Several errors occurred in last week's compilation of Washington's Top 100 companies. Assets of Potomac Electric Power Co. as of Dec. 31, 1982, totaled $2.7 million. Pepco ranks third in assets, behind C&P Telephone and Martin Marietta Corp. Assets of BDM Corp. as of Dec. 31, 1982, totaled $53.7 million, 35th among Washington nonfinancial companies. BDM now has 2,450 employes and about 85 percent of its business is defense-related. The firm's profits increased 46 percent last year; revenue was up 34 percent. Assets of Manor Care Inc. as of the end of its fiscal year on May 31, 1982, totaled $426.5 million, 14th in the area. Now traded on the New York Stock Exchange, the Silver Spring health care firm has 1,700 employes in the Washington area and 16,000 worldwide. It was incorrectly reported that Syscon Corp. was acquired by Continentel Telcom. Continental Telcom acquired STSC Corp. With sales of $71.4 million, Syscon ranks 33rd among Washington-area nonfinancial corporations. Evaluation Research Corp. was omitted from the listings; the firm ranks 54th in revenues at $17.3 million. Profiles of Syscon and Evaluation Research appear on this page. The Norfolk Southern Railroad was removed from the Washington companies list after the newly merged railroad said it was consolidating headquarters operations in Norfolk. With revenues of $3.3 billion, and assets of $6.8 billion, Norfolk Southern ranks second among Virginia corporations. Earnings last year totaled $411.4 million ($6.57 a share). PHH Group and Allegheny Beverage Corp. were not listed among the 10 largest Maryland corporations based outside the Washington area, though both are larger than Easco Corp., the smallest industrial firm listed. PHH of Hunt Valley, a vehicle management and cost control firm, earned $29.6 million ($1.93 a share) on revenues of $471.7 million. Allegheny Beverage, a Pepsi-Cola bottler and owner of The Macke Co. in Washington, earned $9.4 million ($2.30 a share) on revenues of $453.4 millio
Federal National Mortgage Association 3900 Wisconsin Ave. NW Washington, D.C. 20010 ASSETS: $73.5 billion REVENUE: $7.2 billion PROFITS: ($104.9 million) EARNINGS PER SHARE: ($1.72) DIVIDEND: 16 cents DESCRIPTION: Fannie Mae is a federally chartered stock corporation that makes a secondary market in residential mortgages by buying loans from primary lenders such as savings and loan associations. This process recycles funds back to those lenders who can make more loans. The sixth largest U.S. company in asset size, it owns one in every 20 American home mortgages. FOUNDED: 1938 TOP EXECUTIVE: David O. Maxwell, chairman and chief executive officer EMPLOYES: 1,052 DEVELOPMENTS: Fannie Mae suffered losses for the second consecutive year as the cost of borrowing exceeded the yield on its portfolio. The loss, however, was little more than half the 1981 loss. By the first quarter of 1983 it was back in the black, due mainly to lower interest rates. The company has begun to protect itself against any future mismatch in its assets and liabilities by buying shorter-term, adjustable-rate mortgages and resuming sales of long-term debentures (bonds). Bond sales were suspended in 1980. In addition, Fannie Mae intends to ask Congress to amend its charter to give it the same corporate control over business decisions that banks and other federally chartered corporations now enjoy. As the housing recovery progresses, Maxwell projects that Fannie Mae and the other two major participants in the secondary market will be asked to provide $800 billion for home loans through the end of the decade. Student Loan Marketing Association 1050 Thomas Jefferson St. NW Washington, D.C. 20007 ASSETS: $7.5 billion REVENUE: $90.1 million PROFITS: $37.8 million EARNINGS PER SHARE: $37.05 DIVIDEND: $2.13 DESCRIPTION: Sallie Mae is a government-chartered, stockholder-owned corporation that operates a secondary market for government-guaranteed student loans made by financial and educational institutions. Besides buying loans, it advances funds to these lenders to make additional loans. To date it has bought up or financed student loans amounting to almost $9 billion, or 28 percent of all federally guaranteed student loans outstanding. FOUNDED: 