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Tuesday, Jul. 21, 1998
Business Briefs
Continental earnings up 27 percent in 2nd quarter
From staff and wire reports
Continental Airlines reported Monday its second-quarter earnings rose 27 percent, crediting an all-time high percentage of seats filled.
The nation's fifth-largest airline earned $163 million, or $2.06 per share on a diluted basis, in the April-June period. Continental earned $128 million, or $1.63 per share, in the same period last year. Revenue rose 14 percent to $2.04 billion from $1.79 billion.
Continential said it filled a record 73.6 percent of its seats during the quarter. (Continental serves Corpus Christi International Airport.)
SunTrust of Atlanta to buy Crestar bank of Virginia
Atlanta's SunTrust said Monday that it will pay $9.5 billion for Virginia's largest independent bank, Crestar Financial of Richmond. SunTrust would become the nation's 10th-largest bank after the buyout is completed late this year.
Combined, Crestar and SunTrust will stretch from Florida to Maryland - with one big hole: the Carolinas. Analysts expect SunTrust to fill the gap.
SunTrust's last major acquisition was of Nashville, Tenn.'s Third National Corp., a hodgepodge of four or five banks with different names.Post your comments about local news eventsFront Page || Main Index || News || Business || Texas || South Texas Outdoors || Birdwatching || Sports || Entertainment || Selena || Education || South Texas Attractions || World Wide Web