Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, October 13, 1995                   TAG: 9510130048
SECTION: BUSINESS                    PAGE: B-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

Crestar Financial Corp. said Thursday it had third-quarter income of $48.4 million, or $1.27 per share, up 11 percent from $43.6 million, or $1.15 per share, in the 1994 quarter. For the first nine months, income was $141.4 million, up 12 percent from $126.7 million in the year-earlier period.

Chairman Richard G. Tilghman said earnings were driven by growth in fee income and "stringent control of operating expenses."

Loans were $9.5 billion, down 2 percent from the second quarter and up 12 percent from the third quarter of last year. The quarterly decline, the bank said, was primarily attributable to the sale of $72 million of mortgage loans late in the second quarter and continued reductions in commercial real estate loans.

At the end of the quarter, Crestar had assets of $14.8 billion and deposits of $10.9 billion.

First Union

First Union Corp. on Thursday reported record third-quarter income, fueled primarily by strong growth of fee income in both capital markets - investment banking products for companies - and capital management areas, involving such services for individuals as trust and mutual funds.

Earnings were $255 million, up from $235 million a year ago. Earnings per share rose from $1.35 to $1.50. In the first nine months, income was $734 million, or $4.27 a share, compared with $675 million, or $3.94 a share for the 1994 period. The per-share increase was 8 percent.

Chairman Edward Crutchfield said the strong increase in fee income validates the bank's expectations for renewed earnings momentum at First Fidelity Bankcorp. after the two companies are combined.

"We are seeing the results of our investments in capital markets, capital management and other businesses that expand our traditional banking base, and we are optimistic about our financial results for 1995 and 1996," Crutchfield said.

Loans grew 8 percent to $62.3 billion, led by direct consumer lending through the branch system and home equity lending. The bank said it experienced continued strength in credit quality.

The bank had assets of $86.8 billion on Sept. 30.

Georgia-Pacific

Georgia-Pacific Corp., Atlanta-based forest-products company with operations in Bedford County and a distribution center in Roanoke, reported third-quarter net income of $324 million, or $3.57 per share, on sales of $3.71 billion, compared with year-earlier $87 million, or 98 cents per share, on sales of $3.27 billion. For nine months, net income was $821 million, or $9.12 per share, on sales of $10.88 billion, compared with year-earlier $141 million, or $1.59 per share, on sales of $9.40 billion.