1972 TOP EXECUTIVE: Edward A. Fox, president and chief executive officer EMPLOYES: 541 DEVELOPMENTS: Sallie Mae set several records in 1982: total assets increased by a third, net income rose by 109 percent and stockholder dividends by 39 percent. Participating lenders grew by a quarter to 1,500. The company also completed its transition from relying on the government for funds to borrowing in private capital markets. In early 1983, Sallie Mae made its first public offering of $250 million in preferred stock. Using variable rate borrowings, it is seeking to eliminate interest rate risk in its portfolio. In 1982, Sallie Mae and First American Bank of Washington started a program to guarantee loans to students attending health professions schools and provided credit to students attending institutions belonging to the United Negro College Fund.
Federal Home Loan Mortgage Corp. 1776 G St. NW Washington, D.C. 20013 ASSETS: $6 billion REVENUE: $697.9 million PROFITS: $59.9 million EARNINGS PER SHARE: N/A DIVIDEND: N/A DESCRIPTION: Freddie Mac is a quasi-governmental corporation that operates a secondary market for conventional residential mortgages. It purchases loans from lenders and sells securities backed by those mortgages to investors, a process that attracts a record year. Profits almost doubled. The number of mortgage loans purchased increased eightfold to 666,000 with a value of $23.8 billion. The volume of mortgage-backed securities sold was four times higher than in 1981. Freddie Mac's top management changed last year as Kenneth Thygerson took over as president in August and installed his own team. He extended its programs to nonmember mortgage lenders to allow wider participation by mortgage bankers and others. In October, Congress passed a bill permitting Freddie Mac to issue preferred stock as a way of increasing its capital base. This year Freddie Mac plans to abandon weekly auctions and instead accept daily offers for commitments to give lenders more flexibility. It will standardize mortgage types for easier trading in the market in view of an expected increase in demand for its programs during the housing revival. Maryland National Corp. 10 Light St. Baltimore, Md. ASSETS: $5 billion DEPOSITS $2.9 billion PROFITS: $32.15 million EARNINGS PER SHARE: $5.11 DIVIDEND: $1.22 DESCRIPTION: Maryland National Corp. is the region's largest commercial banking institution. Its principal subsidiary is Maryland National Bank, which has 194 branch offices statewide, an overseas branch in Nassau and representative offices in London, Mexico City, Sao Paulo, and Singapore. Another subsidiary, Maryland Bank, N.A., of Newark, Del., operates the corporation's credit card division and other consumer lending activities. Non-bank subsidiaries include Maryland National Industrial Finance Corp.,; Maryland National Leasing Corp.; National Personal Finance Corp.; Maryland National Mortgage Corp. and Redwood Capital Management Inc., an investment advisory firm specializing in the management of tax-exempt assets. FOUNDED: 1933 TOP EXECUTIVES: Robert D.H. Harvey, chairman; Alan P. Hoblitzell Jr., president and chief executive EMPLOYES: 4,997 DEVELOPMENTS: Maryland National Corp. reported increases in earnings, assets and capital for the sixth consecutive year in 1982. Net income totaled $41 million last year, up 8 percent compared to 1981 earnings. Maryland National substantially increased its local market penetration as well as its presence in regional, national and international markets during the past three years. In late 1981 and early 1982, the company began a major expansion of its statewide office network, adding 42 so-called mini-branches designed for greater efficiency. The expansion has been concentrated mainly in the commercial corridor encompassing Montgomery, Prince George's, Anne Arundel and Baltimore counties. Maryland National last year doubled its automatic-teller-machine network, adding 70 machines. After opening a loan production office in the District, the company broadened its commercial customer base in metropolitan Washington by opening an LPO and an Edge Act subsidiary in Tysons Corner. Probably the most significant development of Maryland National's expansion program