A headline in the Business section yesterday incorrectly...

BUSINESS DIGEST

December 15, 1992

A headline in the Business section yesterday incorrectly described Fidelity & Deposit Co. of Maryland. It is an insurance company.

The Sun regrets the error.

Md. bank forms joint venture

The Fidelity & Deposit Co. of Maryland said yesterday that it formed a joint venture with NCM Holding NV of Amsterdam to underwrite commercial credit insurance.

The venture, called Maryland Netherlands Credit Insurance Co., would initially provide coverage for export risks of U.S. businesses, the companies said.

FOR THE RECORD - CORRECTION

Fidelity & Deposit, based in Baltimore, would own 51 percent of the new company, which would also be headquartered here.

Merging banks to cut 1,288 jobs

First Union Corp. and Dominion Bankshares Corp., the Southern banking companies that expect to complete a merger early next year, said yesterday that they will cut 1,288 jobs.

Of the cuts, 850 will be in Dominion's headquarters city of Roanoke, with the remainder in Virginia and the Washington area.

First Union plans to place as many affected employees as possible in new positions, giving them priority over applicants from outside the company.

Following the merger, First Union Corp. will have assets of about $61 billion, making it the country's ninth-largest bank holding company, with 1,200 offices.

Merry-Go-Round union vote set

The National Labor Relations Board has ruled that employees of Merry-Go-Round Enterprises Inc. will hold an election to decide whether they should be represented by a union.

The company's attorney, Gary L. Simpler, said no date has been set, but the vote would be held next month.

A spokesman for the International Ladies Garment Workers Union, which has been organizing workers at Merry-Go-Round stores, said the union had turned in cards with employees' signatures asking for union representation, and had hoped to win representation without an election.

Companies win Baldrige Award

President Bush honored five companies yesterday for excellence in management by presenting them with the Malcolm Baldrige National Quality Award, named for the late commerce secretary.

The companies receiving the award in the manufacturing category were AT&T Network Systems Group-Transmission Systems Business Unit in Morristown, N.J.; and Texas Instruments Inc. Defense Systems & Electronics Group in Dallas.

Honored in the service category were AT&T Universal Card Services in Jacksonville, Fla.; and The Ritz-Carlton Hotel Co., in Atlanta.

Granite Rock Co., of Watsonville, Calif., received the award in the small-business category.

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