Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!americast.com!americast.com!americast-post Newsgroups: americast.wpost From: americast-post@AmeriCast.Com Organization: American Cybercasting Approved: americast-post@AmeriCast.com Subject: Baltimore's Atlanfed Bancorp to Buy Capital Bankshares for $3.8 MillionFrom Date: Mon, 16 Nov 92 05:02:45 EST Message-ID: <80.1992Nov16.050246@AmeriCast.com> Baltimore's Atlanfed Bancorp to Buy Capital Bankshares for $3.8 MillionFrom News Services and Staff Reports Atlanfed Bancorp Inc. of Baltimore is acquiring Timonium, Md.- based Capital Bankshares Inc. for about $3.8 million, company of- ficials announced. Under the proposal announced jointly Friday, Capital Bankshares' 269,058 shares would be exchanged for $13.50 each. Capital Bankshares' subsidiary, Capital Savings Bank, would be merged into Atlanfed's subsidiary, Atlantic Federal Savings Bank of Maryland. "Capital Bankshares has a strong record, a solid reputation and a long history of profitability," said Richard E. Funke, Atlanfed's chairman and chief executive. Capital Bankshares has about $62 million in assets. Michael J. Glenn, chairman and chief executive of Capital Bankshares, said the acquisition by Atlanfed will give Capital Savings Bank customers access to 10 more banking locations and more than 5,000 automated teller machines. "Our customers will be the long-term beneficiaries of an expanded menu of services, backed by a financially strong bank," Glenn said. The acquisition is contingent upon approval of Capital Bankshares' stockholders and regulators. It is expected to be completed in mid-1993. Primark Corp., a McLean-based financial services company, has sold its stake in ICF International Inc., the Fairfax-based en- vironmental service firm. Primark sold 1 million shares for $5 each, according to a Secu- rities and Exchange Commission filing. Richard Suib Design International Inc. of Great Falls was commis- sioned by the Republic of Georgia in the former Soviet Union to execute the planning, creative development and production of the Georgian National Exhibition, which will begin a tour of eight U.S. cities in 1994. The exhibition is a joint enterprise with Iberia Productions Ltd. of Tbilisi, Georgia. One of the biggest shipping lines at the port of Baltimore plans to increase its business there by 25 percent. Maersk Line of Denmark will route three container ships through Baltimore starting in January on trips from New York to the west coast of South America and back. The Danish company, which makes 104 stops a year in Baltimore, moves more than half a million tons a year, or about one in every seven cargo containers handled on state-owned piers in Maryland. Officials in Maryland's Harford County have promised to help B. Green & Co. obtain $1 million in loans if the Baltimore-based company will relocate its warehouse and distribution facility to the county. The company, the second-largest privately held firm in the Baltimore area, delivers food to grocery stores and mili- tary commissaries. Guest Services Inc. of Fairfax was awarded a contract to manage dining services at Fairchild Space and Defense Corp. in German- town. Matterhorn Bank Programs Inc., a wholly-owned subsidiary of Avemco Corp. of Frederick, acquired the assets of First Security Planners Inc. of Chicago. Centel Federal Systems Inc. changed its name to Cordant. Robson Group Architects was formed in Centreville. Old Town Hunting Supply opened in Poolesville, Md. Phillips Business Information Inc. of Potomac acquired the Secu- rity Industry Buyers Guide from Bell Atlantic Corp.. Advanced Laser Graphics of Washington formed a division, the ALG Desktop Academy, for training on Macintosh personal computers. Lockheed Information Management Services Co. of Teaneck, N.J., was selected by the District to continue processing traffic tick- ets. The one-year contract, with four one-year renewal options, has a five-year value of $26 million. Construction Services, a division of Harkins Builders Inc. of Silver Spring, received a $60,300 contract to renovate four laboratories at the main facil- ity of Westington Electric Corp. at Baltimore-Washington Airport. Kathryn Michael Communications Associates of Leesburg was select- ed to provide marketing services to Women's Healthcare Special- ists of Bethesda. American Air Filter of Louisville appointed McCaffrey Co. of Baltimore as its industrial products and systems sales office for Maryland, the District and Northern Virginia.