last year was the formation of its Delaware banking subsidiary. United Virginia Bankshares Inc. 900 East Main St. Richmond, Va. ASSETS: $4.8 billion DEPOSITS: $3.4 billion PROFITS: $41.2 million EARNINGS PER SHARE: $7.21 DIVIDEND: $2.24 DESCRIPTION: United Virginia Bankshares is the biggest bank holding company in Virginia. It operates 188 offices throughout the state, including about 40 in the Virginia suburbs. The company also is involved in mortgage banking. FOUNDED: 1926 TOP EXECUTIVES: Joseph A. Jennings, chairman and chief executive; Douglas H. Ludeman, president EMPLOYES: 4,915 DEVELOPMENTS: United Virginia approached Dominion Bankshares a few months ago with a serious merger proposal, but was rebuffed by Dominion, the state's fourth biggest bank, in April. United Virginia is not commenting, but sources say bank officials were unhappy with Dominion's disengagement. They also are unhappy, apparently, that UVB stands to lose its place as the largest bank in the state if the proposed merger between Virginia National and First & Merchants' goes through. The merger of the No. 2 and No. 5 banks in the state would create a $6.7 billion institution that would dwarf UVB. In a year in which bank performances were diverse, United Virginia recorded a 14 percent gain in earnings, the seventh year in a row in which profits have risen. Virginia National Bankshares Inc. One Commercial Place Norfolk, Va. 23510 ASSETS: $3.9 billion DEPOSITS: $3.1 billion PROFITS: $31.4 million EARNINGS PER SHARE: $4.23 DIVIDEND $1.50 DESCRIPTION: Virginia National is the state's second largest bank holding company. Virginia National Bank and its subsidiaries account for 98 percent of the assets controlled by the holding company. Its other ventures include the Virginia National Bank Mortgage Corp. and Atlantic Credit Corp., which specializes in automobile loans. FOUNDED: 1963 TOP EXECUTIVES: C. A. Cutchins III, chairman of the board, chief executive officer; John B. Bernhardt, president EMPLOYES: 4,901 DEVELOPMENTS: Virginia National, the second largest bank holding company in the state, is planning to merge with Virginia's fifth largest bank--the Richmond-based First & Merchants Corp.--to form a holding company with $6.7 billion in assets. The firm would be the largest in the Middle Atlantic states. The two firms drew up a merger pact last week, and if it is approved by the stockholders--as well as by federal regulators--the new holding company would be run by Virginia National's chairman, C. A. Cutchins III, who will become chairman and chief executive officer of the combined holding companies. F&M's chairman, C. Coleman McGehee, will become president, chief operating officer and chairman of the executive committee. In 1982, Virginia National purchased six banks. Riggs National Corp. 1503 Pennsylvania Ave. NW Washington, D.C. 20005 ASSETS: $3.7 billion. DEPOSITS: $3 billion. PROFITS: $20.3 million. EARNINGS PER SHARE: $3.39. DIVIDEND: $1.80. DESCRIPTION: Riggs National Corp. is the parent company of Riggs National Bank, the largest commercial bank in the District of Columbia. Riggs National Corp. was founded in 1981 and the bank is its only asset. FOUNDED: 1836 TOP EXECUTIVES: Joe L. Allbritton, chairman, chief executive and chief operating officer; Thomas Wren, president EMPLOYES: 2,000 DEVELOPMENTS: Allbritton, who bought control of Riggs in 1981, spent last year and early this year cleaning house after the bank developed profit problems. He swept out most of Riggs' top officers, including former chairman Vincent Burke and President Daniel Callahan, as well as most of the bank's executive vice presidents. Riggs problem loans grew markedly in 1981 and early 1982, mainly because of the declining real estate market in this area as well as the economic problems in developing countries to which Riggs made loans--primarily Mexico and Argentina. Allbritton has eliminated many of the problem loans and promised that the bank would be much more cautious in its foreign lending. He said the bank would renew its commitment to lending in the Washington area. First Maryland Bancorp. 