DATE: Wednesday, March 26, 1997             TAG: 9703260425

SECTION: BUSINESS                PAGE: D2   EDITION: FINAL 

                                            LENGTH:   51 lines

LOCAL SCENE

NORFOLK

FRANKLIN HONORED BY AMERICAN COLLEGE OF PHYSICIANS: The American College of Physicians named Dr. John Franklin, a physician, teacher and pioneer in creating the geriatrics program at Eastern Virginia Medical School, a master at the medical society's convocation in Philadelphia last Saturday. Franklin, who officially retired last July but continues to work as liaison between the community and the EVMS Glennan Center for Geriatrics and Gerontology, is the first EVMS physician to receive a mastership from the medical group and the eighth ever from Virginia.

VIRGINIA

JEFFERSON BOOSTS DIVIDEND: Jefferson Bankshares Inc. boosted its quarterly cash dividend by 14 percent to 25 cents a share from 22 cents. The dividend will be paid April 30 to shareholders of record on April 7. The company last boosted its quarterly cash payout by 16 percent to 22 cents in April. The Charlottesville-based parent of Jefferson National Bank and five other units operates about 95 banking branches in Virginia.

VIRGINIA POWER RATED ``A'' BY FITCH: The Industrial Development Authority of Louisa's $10 million solid waste and sewage disposal revenue bonds (Virginia Electric and Power Co. project), series 1997A, are rated ``A'' by Fitch Investors Service. The facilities financed by the bonds are associated with Virginia Power's nuclear North Anna Power Station. The bonds, which will mature in 2022, will be underwritten by Goldman Sachs & Co. Initially, the bonds will be offered in a long-term mode, priced for five years, but the issue has provisions permitting the conversion at the termination of the initial pricing period to short-term or commercial paper pricing modes at the option of VPC.

MACON BROCK JOINS SIGNET'S BOARD OF DIRECTORS: Malcolm S. McDonald, chairman and chief executive officer of Signet Banking Corp., said Macon F. Brock, president and chief executive officer of Dollar Tree Stores Inc., has been elected to Signet's Board of Directors.

DOMINION STOCK DOWN: Dominion Resources Inc. stock dipped 3/4 in heavy trading Monday to 37, following news that its Virginia Power unit may freeze rates for its 1.9 million customers and write off up to $500 million in so-called ``regulatory assets'' over five years. The rate freeze is part of a plan to prepare the utility for a possible dismantling of its monopoly on electricity. American Electric Power Co. and Allegheny Power System Inc. supply power to some Virginians, but in areas not served by Virginia Power. MEMO: To submit an item for the Local Scene, please fax it to 446-2531.

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