THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, October 30, 1996 TAG: 9610300584
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 51 lines
In a transaction that would provide First Virginia Banks Inc. with an expanded presence in the state's southwestern counties, the Falls Church-based banking company agreed to acquire a Bluefield-based group of banks. First Virginia, the parent of First Virginia Bank of Tidewater, said it plans to acquire Premier Bankshares Corp. in a stock swap valued at $160.4 million, or $24.12 for each of Premier's shares. Premier has $748 million of assets and three bank subsidiaries with a total of 36 branches. The transaction, which still must be approved by regulators and by Premier shareholders, is expected to close next spring. (Staff) Home sales for state remain consistent
A report from the Virginia Home Sales Survey published by the Virginia Association of Realtors shows that sales for September in the state were up less than 1 percent compared with the same period last year as 4,848 new and existing homes were placed under contract compared with last September's figures of 4,822. Home sales for Hampton Roads totaled 1,745 for September this year compared to 1,789 for the same month last year. Increases in home sales were seen in nine of 24 areas reporting, including the Williamsburg area. (Staff) James River reports 61 percent income drop
James River Bankshares Inc. reported a 61 percent drop in third-quarter net income, blaming an assessment from the Federal Deposit Insurance Corp. for insurance of thrift deposits and the cost of starting up a data-processing center. The Suffolk-based banking company said it earned $353,000 for the three months ended Sept. 30, compared with $905,000 for the year-earlier quarter. Per-share earnings were 14 cents, down from 36 cents. James River, which owns three commercial banks and a thrift, said the FDIC's pre-tax assessment for helping to replenish the deposit-insurance fund for deposits totaled $752,000. Without that assessment, its net income for the recent quarter would have declined 8 percent to $832,000, the company said. (Staff) America Online offers flat-rate price system
America Online Tuesday introduced a flat-rate pricing plan for its online computer service in its most aggressive response to date to the growing competitive threat of the Internet and rival online services. America Online pricing plan matches Microsoft Network's rate of a flat $19.95 a month for unlimited use. The America Online pricing plan includes unlimited access to the Internet through its browser. An alternate plan, costing $9.95 per month, offers unlimited access to America Online's features without the Internet access. A third plan, costing $4.95 per month, offers three hours of AOL usage per month, with each additional hour at $2.50. (Associated Press) by CNB