THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, December 21, 1995 TAG: 9512210475
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 53 lines
Four Virginia banks lower prime rate
Responding to the Federal Reserve's latest reduction of a key interest rate, four major banks in Virginia trimmed their prime lending rates Wednesday. NationsBank, Crestar Bank, First Union National Bank of Virginia and First Virginia Banks Inc. lowered their prime rates from 8.75 percent to 8.5 percent. Two other large banks, Signet and Central Fidelity, said they will make the same quarter-point reduction to 8.5 percent today. The prime is a benchmark for interest rates on many commercial loans and some forms of consumer borrowing, including home equity lines of credit and credit cards. (Staff)
nView chairman taking management position
Angelo Guastaferro, chairman of the board of Newport News-based nView Corp., will begin working in ``the management of the company on a full-time basis'' on Jan. 2, the company announced. Guastaferro became chairman of nView in May, but only recently retired as vice president of NASA and Federal Systems for a division of Lockheed Martin Corp. nView said Guastaferro's management role should help the company's ``turnaround plan.'' Guastaferro will focus on managing manufacturing of nView's image projection products, while President and CEO Robert D. Hoke will work on sales and marketing of the products, the company said. (Staff)
Corporate name changes rose 4 percent in '95
Corporate name changes increased by 4 percent in 1995 with mergers and acquisitions accounting for more than half of the switches, according to a survey released Wednesday. The number of companies changing names rose to 1,153 from 1,114 in 1994, according to the annual survey by the corporate identity advisor Anspach Grossman Portugal Inc. The biggest share of the changes were in the financial, manufacturing, communications and health care industries. It was the largest number of corporate name changes since the 1,285 switches in 1992. (Associated Press)
Legislation to dismantle ICC goes to Senate
Legislation to dismantle the Interstate Commerce Commission and end its 100-year role in regulating rail and highway traffic won House approval Wednesday. Expected Senate approval of the House-Senate compromise bill would send it to President Clinton, who in principle has backed the elimination of the ICC as part of long-term plans to balance the budget. Under the bill, passed in the House by voice vote, the ICC's functions would end Jan. 1 with a three-member Surface Transportation Board established within the Department of Transportation to carry out remaining duties. (AP) by CNB