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IBM TO BUY BACK SHARES: The Armonk, N.Y., computermaker is buying back additional $3.5-billion of its stock, or about 3 percent of its outstanding shares. IBM has repurchased about $20-billion of stock since Jan. 31, 1995. The buyback will increase earnings per share by reducing the number of shares outstanding. IBM shares closed at $115.68}, up 37{ cents. IBM also said it will raise its quarterly dividend to 22 cents from 20 cents, payable June 10 to shareholders of record May 8.

TREASURY AUCTION: Yields on two-year Treasury notes rose in Tuesday's auction to the highest level in four months. The high yield was 5.677 percent, up from 5.500 percent at the last auction March 24. The notes will carry a coupon interest rate of 5| percent. A total of $13-billion in notes were sold out of bids totaling $34.6-billion.

Tampa Bay/State

REPUBLIC SEES STRONG YEAR: The head of Republic Bancshares Inc. is optimistic for a strong 1998 after the St. Petersburg bank ended its biggest growth spurt ever. At the company's annual meeting, CEO John Sapanski said the bank will have about $2.2-billion in assets, up from $1-billion over the past year, after several pending acquisitions are completed. By comparison, the bank had seven offices and $169-million in assets five years ago. Last week, Republic reported first-quarter net income rose 53 percent to $3.1-million, or 39 cents a diluted share, from $2-million, or 30 cents, a year ago.

SURFSIDE BECOMES HILTON: The 426-room DoubleTree Resort Surfside on Clearwater Beach has signed a franchise deal to become the Hilton Clearwater Beach Resort, effective this summer. The hotel also will get a more than $4-million renovation. The property is owned by American General Hospitality Corp., which is merging with CapStar Hotel Co. to form MeriStar Hotels & Resorts. The combined company will be the third largest franchisee of the Hilton, Westin and Sheraton brands.

SUNRISE BUYS 5 STATIONS: Sunrise Television Corp. of St. Petersburg is buying five North Dakota television stations from Meyer Broadcasting Co. of Bismarck for $63.75-million. The purchase is expected to be completed by the fourth quarter. Sunrise has been acquiring stations with growth potential in small and medium-size markets. Upon completion of all pending acquisitions, Sunrise will own and operate 13 television stations in 10 markets.

_ Compiled from Times staff and wire reports.

Bay business on cable

Watch for Extra on Business on Bay News 9 tonight. The weekly report about Tampa Bay area business is produced with the St. Petersburg Times. It can be seen on Time Warner cable television.

Correction

The Bayonet Point branch of NationsBank that is closing is at 9005 State Road 52. An incorrect address was published Tuesday.

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