25 South Charles St. Baltimore, Md. 21201 ASSETS: $3.4 billion. DEPOSITS: $2.3 billion. PROFITS: $24.8 million. EARNINGS PER SHARE: $4.50. DIVIDEND: $1.42. DESCRIPTION: First Maryland Bancorp., a holding company that owns First National Bank of Maryland and eight subsidiaries, is the state's second largest bank company. Its banks operate 144 branches. The firm has loan offices in the District, Chicago and New York. It is also a Delaware permits financial institutions more flexibility in setting interest and other fees on credit cards. Because of the move, First Maryland said profits of its credit card operations increased. The company also introduced two new banking services--CardChecking and CardSaving--expanding the uses of Visa and MasterCard credit cards by integrating them with checking and savings accounts. The firm also set up a Multi-National Group, a commercial banking service. American Security Corp. 730 15th St. NW Washington, D.C. 20013 ASSETS: $3.4 billion. DEPOSITS: $2.6 billion PROFITS: $28.7 million EARNINGS PER SHARE: $3.93 DIVIDEND: $1.325 DESCRIPTION: American Security Corp. is the parent company of American Security Bank, the second biggest Washington bank. The company recently announced that it will go into the discount brokerage business as well. FOUNDED: 1814 TOP EXECUTIVES: W. Jarvis Moody, chairman and chief executive; James F. Rogers, president EMPLOYES: 1,480 DEVELOPMENTS: American Security traditionally has had one of the lowest problem-loan levels for any bank of its size. Although problem loans rose last year because of the recession--as they did at nearly all banks--American Security's loan portfolio continues to be one of the soundest in the area. Daniel Callahan, who had been president of rival Riggs National Corp., joined American Security as vice chairman in April, after Riggs Chairman Joe Allbritton had isolated him in a powerless position. Most local businessmen consider the hiring of Callahan a coup. He comes from a respected Washington banking family. Bank of Virginia Co. 7 North 8th St. Richmond, Va. 23219 ASSETS: $3.35 billion DEPOSITS: $2.5 billion PROFITS: $21.7 million EARNINGS PER SHARE: $3.61 DIVIDEND: $1.24 DESCRIPTION: With $3.4 billion in assets, the 60-year-old Bank of Virginia Co. is the third largest in the state. FOUNDED: 1922 TOP EXECUTIVES: Frederick Deane Jr., chairman, chief executive; Robert M. Freemen, president, chief operating officer EMPLOYES: 460 DEVELOPMENTS: Bank of Virginia's performance improved dramatically last year. Income rose nearly 45 percent and the company assets rose above $3 billion for the first time. While many banks are searching for non-banking operations to improve performance, the bank said it is emphasizing banking, trying to improve its loan portfolio and the same time it is trying to control costs. Last year it acquired four branches and $67 million in deposits from the Northern Virginia Savings and Loan Association and bought 92 percent of the stock of Bank of Vienna. Both moves were made to establish a foothold in Northern Virginia. The bank also entered the discount brokerage business. Dominion Bankshares Corp. 213 S. Jefferson St. Roanoke, Va. 24040 ASSETS: $3.2 billion DEPOSITS: $2.5 billion PROFITS: $17.7 million EARNINGS PER SHARE: $1.79 DIVIDEND: $1 DESCRIPTION: Dominion Bankshares Corp. is the fourth largest banking company in Virginia, with banking offices across the state, including the Northern Virginia area. Like most big Virginia banks, Dominion has expanded by purchasing smaller Virginia banks for the last several years, ever since the Virginia legislature eased the rules on bank mergers. It also has subsidiaries that do leasing, mortgage banking and trust operations. It has 151 banking offices, including 28 of the Dominion Bank of Northern Virginia. FOUNDED: 1882 TOP EXECUTIVE: Warner N. Dalhouse, president and chief executive EMPLOYES: 3,167 DEVELOPMENTS: Dominion's profits declined in 1982, largely because of the rising cost of deposits in an increasingly unregulated environment, the company said. In March Dominion and United Virginia Bankshares, the state's biggest bank, announced that they were holding merger talks, but the talks were abruptly broken off by Dominion a month later. President Dalhouse said the risks of the merger were too great for Dominion and the chances that federal