THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Friday, October 11, 1996 TAG: 9610110663
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Briefs
LENGTH: 49 lines
Best Products Co. said it agreed to sell all of its remaining retail stores to Schottenstein Bernstein Capital Group LLC and Alco Capital Group Inc., possibly pushing up its exit from bankruptcy. The move comes on the heels of Best's plan to close almost half its stores and fire 4,500 employees, or 45 percent of its work force. The company said the proceeds from liquidating those stores and the sale of it 88 remaining stores and 11 Best Jewelry stores is worth about $395 million. (Bloomberg Business News) Bank of Tidewater reports 16% increase in earnings
Bank of Tidewater said its third-quarter earnings rose 16 percent from the year before to $611,879, or 42 cents a share, as net interest income increased 11 percent, noninterest income jumped 9 percent and nonperforming assets dropped 42 percent. The Virginia Beach-based bank also said it opened its sixth full-service office at 1305 Greenbrier Parkway, Chesapeake, last week. Douglas W. Fuller of ABF Freight System Inc. was named chairman of that branch's advisory board. (Staff) Central Fidelity's earnings down 9%
Central Fidelity Banks Inc.'s earnings fell 9 percent in the third quarter because of a one-time assessment for a fund used to bail out failing thrifts. The Richmond-based bank said Thursday that net income fell to $25.1 million, or 42 cents a share. A year-earlier profit was $27.6 million, or 46 cents per share. For the quarter, net interest income grew 11 percent to $97.3 million from $87.7 million for the same quarter last year. The bank was forced to pay a $6.4 million assessment to the Savings Association Insurance Fund. If not for the SAIF charge, the bank would have seen a 6 percent increase in earnings to $29.3 million. (Associated Press) Crestar Financial reports $36.8 million net income
Crestar Financial Corp. reported net income of $36.8 million or 86 cents per share for the third quarter of 1996, compared to $52.1 million or $1.18 per share earned in the third quarter of 1995. As previously announced, Crestar recorded during the quarter a one-time after-tax charge of $21.5 million, or 50 cents per share associated with congressional legislation regarding the recapitalization of the Savings Association Insurance Fund. For the quarter, return on assets was 85 percent and return on equity was 10.42 percent. Excluding the one-time charge, return on assets was 1.34 percent and return on equity was 16.49 percent. (Staff) by CNB