In Brief: Profit at Virginia's No. 2 Bank Up 14.6%

F&M National Corp. of Winchester, Va., reported a second-quarter profit of $11.9 million, up 14.6%.

Earnings per share were 47 cents, up 20.5%, and 2 cents better than analysts had expected. Six-month earnings for the $3.3 billion-asset banking company, Virginia's second-largest, were $22.9 million.

F&M announced this month that it has an agreement to buy $386 million-asset Atlantic Financial Corp. of Newport News, Va., for $70.6 million of stock. At the closing of that transaction and a deal to buy 15 Virginia branches from Wachovia Bank, F&M's assets would exceed $4 billion.

Atlantic had second-quarter net income of $1.3 million, up 32%.

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