U.S. OKs First Gibraltar takeoverRejecting protests by...

BUSINESS DIGEST

December 23, 1992

U.S. OKs First Gibraltar takeover

Rejecting protests by several community lending groups, federal regulators yesterday approved the takeover of Texas' largest thrift, First Gibraltar Bank, by an expanding BankAmerica Corp., the nation's second-largest bank.

Opponents of the deal said BankAmerica, with assets of close to $200 billion, had a record of racial discrimination in lending and a poor track record for lending in low-income areas.

The Federal Reserve said, however, that it was satisfied with BankAmerica's proposed lending programs in Texas.

Delta credit rating downgraded

In another setback for Delta Air Lines Inc., Standard & Poor's Corp. lowered the carrier's credit rating yesterday, placing it one step away from junk bond status.

The Wall Street credit-rating agency said the downgrade was spurred by Delta's continuing losses, a weak European economy and increased expenses caused by a new accounting procedure.

Thomas gets nod at McCormick

The long-anticipated promotion of Bailey A. Thomas, 61, to chairman of McCormick & Co. Inc. was formally completed Monday, as the company's board of directors elected him to the jTC top position. He is also chief executive officer.

Mr. Thomas replaces Charles P. McCormick Jr., 64, who is retiring but will remain on the company's board.

H. Eugene Blattman, 56, was elected president and chief operating officer of the international spice and flavor company, based in Sparks.

Black & Decker officer resigns

Stephen F. Page, executive vice president and chief financial officer of Black & Decker Corp., has resigned to become executive vice president and chief financial officer of United Technologies Corp., a $21 billion industrial company based in Hartford, Conn.

His duties at Towson-based Black & Decker will be assumed by Michael S. Krasner, 34, vice president and treasurer, and Thomas M. Schoewe, 40, a vice president for finance. They report directly to Nolan D. Archibald, chairman and chief executive officer of the power tool and appliance company.

Savings bond tables

Redemption values for U.S. Savings Bonds will appear in the Business section of The Sun on Saturday, Dec. 26. The tables list how much bonds bought in a given month and year are worth in principal and interest as of January 1993. The tables cover Series E and EE bonds and Savings Notes dating from 1941 through the present.

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