THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, April 30, 1996 TAG: 9604300429
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Short : 42 lines
James River Bankshares Inc. in Suffolk said its first-quarter net income fell 43 percent because of expenses related to the March 1 acquisitions of First Colonial Bank in Hopewell and Bank of Isle of Wight in Smithfield. The bank holding company said it earned $458,000 for the three months ended March 31, down from $806 million in the year-earlier period. Per-share earnings dropped to 19 cents from 33 cents. James River reported an 8 percent increase in net interest income and a 48 percent increase in income from non-interest sources. (Staff) AARP will endorse managed-care plans
The giant American Association of Retired Persons will endorse health maintenance organizations. Already active in national health and life insurance offerings, the new AARP program is likely to be operated on a state-by-state basis, a spokesman said. The association plans to issue a request for proposals within the next few months and should begin endorsing the state or regional HMOs by next year or 1998. The HMO program is expected to generate added income for AARP, though no estimates were available. (Associated Press) New-home sales hit lowest level in 10 months
Rising mortgage rates caught up with home buyers in March, reducing sales of new houses by 7.6 percent to the lowest level in 10 months. But analysts noted the March pace still was higher than last year's monthly average and that sales had little chance of keeping up with the pace set in the first two months of the year. Sales totaled a seasonally adjusted 672,000 annual rate, smallest since 667,000 last May, the Commerce Department said. Fixed-rate, 30-year mortgages averaged 7.62 percent in March, more than one-half of a percentage point higher than in January. The median price of a new home was $138,000, up from $130,000 a year ago but unchanged from February. (AP) by CNB