Saturday, March 10, 2001
Tristate Business Summary
Fifth Third closes on Capital deal
Continuing its buying binge, Fifth Third Bank Friday completed its $252 million purchase of Capital Holdings Inc., parent of Capital Bank, in Sylvania, Ohio, a Toledo suburb.
The purchase will give Fifth Third a bank with $1.1 billion in assets that mainly makes business loans. The purchase also will allow Fifth Third to sell investment and data processing services and offer more consumer banking products at Capital Bank.
Capital Bank will become a part of Fifth Third Bank of Northwestern Ohio, with assets of $4.1 billion and 45 branches in the Toledo area.
Heating aid bill closer to passage
Legislation to help poor Ohioans with their soaring energy bills this winter is back on a fast track. Lawmakers and regulators Friday settled a dispute over whether to spread savings to larger groups of customers.
“We had some long, serious and significant discussions, which I think were resolved in virtually everyone's favor or at least satisfaction on these issues,” said Alan Schriber, chairman of the Public Utilities Commission of Ohio.
The bill provides $20 million for Gov. Bob Taft's Project THAW (Temporary Heating Assistance for Warmth).
Problems cited at Lilly factory
A government inspection found problems at an Eli Lilly and Co. manufacturing plant where the company will turn out a new, injectable form of its top-selling schizophrenia drug Zyprexa.
The Food and Drug Administration sent Indianapolis-based Lilly a warning letter dated March 2 after a four-week inspection that ended Feb. 23 at an injectable-products plant in Indianapolis. The FDA released the letter Thursday.
Funds put aside for defective TVs
The maker of RCA, GE and Proscan televisions will set aside as much as $100 million to compensate consumers for potential defects that can render the products virtually unwatchable.
Thomson Multimedia, based in Carmel, Ind., said Thursday it had agreed to the sum with lawyers representing plaintiffs in class-action lawsuits filed in Indiana, Illinois, New York, Florida and other states.
— From staff and wire reports
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