THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, July 11, 1996 TAG: 9607110380
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Business briefs
LENGTH: 63 lines
Central Fidelity Banks Inc. reported net income for the quarter ended June 30, 1996, of $28,809,000, compared with $26,024,000 for the prior year, representing an increase of 10.7 percent. Net income per share increased 9.1 percent to $.48 from $.44 per share. All per share amounts have been restated to reflect the 3-for-2 stock split paid June 14, 1996 to shareholders of record May 20, 1996. The results for the quarter benefited from continued improvement in net interest income. Central Fidelity's return on average total assets for the quarter was 1.11 percent compared to 1.03 percent for the comparable quarter last year. The company's return on average shareholders' equity was 14.29 percent versus 13.91 percent last year. (Staff)
Resource Bank reports
second quarter results
Resource Bank had a 43 percent increase in total assets and a 93 percent increase in net profits for period ended June 30, 1996, versus the same period in 1995. The bank earned $406,633 for the quarter ended June 30, 1996, versus a net profit of $222,304 for the second quarter of 1995. For the quarter ending June 30, 1996, Resource Bank earned 1.61 percent on average assets and 22.69 percent return on equity. Earnings per share were $.46 for the second quarter 1996 or an increase of 77 percent over the quarter ending June 30, 1995. Total assets as of June 30, 1996 were $104,741,104 versus $73,254,369 June 30, 1995 or an increase of 43 percent. Total net loans as of June 30, 1996 were $68,443,142 versus $46,885,943 at June 30, 1995 or an increase of 46 percent. (Staff)
CI Travel gets contract
with Navy for travel
The Navy has awarded CI Travel a five-year $45 million contract to provide leisure travel services for all Norfolk area naval installations on behalf of the Morale Welfare and Recreation Department. The travel agency was awarded the contract for Wright-Patterson Air Force Base in Dayton, Ohio. It also handles contracts for Langley Air Force Base in Hampton and Seymour Johnson Air Force Base in Goldsboro, N.C. In addition, it has received contracts for Patrick Air Force Base in Melbourne, Fla., which also included Cape Canaveral Air Force Station. The agency will operate eight offices at area naval installations, bringing the company's total number of locations to 50. (Staff)
Richmond newspapers
to remain downtown
Richmond Newspapers Inc., which publishes the Richmond Times-Dispatch, and Media General Inc., the company that owns Richmond Newspapers Inc., will remain in downtown Richmond rather than move to Hanover County where the Times-Dispatch already has a 422,000-square-foot production plant. The new plan will include a complete reworking of some buildings, the razing of others and the construction of a headquarters building for Media General. The 10-story building at the southeast corner of 3rd and Grace will be demolished. In its place, and along 3rd Street to Franklin, a garage will be constructed to provide parking for all employees. (Staff) by CNB