O'Conor buying Vantage firm
O'Conor, Piper & Flynn has agreed to buy Vantage Real Estate, an Anne Arundel County real estate brokerage firm. Timonium-based O'Conor is the largest real estate broker in the local Baltimore housing market, with 1,400 brokers in Maryland and southern Pennsylvania. Its acquisition of Vantage follows two deals last month to buy other small brokerage firms.
Vantage has had about 45 brokers working out of offices in Severn and Glen Burnie.
Japan's banks to unload loans
Japan's 21 major commercial, long-term credit and trust banks will write off or sell a total of $12 billion, or 1.4 trillion yen, in nonperforming loans, mostly backed by devalued real estate assets, for the year through March 1993, the Nihon Keizai newspaper has reported.
The amount to be written off is the largest on record. Out of that total, 550 billion yen worth of devalued real estate assets will be sold to a joint venture set up by the banks, the paper said.
Microlog unit wins contract
Microlog Corp. in Germantown said its subsidiary Old Dominion Systems Inc. has been awarded a contract with the Applied Physics Laboratory. The one-year contract, which contains three additional option years, was estimated at $1.2 million. Microlog designs, makes and sells voice processing systems.
Penney approves stock split
J. C. Penney Co. said its board approved a 2-for-1 stock split and boosted its quarterly dividend 9.1 percent, the first increase in three years. Shareholders as of April 12 will receive the additional shares and the higher dividend May 1. The retailer increased its quarterly payout to 72 cents a share from 66 cents on a presplit basis.
Russia, Venezuela sign accord
Russia signed a pact with Venezuela yesterday that could lead to Russian membership in OPEC, an official said. Russia's deputy energy minister, Edouard Grushevenko, said the five-year accord for technological cooperation "would create conditions necessary for a decision on joining OPEC." But he set no timetable for joining the 12-nation oil cartel.
Fairchild elects Baldwin to board
The board of directors of Fairchild Space and Defense Corp. in Germantown said it elected H. Furlong Baldwin as a member of the board. Mr. Baldwin, 61, has been chairman and chief executive of Mercantile-Safe Deposit & Trust Co. since 1976 and chief executive of its parent, Mercantile Bankshares Corp. in Baltimore.