotiating the takeover, according to a financial filing by organizers of a new bank in the area, a group that includes some former TideMark directors. At issue in the SEC investigation are purchases by unnamed relatives of TideMark Chairman Gordon Gentry and by Newport News businessman Walter S. Segaloff, the filing reported. Gentry is chairman of the new bank and Segaloff is a director. (Knight-Ridder/Tribune Business News) Virginia industrial power users push deregulation
Many of Virginia's largest industries called for state leaders to embark on deregulating the state's monopoly electricity industry. The Virginia Committee for Fair Utility Rates, a coalition of 20 companies, called for state regulators and legislators to begin discussing how to allow competition in supplying power to businesses and, potentially, homes. It includes Newport News Shipbuilding, the state's largest private employer; Reynolds Metals Co., DuPont Co., AlliedSignal Inc., Stone Container Corp. and ICI Americas Inc. (Knight Ridder/Tribune Business News) Airport traffic down for August
The Norfolk International Airport's 1995 passenger slump continued in August. Passenger traffic through the airport in August fell 27.8 percent to 248,315 from 343,986 in the same month last year, the Norfolk Airport Authority announced. The decline can be traced to the absence of the airfare wars that spurred travel last year and to the withdrawal of many of Continental Airlines' flights from the airport after the failure of its low-price Peanuts fares campaign. Cargo activity through the airport also slipped. In July cargo shipments fell off about 9.4 percent to 4.2 million pounds from 4.6 million pounds. (Staff) by CNB