Crestar to buy NVR Federal assetsCrestar Financial Corp...

BUSINESS DIGEST

November 11, 1993

Crestar to buy NVR Federal assets

Crestar Financial Corp. said yesterday that it had agreed to acquire the assets and assume the liabilities of NVR Federal Savings Bank from NVR Inc. subject to regulatory approval. Crestar said it would pay a premium of $6.8 million over the closing date book value of NVR Federal.

The acquisition, which it expects to complete by early 1994, would bring in about 36,000 customer accounts, about $352 million in deposits and about $256 million in loans, Crestar said. The Richmond-based banking company said it would acquire each of NVR Federal's four branches in Virginia.

Farm Credit's profits up 65%

The Farm Credit Bank of Baltimore and its affiliated Agricultural Credit Associations posted a 65 percent increase in net income for the third quarter, thanks primarily to a sharp drop in provisions for possible loan losses.

For the three months that ended Sept. 30, the bank earned $8.6 million, compared with $5.2 million for the same part of last year.

Bell Atlantic gets U.S. contract

The Defense Department's Advanced Research Projects Agency has selected Bell Atlantic Federal Systems to build a six-site, experimental high-speed data network in the Washington area, including ones in Fort Meade and Greenbelt.

Under the terms of the four-year, $12.7 million contract, Bell Atlantic and Bellcore -- Bell Atlantic's jointly owned research arm -- will team with other industry research organizations and government laboratories to study new communications technologies and network designs.

Eagle-Picher asbestos funds

Eagle-Picher Industries Inc. said it would set aside $1.5 billion to settle asbestos-related lawsuits as part of a plan to emerge from Chapter 11 bankruptcy protection.

The company filed for Chapter 11 reorganization in January 1991 because of mounting asbestos claims.

USAir starts St. Thomas service

USAir began daily nonstop service yesterday from Baltimore-Washington International Airport to St. Thomas. The flight, USAir's only service from any domestic airport to the U.S. Virgin Islands, continues on to San Juan, Puerto Rico.

JTC

Shrinking supply boosts corn price

A shrinking corn crop is expected to make waves in the economy, raising the costs of bringing meat, milk and eggs to consumers' tables.

Corn is the nation's most valuable feed for livestock, and its price zoomed higher yesterday on grain markets following a government report Tuesday making a sharp downward revision of the 1993 corn harvest due to the summer's flooding.

@

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.