United Savings Bank of Vienna announced that discussions with Citibank Federal Savings Bank about a possible merger have ended without an agreement. The two banks started the talks in April. A merger would have made Citibank the first money-center bank to gain a foothold in Virginia.
New single-family home sales, helped along by a dip in prices, edged up 0.4 percent in May in the first gain since November, the government reported.
Personal bankruptcy filings rose 15 percent nationwide in the first three months of the year, led by sharp increases in the Northeast, according to the American Financial Services Association. The only judicial district to report a decrease was Washington, where there were 204 cases, down 21 percent from 259 in the first quarter of 1989.
Moody's lowered its rating on the senior debt of Chrysler and Chrysler Financial Corp., and downgraded the financial subsidiary's commercial paper as well. Like Standard & Poor's, which downgraded Chrysler and Ford debts earlier this month, Moody's cited expectations of weaker profits and cash flow.
The Bank of Boston adopted an anti-takeover plan, the same day the Massachusetts legislature passed a law allowing holding companies from outside New England to acquire institutions in the state.
Douglas Aircraft will lay off between 2,000 and 4,000 workers, most of them in Southern California, because of parent McDonnell Douglas Corp.'s plan to cut yearly costs by $700 million.
Kodak would consider selling off assets if it is fined more than $2 billion for infringing on Polaroid's instant camera patents, Chairman Kay R. Whitmore said in a magazine interview. Polaroid has asked for $14 billion, while Kodak suggested $187 million plus interest.
The Federal Reserve Board of Governors proposed easing certain restrictions on the activities of bank securities affiliates relating to director, officer and employee interlocks; cross-marketing activities; and the purchase and sale of U.S. agency securities.
Venezuela's government oil monopoly said it was complying with OPEC quotas, but did not explicitly deny reports that it was pressing the government to take the country out of the cartel.
Mortgage rates fell this week. Rates on 30-year fixed mortgages averaged 10.15 percent, down from 10.16 percent last week, while one-year adjustable-rate mortgages averaged 8.45 percent, down from 8.50 percent, the Federal Home Loan Mortgage Corp. said.
The Trump Shuttle named Richard F. Cozzi president and chief operating officer, replacing Bruce Nobles.
Westinghouse Electric received a $76.2 million Air Force contract for aircraft radar.
Motorola received a $75.5 million Army contract for bomb "fuzes."