THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, July 31, 1996 TAG: 9607310571
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Briefs
LENGTH: 46 lines
Rail union dispute
settled with railroad
The last remaining dispute holding up the negotiated conclusion of contract talks between the nation's railroads and their unions was settled Tuesday. The Brotherhood of Maintenance of Way Employees reached a contract agreement with Conrail Inc. less than 18 hours before a looming strike deadline. BMWE reached a tentative agreement with the rest of the nation's major freight railroads last week, but approval was subject to the resolution of two remaining issues with Philadelphia-based Conrail. (Bloomberg Business News) Smithfield's net income up in the first quarter
The Smithfield Cos. Inc. said its net income for its first quarter was $182,252 for the three months ended June 30, compared with net income of $181,443 in the year-earlier period. Earnings per share increased to 13 cents per share for the three months, up from 12 cents per share for the same period in 1995. The company's net sales were $3,446,998 for the three months compared with $3,568,352 in the year-earlier period. (Staff)
USI completes acquisition
of Henderson & Phillips
USI Insurance Services Corp. said it completed its previously announced agreement to acquire Henderson & Phillips, a Norfolk-based insurance agency. Henderson & Phillps announced in June it would become part of USI Insurance Services Corp., a San Francisco-based insurance concern, but would retain its name, identity and staff. The terms of the transaction with USI were not disclosed. (Staff)
Life Bancorp plans
stock-buyback program
Life Bancorp Inc. said it has applied to federal regulators for permission to buy back more of its stock. So far this year, the Norfolk-based parent of Life Savings Bank has completed two stock-repurchase programs and retired 1,063,785 shares. That amounted to 9.75 percent of Life's shares outstanding at yearend 1995. (Staff) by CNB