regulators would turn it down too high. Dominion, like most bank companies, is attempting to lure back depositors who fled to money market mutual funds by offering the new unregulated money market deposit accounts. First & Merchants Corp. P. O. Box 27025 Richmond, Va. 23261 ASSETS: $2.8 billion DEPOSITS: $2.2 billion PROFITS: $25.1 million EARNINGS PER SHARE: $3.26 DIVIDEND: $1.05 DESCRIPTION: The Richmond-based First & Merchants Corp. is a holding company that owns First & Merchants Bank. All told, the bank has 144 offices in Virginia, West Virginia, North Carolina, Maryland, Georgia, Ohio and the Bahamas. FOUNDED: 1865 TOP EXECUTIVES: C. Coleman McGehee, chairman and chief executive officer; Randolph W. McElroy, president and chief administrative officer EMPLOYES: 3,500 DEVELOPMENTS: F&M, the fifth largest bank in the state, is planning to merge with Virginia National Bankshares--the state's second largest bank holding company--to form a bank that will control $6.7 billion in assets. If approved by stockholders of both companies and federal regulators, Virginia National chairman C. A. Cutchins III will become chairman and chief executive officer of the new company, while F&M Chairman C. Coleman McGehee will become president, chief operating officer. National Rural Utilities Cooperative Finance Corp. 1115 30th St. NW Washington, D.C. 20007 ASSETS: $2.3 billion PROFITS: $17.3 million EARNINGS PER SHARE: N/A DIVIDEND: N/A DESCRIPTION: CFC, owned and operated by 920 member rural electric systems, provides members with financing to supplement federal loans from the Rural Electrification Administration. FOUNDED: 1969 TOP EXECUTIVES: Charles B. Gill, governor; Jack L. Williams, president EMPLOYES: 121 DEVELOPMENTS: During a period of high interest rates, CFC established a $500 million line of revolving credit to which members have access for seven years, thus aiding the purpose behind CFC: to provide capital at costs lower than members could obtain alone. The recession factors that befell other firms last year, such as declining equity and lower power usage, also had impact on the CFC members. The cooperative met its budget projections for margins over $17 million, however. Suburban Bancorp 6610 Rockledge Drive Bethesda, Md. ASSETS: $2.15 billion DEPOSITS: $1.6 billion PROFITS: $18.8 million EARNINGS PER SHARE: $3.95 DIVIDEND: $1.68 DESCRIPTION: Suburban Bancorp is a regional bank holding company. Its principal subsidiary is Suburban Bank, which operates 77 offices in Maryland and Delaware. Non-bank subsidiaries include Suburban Funding Corp, a leasing company, and Suburban Mortgage Associates Inc., a mortgage banking company. FOUNDED: 1915 TOP EXECUTIVES: Robert F. Tardio, chairman; G.J. Manderfield, president EMPLOYES: 1,827 DEVELOPMENTS: Suburban's assets exceeded $2 billion for the first time last year while earnings were also the highest in its history. Suburban completed its move from Hyattsville last year to a new headquarters building in Bethesda as part of a major expansion and reorganization program. Suburban was one of four Maryland banks to set up a Delaware bank for its credit card operations. The banks set up Delaware operations because that state permits them to charge higher rates and fees on credit cards. Perpetual-American Federal Savings and Loan Association 2034 Eisenhower Ave. Alexandria, Va. ASSETS: $2.1 billion DEPOSITS: $1.5 billion PROFITS: ($11.3 million) EARNINGS PER SHARE: N/A DIVIDEND: N/A DESCRIPTION: Perpetual-American is the largest savings institution in the Washington area. It is the only S&L to have offices in all three jurisdictions. In addition to 21 in the District, it has 19 in Virginia and 8 in Maryland. It is a mutual institution, owned by depositors, with subsidiaries engaged in financial sercvices and the mortgage business. FOUNDED: 1881 TOP EXECUTIVE: Tomas J. Owen, chairman and chief executive EMPLOYES: 1,030 DEVELOPMENTS: Perpetual-American's 1982 losses were three times those of the previous year, primarily as the result of continued high interest rates. Loan originations fell by 57 percent as the recession stifled the housing market. Despite a small decrease in net worth, it still has a healthy ratio of reserves to deposits. Another