Is this the right time to start a new bank? Given the awful slump in the financial services industry, it would be tempting to say no. But the folks who start community banks say this is a good time to offer customers friendly, personal, hands-on banking service. Indeed, while the prices of many community bank stocks have been trimmed by all the bad news, the banks themselves seem to be healthy.

However, the current business climate has made life difficult for those who are trying to organize and raise money for new community banks. As a result, the organizers of the proposed Dulles Bank have decided to merge with the proposed Tysons National Bank. The influx of cash from Dulles investors will bring Tysons National within striking distance of the $6.2 million it needs to open its doors.

Terrie G. Spiro, president of Tysons National, says she now hopes to open by April. Offices will be at 1921 Gallows Rd., Vienna.

It was just about a year ago that Tysons Financial Corp., the holding company for Tysons National, began to sell between 620,000 and 750,000 shares at $10 a share, in an effort to raise between $6.2 million and $7.5 million. The bank's organizers pledged to put up $2 million.

Until the merger, Spiro said, she and her colleagues had raised between $3.4 and $3.5 million. Although it was less than needed, Spiro believes they could have raised the rest. However, the merger with Dulles will go a long way toward speeding up Tysons' opening, she said.

While the Tysons organizers were trying to woo investors, the Dulles Bank people were doing the same. James E. Nissley III, who was to be chairman of the Dulles Bank, was trying to sell 1.2 million shares at $5 each to raise $6 million. After more than a year of effort, he was able to raise only about $3 million in cash and commitments.

Trying to persuade investors to buy stock in the Dulles Bank, Nissley said, turned out to be very tough, especially as the banking climate worsened and losses at the bigger banks continued to grow.

"It was just driving us nuts," Nissley said.

Nissley said the reality of the marketplace finally convinced him to pack it in and go into the merger with Tysons National.

The Dulles Bank organizers will contribute about $1 million to Tysons National and other Dulles investors will add about $1.2 million, for a total of $2.2 million, he said.

When that is added to Spiro's $3.4 million, it will give Tysons National a total of $5.6 million -- only about $600,000 below what is needed. Spiro and Nissley believe the additional money will come in quickly.

Undoubtedly disappointed by his inability to fund the Dulles Bank, Nissley said his first concern was to make sure his investors at Dulles were able to find a worthwhile opportunity at a community bank.

Despite the problems of the banking world, Nissley said, he thinks that community banks will continue to be successful if they stay in their communities, know their customers and follow conservative lending policies.

"The company is not for sale," said Charles P. Revoile,the general counsel at CACI International of Arlington, talking about the offer by LHN Group Inc. of Alexandria to buy CACI for $4.50 a share.

The offer was rejected by the CACI board of directors at a meeting held after its sparsely-attended Nov. 29 shareholder meeting.

The partners in the LHN Group are Michael S. Luther, a West Coast investment banker; Elliot Needleman, an executive at S.T. Research Corp. in Newington, Va., and Thomas G. Hotz, a commercial leasing representative at Julien J. Studley Inc., in McLean.

Hotz said LHN represented an equity investment group he declined to identify. If the CACI board wanted to sell the company, Hotz said, financing would have been available. "Our offer still stands," Hotz said, noting LHN was not interested in a hostile transaction.

A key feature of the San Diego meeting was the announcement that the company was withdrawing its controversial proposal to change the company's rules. Currently, a majority of stockholders can use a "written consent" to approve matters affecting the company without a shareholders meeting.

Management argued that the procedure was impractical in a large company and could allow shareholders to try to act in secret. Stockholders who opposed changing the rule claimed that the change would merely strengthen management's hand.

As it turned out, Revoile said, the information sent to shareholders about the issue was incorrect. Shareholders were told the change could be made if it was approved by a majority of those voting. In fact, approval by a majority of all outstanding shares was needed.

Revoile said the company planned to reintroduce the proposal at a later date.

One other matter of note took place at the CACI board meeting, when the directors voted to spend $5,482,500 to buy back 1.3 million shares and 501,000 options from the estate of Herbert W. Karr, who was the chairman and co-founder of the company.

The company agreed to pay the estate $3.50 a share and another 50 cents if the company were to be sold within two years, Revoile said. On the day the decision was made, the stock was selling for $2.81 a share. Thus the company paid a 25 percent premium for the Karr shares.

CACI shares closed last week at $2.94, after rising briefly on the strength of the $4.50 a share offer by LHN.

The rejection of the LHN offer and the $3.50 a share buyback prompted objections from Alan S. Parsow of Elkhorn, Neb., an investment manager who owns about 10 percent of CACI's stock.

In a filing with the Securities and Exchange Commission, Parsow noted that the company was buying back its shares from the Karr estate "at a price substantially above the market."

Parsow added, "The {Parsow} partnerships object to this unfair treatment of other stockholders and demand that CACI offer to all stockholders ... the same repurchase benefits offered to the estate." Revoile said he had not yet seen Parsow's letter.

Pfirman was not pleased with events at CACI, either. Pfirman noted that CACI Chairman J.P. "Jack" London had written a letter to shareholders declaring, "Our objective will always be enhanced value for all shareholders."

Despite that promise, Pfirman said, London went back into "the old mode" and gave preferential treatment to Karr estate shares. "Management should have to explain itself far better than it has," Pfirman declared.

In the age of television and music videos, who wants to read a boring annual report? Hardly anybody, in the view of the leaders of Penril Corp. of Gaithersburg, now called Penril DataComm Networks Inc. Penril's 1990 annual report is on videotape.

With the help of a film company, Penril has produced a 10-minute videotape showing how the company manufactures data communications equipment and test and measurement devices. The tape also features Chairman Henry D. Epstein discussing the company's financial performance.

The 7,000 copies of the video cost about $90,000, somewhat more than the company used to spend on its printed report, according to Harry O. Christenson, chief operating officer. However, shareholders will get a copy of the official annual report or Form 10-K that Penril files with the SEC.

Penril, one of the few Washington-area companies to see its stock rise this year, Penril reported a $5.4 million profit ($1.11 a share) on sales of $46.6 million for fiscal 1990, ending July 31. That was a 29 percent boost in its profit. Penril also eliminated most of its $35 million in long-term debt.

The market apparently likes what it sees, and has boosted the shares of Penril from $5.31, adjusted for splits, to $7.125, up 34 percent so far this year.