Roanoke Times Copyright (c) 1995, Landmark Communications, Inc. DATE: FRIDAY, October 29, 1993 TAG: 9310290115 SECTION: BUSINESS PAGE: A-11 EDITION: METRO SOURCE: DATELINE: LENGTH: Medium
About 50 people will lose their jobs with First Union National Bank in Roanoke today or Monday.
They are among the 850 Roanoke Valley employees who were told in December their positions would be eliminated when First Union acquired Dominion Bankshares Corp. of Roanoke.
David Furman, head of First Union's human resources department, said the jobs are in accounting, computer operations and programming and systems, all at the bank operations center on Plantation Road.
Another 50 to 70 people are scheduled to lose their jobs by the end of this year, First Union said.
Some of the terminated employees may have new jobs with the bank, but no numbers were available, Furman said. He said the bank is looking for jobs for all of them. The employees will have first option on 205 new jobs that the bank expects to move to Roanoke early next year. - Staff report
Home loan rates up after 25-year lows
WASHINGTON - Interest rates on 30-year, fixed-rate mortgages rose to 6.86 percent this week, after hitting a 25-year low the previous week, the Federal Home Loan Mortgage Corp. reported Thursday.
This week's average was up from 6.74 percent a week ago. It was only the second increase in 13 weeks and the 10th consecutive week that rates averaged below 7 percent.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 4.19 percent, up from 4.14 percent a week earlier.
Fifteen-year mortgages, an increasingly popular option for those refinancing homes, averaged 6.4 percent, up from 6.31 percent a week earlier. - Associated Press
Briefly . . .
\ The New River Valley Polled Hereford Association will hold its annual fall sale Saturday at 1 p.m. at the New River Valley Fairgrounds on Virginia 100 north of Dublin. Fifty lots of cattle have been consigned to the sale, including heifers, cows, cow-calf pairs and breeding-age bulls. For more information, call 639-5250.
\ Hanson Plc, the British owner of MW Manufacturing Inc. of Rocky Mount, said Thursday its Tidewater Construction Corp. in Virginia Beach has been awarded a $72.7 million contract by the Virginia Department of Transportation to replace the 41-year-old George P. Coleman Bridge over the York River in Yorktown. The work is to be completed by Aug. 1, 1996.
\ Volvo GM Heavy Truck Corp. of Greensboro, N.C., said its Dublin assembly plant produced 10,076 trucks in the first nine months of this year, up 25.5 percent from 8,027 in the 1992 period. The plant also added 135 employees in the third quarter to increase production from 55 to 60 trucks a day. The facility's total employment is now 1,470.
by CNB