THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, January 13, 1996 TAG: 9601130415
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 52 lines
Food Lion Inc., the Salisbury, N.C.-based grocery chain, announced plans Friday to purchase a small supermarket chain in the Winston-Salem, N.C., area. Food Lion will buy all 11 stores owned by Food Fair of North Carolina Inc., a company founded nearly a half-century ago. The small chain's 550 employees will be asked to apply for positions at Food Lion. The purchase price was not disclosed, but Food Fair had sales of more than $73 million. Last year, Food Lion announced plans to expand through new construction, remodeling and acquisitions. (Staff) Commerce Bank parent plans to buy back stock
Southern National Corp., parent company of Commerce Bank in Virginia Beach, announced plans to buy back as many as 4.33 million common shares, or 4 percent of its outstanding common stock. Southern National, based in Winston-Salem, N.C., said it could use the repurchased shares to convert its preferred convertible stock to common stock. Southern National's preferred convertible stock is callable by the company March 1. The bank holding company said it will use Salomon Brothers, the investment banking firm, to assist with the repurchase program. (Staff) SCC schedules meeting on Trigon stock plan
The State Corporation Commission will hold a hearing May 6 on Trigon Blue Cross Blue Shield's plan to become a publicly held for-profit stock company. Under an amended proposal filed Wednesday with the SCC, Trigon will distribute stock to eligible policyholders, including 184,000 individuals and 15,700 groups. Trigon also will distribute a special class of stock, valued at $159 million, to a charitable foundation set up by state officials to support higher education and medical research at Virginia's state-supported universities. The plan is subject to SCC and policyholder approval after the hearing in Richmond. (Associated Press) First Union reports income surge of 4%
First Union Corp. said its net income for 1995 rose 4 percent. However, income for the quarter ended Dec. 31 declined 3 percent from the year-earlier period, the Charlotte-based banking company said. Results for the fourth quarter and the full year were combined with those for First Fidelity Bancorp, a Newark, N.J.-based company that became part of First Union in late December. Although its net interest income for the fourth quarter grew less than 3 percent, First Union said income from fees and other non-interest sources jumped almost 31 percent from the year-earlier quarter. (Staff) by CNB