D.C.,First Union reach accordThe District of Columbia...

BUSINESS DIGEST

June 19, 1993

D.C.,First Union reach accord

The District of Columbia dropped its opposition yesterday to First Union Corp.'s proposed purchase of First American Bank after First Union agreed to invest $200 million in poor neighborhoods over 20 years.

First Union also agreed to add two members of minority groups or women to its board for its operations in Washington.

Insituform East expects loss

Insituform East Inc., a pipeline repair company in Landover, said it expects to post a loss in its fourth quarter related to the discontinuation of its cement mortar lining service. The company earned $755,017, or 17 cents a share, in its 1992 fiscal year, which ended June 30.

Sparrows Point meets standards

Bethlehem Steel Corp.'s Sparrows Point steel mill has been certified as one of the few steel plants to comply with a set of rigorous international standards that are important in foreign trade.

Known as the ISO 9000 series, the standards have been `D adopted by the European Community.

Md. bank merger is planned

Sandy Spring Bancorp said it agreed to buy First Montgomery Bank, based in Gaithersburg, for an exchange of stock worth about $1.9 million. Sandy Spring, with nine offices of its Sandy Spring National Bank unit in Montgomery County and two in Howard County, has $640 million in assets. First Montgomery has $38 million in assets, and two branches in Montgomery County.

SSC generates $9 million for Md.

Businesses and universities in Maryland have received nearly $9.3 million in contracts and research grants related to the Superconducting Super Collider (SSC) project being constructed near Dallas. President Clinton recently announced his support for continued funding of the project.

Nationally, contracts totaling more than $1.5 billion have been awarded to businesses and institutions in 48 states. The $8.25 billion particle accelerator, 54 miles long and occupying over 16,000 acres, is being constructed 35 miles south of Dallas and is 20 percent complete.

Cablevision resists new fees

Cablevision Systems Corp., the nation's fourth-largest cable operator, said yesterday that 37 broadcasters had asked it for payment under the nation's new cable law but that it proposes to give them a service package instead.

Under the new cable law, broadcast stations for the first time may demand payment to have their signals resent on cable. Thursday was the deadline for such demands.

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