Lotus takes over IBM desktop
International Business Machines Corp. said it will market most of its software for desktop computers chiefly under the Lotus name, and its new Lotus Development Corp. unit will oversee most development of desktop software.
The two companies also said Lotus' key product, Notes, will become their single product in "groupware," or software that allows computers in a network to share information.
The announcement follows the completion two weeks ago of IBM's $3.52 billion acquisition of Lotus.
Comsat gets defense contract
Comsat RSI, the manufacturing and systems integration arm of Bethesda-based Comsat Corp., said yesterday that the Defense Department has awarded it a 10-year satellite equipment and services contract with a potential value of $750 million.
Under the contract, Comsat RSI will provide the Pentagon with capacity on satellite transponders and build and manage earth stations used by the Defense Department for intelligence, logistics, telemedicine and other purposes. The contract award is part of an effort by the Pentagon to rely more on commercial satellites and less on its own.
Costs cut into Carrollton income
Carrollton Bancorp reported yesterday that income declined to $455,000, or 35 cents a share, in the second quarter compared with $534,000, or 40 cents a share, a year ago. The company said earnings were affected by the costs incurred in opening two branches and the installation of ATMs in 25 Wal-Mart and Value Foods stores in Maryland.
The banking company, parent of Carrollton Bank, has assets of $246.2 million and 10 offices in the Baltimore area. The company's stock, which was untraded yesterday, closed at $23.50 a share.
First Citizens earnings up 11%
First Citizens Financial Corp., owner of Citizens Savings Bank F.S.B., said its earnings rose 11 percent to $954,000, or 33 cents a share, in the quarter ended June 30. The Gaithersburg-based company, with 14 branches in Montgomery and Frederick counties and $581 million in assets, fell 75 cents a share yesterday to $17.50 a share.
Bank merger talks advance
Bank of Boston Corp. and Corestates Financial Corp. are close to a merger agreement, investment bankers familiar with the talks said.
The banks reached a preliminary agreement that would create the 12th-largest U.S. banking company, with $72 billion of assets and offices stretching from Vermont to Delaware.