contributing factor to what turned out to be the S&L's worst year ever was its acquisition of financially troubled Guardian Federal of Silver Spring, and Washington-Lee Federal of McLean. These acquisitions also resulted in Perpetual's leaving the District after 100 years and officially establishing itself as a Virginia company, with headquarters in Alexandria. During 1982 Perpetual-American became one of the co-founders of Invest, a nationwide stock brokerage service run by savings and loans. It also is an original partner in Most, a regional electronic funds transfer network. First Virginia Banks Inc. 6400 Arlington Blvd. Falls Church, Va. 22046 ASSETS: $2 billion DEPOSITS: $1.8 billion PROFITS: $25 million EARNINGS PER SHARE: $2 DIVIDEND: 62 cents DESCRIPTION: First Virginia Banks Inc. is a Falls Church-based holding company that controls 18 banks with 188 branches in the state. Sixty-four of those offices are located in Northern Virginia. The bank accounts for 7.4 percent of all bank deposits made in Virginia. FOUNDED: 1949 TOP EXECUTIVES: Robert H. Zalokar, president; Thomas K. Malone, Jr., chairman and chief executive EMPLOYES: 3,215 DEVELOPMENTS: Last year, First Virginia acquired four new banks and further expanded its loan services outside Virginia by opening up First General Mortgage Co., which makes second trust real estate loans and has offices in Pennsylvania and New Jersey. Now, First Virginia operates nine such offices in five states. Early last month, the Federal Reserve Board approved First Virginia's merger with Merchants State Bank of Fredericksburg. The merger is scheduled to take effect in June. It would give First Virginia 73 branches in the triangle covering the area from Arlington to Fredericksburg to Warrenton. First American Bankshares Inc. 1701 Pennsylvania Ave. NW Washington, D.C. 20006 ASSETS: $2.4 billion DEPOSITS: $1.96 billion PROFITS: $21 million EARNINGS PER SHARE: N/A DIVIDEND: N/A DESCRIPTION: First American Bankshares (formerly Financial General Bankshares) is a registered bank holding company owned by FGB Holding Corp. The core of its banking operation is its three First American Banks in metropolitan Washington. First American and the parent corporation are privately held by a group of Middle Eastern investors who acquired the bank holding company last year. First American Bankshares has a majority interest in 11 commercial banks, with 155 offices, located in the District, Maryland, Virginia, Tennesee and New York. FOUNDED: 1925 TOP EXECUTIVES: Clark M. Clifford, chairman; Robert G. Stevens, president and chief executive EMPLOYES: 3,527 DEVELOPMENTS: The new owners of First American Bankshares gained control of its predecessor company, Financial General Bankshares Inc., last year after a lengthy takeover fight. First American plans to position banks on an axis stretching from Washington to New York City. Two months ago, First American sold its majority interest in Bank of Commerce in New York City for $34 million, but in return will open a Manhattan branch of its Albany bank called First American Bank of New York. In Washington, the company plans a major expansion of services and marketing programs aimed at attracting a bigger share of business from the international community. Geico Corp., Geico Plaza, Washington, D.C. 20076 ASSETS: $1.6 billion REVENUE: $891.9 million PROFITS: $48.8 million EARNINGS PER SHARE: $2.32 DIVIDEND: 52 cents DESCRIPTION: Geico Corp.'s primary subsidiary is Government Employes Insurance Co., mainly an automobile insurer. Geico also writes property, health and life insurance business. Geico's Criterion insurance company writes automobile policies policies for higher risk customers. FOUNDED: 1937 TOP EXECUTIVES: John J. Byrne, chairman, William B. Snyder, president EMPLOYES: 4,818 DEVELOPMENTS: Geico's profits fell by 41 percent last year, while its investment income, premiums and operating earnings grew modestly. The firm's chairman John J. Byrne says the firm "did not attract as many new customers as we should have . . . we spent more money than we should have . . . we did not move as aggressively as we should have on certain capital deployment ideas . . . " In 1982, Geico purchased the Equitable