Bank assets rise 9%, survey saysAssets at the nation's 300...

BUSINESS DIGEST

March 26, 1994

Bank assets rise 9%, survey says

Assets at the nation's 300 largest banks grew by 9 percent last year, to $2.6 trillion from $2.4 trillion in 1992, as acquisitions continued at a feverish pace, a survey released yesterday showed.

The survey, by the American Banker, shows that deposits also grew by 4.9 percent in 1993, up from a meager 0.2 percent the year before, when low interest rates flushed deposits into mutual funds at a record pace.

The survey also found that the total number of employees at all FDIC-insured commercial banks increased 1.1 percent, the first

increase in industry employment in four years.

Martin Marietta not to share info

Martin Marietta Corp. has agreed to prohibit its satellite launch-vehicle division from sharing sensitive information on competing satellite companies with its satellite-development division, the Federal Trade Commission said yesterday.

The tentative agreement with the FTC settles charges that Martin Marietta's proposed $208.5 million acquisition of General Dynamics Corp.'s space systems division would reduce competition in the U.S. market for satellites. The acquisition gives Martin Marietta access to sensitive, nonpublic information about competitors, the FTC said.

Martin Marietta's satellite launch-vehicle division would incorporate the General Dynamics division, which makes the only U.S. vehicle for launching intermediate-weight satellites into orbit, the FTC said.

Lab to house operations locally

A. L. Laboratories Inc., the New Jersey-based parent of Baltimore drug maker Barre National Corp., said yesterday it will consolidate its distribution operations in Columbia at a new 165,000-square-foot warehouse.

The company said the move will streamline operations that are now spread among factories in Baltimore, North Carolina, New Jersey and New York. The Columbia facility is expected to be completed by midyear and will be leased from a partnership called the Columbia/95 Group L.P.

The company said the Columbia site was chosen because of its proximity to the Baltimore manufacturing facility, the largest of its U.S. pharmaceutical group operations.

Sears chairman gets pay boost

Sears, Roebuck & Co. Chairman Edward Brennan made more than $3 million in salary and bonuses last year and received options that could bring him another $16.4 million, the retailer said yesterday.

The compensation far exceeds his $1 million salary, with no bonus, in 1992, when Sears took huge write-offs for its faltering businesses.

Sears said it boosted Mr. Brennan's compensation in recognition of his role in a massive repositioning of the company's businesses last year.

The restructuring, which included the sale of several units and store closures, led to record profits of $2.37 billion last year.

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