Reported by Star-Bulletin staff & wire
Tuesday, October 15, 1996
Reported by Star-Bulletin staff & wire
Tuesday, October 15, 1996
At the Sept. 30 end of the quarter, CPB had assets of $1.36 billion, down 2.7 percent from $1.4 billion a year earlier; deposits of $1.1 billion, down 2 percent from $1.12 billion;, and loans of $1 billion, up 3.6 percent from $974,000 a year earlier.
The bank opened a branch in the Kahala Times Super Market during the quarter, bringing its total to 26.
The move will allow it to redeem $150 million of higher-yielding debt and help it buy an Illinois riverboat complex, called Par-A-Dice, for $175 million, Boyd said.
Boyd, which has casinos in Nevada, Louisiana, Mississippi and Missouri, needs to expand to compete against larger casinos and improve its sagging earnings.
Investors are waiting for the plans to pay off. Boyd's stock has fallen 54 percent since its 52-week high of $17.37-1/2 on June 17.
Meanwhile, Citicorp said its third-quarter earnings rose 7 percent, helped by good returns from both its consumer and corporate worldwide banking businesses. But its report also revealed fraying in consumer credit quality.
Nationsbank also posted an 18 percent rise in earnings for the July-September period, saying it is successfully navigating the company's capital through numerous acquisitions.
Chase, the nation's largest banking company, reported earnings of $858 million, or $1.80 per share. Citicorp earned $935 million, or $1.85 per share. Nationsbank said profits rose to a record $625 million, or $2.12 per share.
The company would have annual revenues of more than $14 billion, serving shippers in 22 states. The deal, subject to shareholder and regulatory approval, would give Conrail shareholders stock or $92.50 per Conrail share.