THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, April 13, 1996 TAG: 9604130321
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Business Briefs
LENGTH: Short : 47 lines
CENIT reports 35% rise in first-quarter income
CENIT Bancorp Inc., parent of CENIT Bank and Princess Anne Bank, reported a 35 percent increase in first-quarter net income and said it will double its quarterly dividend. Norfolk-based CENIT attributed the earnings improvement to a restructuring of its balance sheet late last year and an increase in earning assets. For the January-through-March period, net income totaled $1.2 million, up from $892,000 in the year-earlier quarter. Per-share earnings rose to 72 cents from 54 cents. The company said it will boost its quarterly dividend to 20 cents May 17 to shareholders of record May 9. (Staff)
Central Fidelity posts 9% quarterly income gain
Central Fidelity Banks Inc., which benefited from a wider spread between the cost of funds and its yields on loans and investments, said net income for the March quarter rose 9 percent. Richmond-based Central Fidelity reported net income of $27.98 million, compared with $25.72 million in the first quarter of 1995. Per-share earnings rose to 70 cents from 65 cents. Its principal source of earnings, net interest income, was up almost 10 percent from the year-earlier quarter, while income from fees and other noninterest sources was up almost 13 percent. (Staff)
Reynolds Metals to close
drink can plant in Houston
Reynolds Metals Co. said it will shutter a beverage can plant in Houston within 12 months, eliminating about 200 jobs, and take a $23 million charge in the first quarter, primarily for the cost of the closing. The Richmond-based maker of aluminum beverage cans, blamed overcapacity in the U.S. beverage can industry and a declining average growth rate in domestic demand. Workers have been notified and will get severance packages. The company intends to sell the facility and property and move some equipment to other plants.
(Bloomberg Business News) by CNB