Second National parent posts lossSecond National...


November 14, 1992

Second National parent posts loss

Second National Bancorporation, parent of Second National Federal Savings Bank, said yesterday that it lost $8.8 million, or $1.20 a share, in the three months ended Sept. 30, compared with a loss of $21 million, or $2.85 a share, in the same period last year.

The Salisbury-based banking company, which had assets of $1.57 billion at Sept. 30, said it was negotiating with the Office of Thrift Supervision regarding an extension of its capital plan. "We are pursuing several options to raise the necessary capital during the first half of 1993 to bring the company up to the required regulatory capital levels," the company said. Options under consideration include a rights offering to common shareholders, a private placement of capital or some combination of the two, it said.

Keane to acquire GE Consulting

Keane Inc., a software services company in Boston, said yesterday that it would acquire GE Consulting Services in Rockville. Keane said it would pay cash for General Electric Co.'s consulting division to move into a position as one of the largest providers of software planning, development and management services. Keane did not disclose the price it is paying for the unit.

GE Consulting, which has 1,000 employees in 21 cities, posted 1991 revenue of $90 million, compared with Keane's 1,350 employees and $100 million in 1991 revenue.

CSX lays off 104 in Cumberland

CSX Transportation laid off 104 workers at its Cumberland locomotive facility yesterday, citing continued weakness in coal traffic and insufficient work. Those laid off included machinist helpers, boilermakers, electricians and carpenters who maintained and repaired locomotives.

Workers who arrived at CSX yesterday morning were told to return to their homes. About 700 people still work for CSX in Cumberland.

Tire-plant buyers gain extension

The Allegany County Commissioners granted a three-day extension yesterday to a group that wants to buy the idled Kelly-Springfield tire plant in Cumberland and hire 400 people to manufacture tires. The commissioners had set 4 p.m. yesterday as the deadline for the group to submit its offer to buy the factory.

Thursday night, Cumberland Tire & Rubber, led by former Kelly-Springfield President Al Shafer, asked for an extension to iron out details of the offer. Kelly-Springfield's plant closed in May 1987, idling about 1,000 workers.

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