General Insurance Co.'s automobile and homeowners groups, renaming the firm Geico General Insurance Co. Geico also set up a money market mutual fund in February 1982. The Calvert Group 1700 Pennsylvania Ave. NW Washington, D.C. 20006 ASSETS: $1.4 billion under management PROFITS: $6.1 million to Government Securities Management Co. Inc. for fees from First Variable Rate Fund NET INVESTMENT INCOME PER SHARE: First Variable Rate Fund 11.5 cents; Tax Reserves Money Market, 6.8 cents; Tax Free Reserves Limited Term 12.5 cents DESCRIPTION: The Calvert Group primarily runs a money market fund investing soley in U.S. government-backed obligations. Other funds buy stocks and bonds, municipal securities, and debt offerings from private sources in addition to U.S. government debt. Government Securities Management Co. Inc. is the investment adviser to the funds and is paid a fee based on the total assets. FOUNDED: 1976 TOP EXECUTIVES: D. Wayne Silby, chairman; John G. Guffey Jr., president EMPLOYES: 175 DEVELOPMENTS: Calvert Group expanded the number and types of funds in 1982 from one to nine, attempting to capture a share of the money shifting from traditional money market accounts into the stock and bond markets. Competition from banks that began offering money market accounts in 1983 spurred other changes. The size of the check a depositor can write against funds in a money market account was reduced to $250 from $500. The First Variable Rate Fund, the centerpiece money market fund, had assets of nearly $1.3 billion. Fund for Government Investors Inc. 1735 K St. NW Washington, D.C. 20006 ASSETS: $1.2 billion REVENUE: N/A PROFITS: $5.6 million EARNINGS PER SHARE: 11.1 cents DIVIDEND: N/A DESCRIPTION: The Fund for Government Investors Inc. is a money market mutual fund that invests only in short-term marketable debt securities issued by the U.S. government and its agencies and repurchase agreements secured by such securities. Money Management Associates is the investment adviser and is paid a fee based on the size of the fund's assets. FOUNDED: 1974 TOP EXECUTIVE: Daniel L. O'Connor, general partner of Money Management Associates EMPLOYES: 45 DEVELOPMENTS: Terry Apple, Government Investors sales manager, said the competition of the banks--who last December were given authority to offer short-term accounts that have no interest ceilings--has not "changed anything" at Fund for Government Investors. Apple said his company has focused on a "whole different section of the market" than the banks using a direct sales force to reach institutional customers who are looking for service in conjuction with cash management. "As a result, the drain on our funds since the banks got into the business has been much slower than the average fund in the industry," he said. Apple said the company is broadening its base by moving into tax exempt funds and starting new lines of business related to the financial industry. Last year Johnston, Lemon & Co., the Washington brokerage firm, replaced FFGI as its "house" money market fund, a move that FFGI fought by trying to hold on to Johnston, Lemon customers. Acacia Group, 51 Louisiana Ave. NW, Washington D.C. 20001 ASSETS: $829.9 million REVENUE: $142.9 million EARNINGS PER SHARE: N/A DIVIDEND: N/A DESCRIPTION: Acacia is an umbrella organization that markets five Washington-based companies, including Acacia Mutual Life and Acacia Mutual Life and Acacia National Life insurance companies. FOUNDED: 1869 TOP EXECUTIVE: Duane B. Adams, chairman and president EMPLOYES: 1,000 DEVELOPMENTS: Acacia jumped on the universal life bandwagon two years ago by introducing a type of policy that accumulates cash value at current interest rebates on an income tax-deferred basis until withdrawn. Acacia said that as a result, it sold 65 percent more policies in 1982 than it did in 1981. Last year's investment income of $63.7 million was a record. United Services Life Insurance Companies 1701 Pennsylvania Ave. NW Washington, D.C. 20006 ASSETS: $805.8 million REVENUE: $129.6 million PROFITS: $20 million EARNINGS PER SHARE: $3.53 DIVIDEND: $1 DESCRIPTION: United Services is a life insurance company that sells to military officers and their families. The company has five