Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, October 10, 1993 TAG: 9310080039
SECTION: BUSINESS PAGE: F-2 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
DOMINION-FIRST UNION
1967 Dominion Bankshares Corp. is formed.\
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1984 The corporation's banking subsidiary adopts the Dominion name.\
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January 1990 Dominion announces 1989 was the most profitable year in its
history. Profits total $94 million.\
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May 10, 1990 After delays because of a federal audit, Dominion announces a
first-quarter loss of $13.9 million.\
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Oct. 16, 1990 The company announces plans to cut 500 to 600 jobs after
reporting a third-quarter loss of $14.7 million.\
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Dec. 20, 1990 Dominion freezes all salaries.\
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Jan. 15, 1991 The shareholder dividend is cut from 22 to 11 cents after the
company reports a 1990 loss of $37 million.\
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November 1991 Dominion's board names a special committee to oversee
operations.\
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Jan. 15, 1992 Dominion announces another supplementary cut in employment and
other cost-cutting measures, such as closings of businesses and sales of
branches.\
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Jan. 21, 1992 Dominion reports that earnings reached $20.6 million for 1991,
but including a one-time securities gain of $39 million.\
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April 18, 1992 Dominion makes an unusual Saturday night announcement of its
$27.8 million loss for the first quarter and suspends payment of dividends to
shareholders. Investors and employees find the news startling and it proves to
be the first solid evidence of serious financial problems.\
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May 13, 1992 Dominion's board rejects inquiries from three other banking
companies, including First Union Corp., suggesting mergers.\
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June 3, 1992 Dominion says it will sell off profitable loans to other
institutions, using the proceeds to increase Dominion's net worth.\
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July 1, 1992 A Dominion board member opens merger negotiations with First
Union.\
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July 28, 1992 Dominion reports a $3.2 million profit in the second quarter
because of changes in securities accounting. Otherwise it would have lost
$10.3 million\
\
Aug. 12, 1992 Dominion's board rejects an offer from First Union but
negotiations continue.\
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Sept. 12, 1992 Dominion's board learns of pending enforcement actions by
federal regulators on its operations.\
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Sept. 17, 1992 Dominion and First Union announce separately they are
negotiating a merger.\
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Sept. 18, 1992 First Union acquires Meritor Savings Bank, with branches in
Virginia.\
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Sept. 20, 1992 Dominion and First Union boards approve a pact for First Union
to acquire Dominion and merge operations.\
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Sept. 21, 1992 Details of merger are announced in Roanoke.\
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Dec. 14, 1992 First Union announces that as part of the acquisition, Dominion
must cut 1,288 positions, including 850 in the Roanoke Valley. Benjamin P.
Jenkins III, president of First Union's Georgia bank, is named president of
First Union National Bank of Virginia.\
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Dec. 22, 1992 Dominion stockholders approve sale of the company.\
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Jan. 11, 1993 The Federal Reserve Board gives regulatory approval of the
deal.\
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Feb. 18, 1993 Dominion issues its final financial report, showing a loss of
$103.3 million for 1992 including some expenses related to the merger with
First Union.\
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Feb. 23, 1993 Virginia's State Corporation Commission gives the final
regulatory approval needed for merger.\
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Feb. 26, 1993 First Union wins the bidding for First American Metro Co. with
174 branches in the Washington and Hampton Roads areas.\
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March 1, 1993 First Union's acquisition of Dominion is legally final.\
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March 1993 First Union announces it will move systemwide operations involving
400 jobs to Roanoke.\
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June 23, 1993 First Union announces the First American Metro merger will bring
100 more jobs to Roanoke. Also, First Union closes five Dominion branches
inside Kroger supermarkets.\
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July 7, 1993 First Union announces creation of 250 more jobs in the Roanoke
Valley.\
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Oct. 15, 1993 Signs with First Union's name and corporate colors are to
replace Dominion's name, logo and colors at the bank's buildings and branches
in Southwest Virginia.
by CNB