THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, May 29, 1996 TAG: 9605290528
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Business Briefs
LENGTH: 49 lines
First Virginia Banks Inc. increases its dividend
First Virginia Banks Inc., parent of First Virginia Bank of Tidewater, announced a 2.9 percent increase in its quarterly dividend. Its board also authorized the repurchase of 2.5 million common shares. The Falls Church-based banking company said its new dividend of 36 cents, up from 35 cents, will be payable July 15 to shareholders of record June 28. First Virginia said it had not set a timetable for repurchasing the stock. An existing program to buy back 2.7 million shares is almost complete. (Staff)
Used-house sales in U.S. continue to increase
Sales of previously owned homes rose 0.5 percent in April, the third consecutive advance. The growth was mixed, however, with sales up in the Northeast, flat in the West and down in the Midwest and South. The National Association of Realtors said Tuesday that sales totaled a seasonally adjusted annual rate of 4.22 million, up from 4.20 million in March. The association attributed the latest gain to consumer confidence in the economy and mortgage rates that remain favorable despite recent increases. The median price of an existing home was $116,600, up 8 percent from $108,000 in April 1995. (Associated Press)
Williamsburg company sued over work on condos
A Maryland condominium association has filed a $5.2 million lawsuit alleging that a Williamsburg construction company used shoddy workmanship on a waterfront townhouse development. The Mill Creek Condominium Association filed the lawsuit in Calvert County against Bush Construction Corp., its president, John Digges, and Calvert Marina Development Limited Partnership, the developer. Bush agreed to fix problems related to construction, but believes many of the defects are due to poor maintenance, said Marc Sharp, executive vice president and chief financial officer of the company. (AP)
Layoffs are imminent, Moody's tells employees
Moody's Investors Service, the nation's oldest credit rater, told employees Tuesday to expect layoffs and sweeping organizational changes in the firm's first major overhaul in more than a quarter-century. Moody's cited competitive pressures for the management and staff shake-up. But the overhaul is just the latest ripple at a venerable Wall Street credit rater whose main business is under investigation by the Justice Department. At issue in the federal probe is whether Moody's may have pressured bond issuers to hire it or risk facing negative comments or lower ratings on their securities. (AP) by CNB