THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, September 4, 1996 TAG: 9609040554
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 30 lines
Southern National Corp., parent of the Virginia Beach-based bank BB&T Virginia, said it completed its previously announced acquisition of Regional Acceptance Corp., a Greenville, N.C., company that finances sales of used cars to higher-risk borrowers. Southern National, based in Winston-Salem, N.C., exchanged 5.85 million of its common shares worth $182 million for Regional Acceptance. The finance company has 28 offices in the Carolinas, Tennessee and Virginia, including one in Virginia Beach. (Staff) Business expansion totals more than $2 billion
Forty-five companies announced plans for new facilities or expansion of existing sites in Virginia, according to the Virginia Economic Development Partnership, which released figures from the second quarter of 1996. Both manufacturing and nonmanufacturing companies announced plans to create 7,000 jobs in the commonwealth and invest $2.1 billion. The largest announcements in capital investment include Allied Colloids Inc., an acrylamide polymers manufacturer that plans a $106.10 million expansion of its Suffolk plant. Other big local announcements were a $2 million expansion by Eastern Computers in Virginia Beach and a $15 million expansion of Sumitomo Machinery Corp. in Chesapeake. (Staff) by CNB