Cincinnati-based Westwood Homestead Financial Corp. has declared a one-time distribution of $3.50 a share, payable Dec. 22 to shareholders of record Dec. 15.

The special distribution, the company said Thursday, reflects excess capital the parent of Westwood Homestead Savings Bank amassed primarily after it converted to publicly traded company in September 1996.

The thrift estimates $3.40 of the distribution will be treated as return of capital and taxable income, and the remainder will be an ordinary taxable dividend.

Westwood Homestead also expects to take a charge of about $800,000, or 28 cents a share, in its fiscal fourth quarter to cover the potential loss on the sale of low-yielding mortgage securities worth $12.8 million. Money raised from that sale will be used to underwrite mortgage loans in 1998.

Meridian Diagnostics to pay special dividend

Meridian Diagnostics Inc. Thursday declared a special year-end cash dividend of 2 1/2 cents a share to be paid Dec. 8 to stockholders of record Nov. 28.

The Newtown-based maker of medical test kits also declared a regular quarterly dividend of 4 1/4 cents a share and said it would increase quarterly dividends to 5 cents a share in its fiscal 1998 year.

Millennium, Lyondell partnership approved

Shareholders of Millennium Chemicals Inc. and Lyondell Petrochemicals Co. on Thursday approved the combination of their polyethylene businesses into a partnership named Equistar Chemicals LP on Dec. 1.

The new partnership, 57 percent owned by Lyondell and 43 percent by Millennium, will be based in Houston. The move means the elimination of about half the 600 jobs at Millennium Petrochemical Inc.'s Sycamore Township headquarters and research center.

Baldwin's Hendricks is Columbia director

Karen L. Hendricks, chairman and chief executive of Loveland-based Baldwin Piano & Organ Co., has been elected a director of Columbia Gas System Inc.

Columbia, based in Reston, Va., produces and markets natural gas.

Ms. Hendricks also sits on the boards of ACNielsen Corp., a market research company, as well as Baldwin. She arrived at Baldwin in 1994.

United Shields seals HeaterMeals purchase

United Shields Corp. said Thursday it has completed its planned purchase of HeaterMeals Co United bought the Springdale-maker of self-heating meal entrees for $2.6 million, including repayment of bank debt. Ramsay-Hughes Inc. provided financing for the purchase.

Cincinnati Bell takes 1 millionth access order

A Blue Ash man was Cincinnati Bell Telephone's 1 millionth phone access line customer.

Michael Phillips, owner of M&M Dry Wall, ordered a second line for his house this week and was awarded 1 million minutes of communication services Thursday by CBT as well as free installation of the second line. That amount of time translates into about two years of CBT's Fuse Internet access and call manager service, CBT said.

"This 1 millionth line is indicative of CBT's growth," said Rick Ellenberger, CBT president in ceremonies at its Seventh Street building.

CBT's access lines have increased by about 200,000 since 1990, largely due to customers installing second lines for Internet and home business uses.