subsidiaries, the largest of which is Bankers Security Life Insurance Society, which controls almost a third of the firm's assets. FOUNDED: 1936 TOP EXECUTIVE: Leslie P. Schultz, president and chief executive EMPLOYES: 475 DEVELOPMENTS: Last August, the Securities and Exchange Commission permitted United Services to offer variable life insurance policies that are structured much like money market mutual funds. The policies permit companies to vary the yield depending upon interest rates and are an industry response to other investments that attracted potential life insurance customers during the years of high interest rates in the late 1970s and early 1980s. Last year the company bought Provident Life Insurance Co. of Bismarck, N.D. The company's profits increased 22 percent last year even though revenues slipped $37 million, mainly because of a decline in life insurance sales and a sharp drop in variable annuity sales. National Consumer Cooperative Bank 1630 Connecticut Ave. NW Washington, D.C. ASSETS: $215.7 million REVENUE: $26.9 million PROFITS: $13.2 million EARNINGS PER SHARE: N/A DIVIDEND: N/A DESCRIPTION: The bank was chartered by Congress in 1978 to make loans to develop consumer housing, food and health cooperatives across the nation. It opened in March of 1980, funded with $184 million in federal appropriations. In 1982 it became a private institution and is scheduled to begin paying back the Treasury in 1990. FOUNDED: 1978 TOP EXECUTIVE: Mitchell A. Rofsky, executive vice president and acting chief executive EMPLOYES: 140 DEVELOPMENTS: The bank is searching for a new president and recently announced it is cutting its regional office operations in half to save money. It will have about 115 employes after the cutback is completed. President Carol S. Greenwald left the bank last fall following a critical examination report by the Farm Credit Administration, which classified as potential problems a high volume of its loans. Avemco Corp. 411 Aviation Way Frederick, Md. 21701 ASSETS: $70.1 million REVENUE: $35.7 million PROFITS: $4.3 million EARNINGS PER SHARE: $1.72 DIVIDEND: 55 cents. DESCRIPTION: Avemco is the umbrella for five companies that operate in the areas of national aviation insurance, financial services and product marketing. Traditionally an insurer of private pilots and aircraft, Avemco has begun to move into the airline area. It started off by insuring the lenders' interest in aircraft such as large corporate turbo prop planes and jet aircraft that have been leased to airlines. Avemco is also the nation's largest writer of non-owned aircraft liability insurance--for pilots who rent or borrow aircraft or are members of flying clubs. FOUNDED: 1960 TOP EXECUTIVES: William P. Condon, chairman and president EMPLOYES: 176 DEVELOPMENTS: Avemco set an earnings record in 1982 even though the recession held down the sale of both new and used general aviation aircraft. The company reported substantial growth in income from its investments and continued underwriting profits in the insurance subsidiary, which wrote a record $44.2 million in gross insurance premiums in 1982, up 10 percent. The company moved its corporate headquarters from Bethesda to a facility adjacent to Frederick Municipal Airport last year. One of the company's major stockholders, Skandia Insruance Co. of Sweden, attempted to increase its stake from 9 percent to 15 percent in the company, but later withdrew its request. Equitable Bancorporation 100 South Charles St. Baltimore, Md. 21201 ASSETS: $2.5 billion DEPOSITS: $1.9 billion PROFITS: $11.2 million EARNINGS PER SHARE: $3.07 DIVIDEND: 94 cents. DESCRIPTION: Equitable Bancorporation operates 130 offices. In terms of assets, it is Maryland's third biggest bank. Equitable also owns the Equitable Bank of Delaware, which handles all of the company's credit card activities. FOUNDED: 1971 TOP EXECUTIVE: H. Grant Hathaway, president and chief executive officer EMPLOYES: 2,701 DEVELOPMENTS: While some banks complained that their net interest income was being hurt by rising costs of deposits, Equitable reported a 13 percent increase in interest income. The bank said that as its overall earnings rose last year, its problem loans and loan losses declined.