
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, April 4, 1990                   TAG: 9004040148
SECTION: BUSINESS                    PAGE: A9   EDITION: METRO 
SOURCE: 
DATELINE: MARTINSVILLE                                LENGTH: Short

PIEDMONT BANKGROUP EXPECTS BETTER 1990

Piedmont BankGroup Inc. executives assured shareholders Tuesday that the multibank holding company will rebound from substantial losses in 1989, some of which stemmed from "bad mistakes."

Piedmont, which listed year-end assets of $642 million, has 31 offices and six member banks - Piedmont Trust Bank, Bank of Carroll, First National Bank of Ferrum, First Community Bank, First National Bank of Stuart and First National Bank of Saltville.

Among the reasons given for the 21.4 percent drop in earnings, from $6.3 million in 1988 to $4.9 million, was the amount lost on loans, $3 million in net charge-offs. Irving M. Groves, president and chief executive officer, said four borrowers accounted for $2.1 million of the total. - Associated Press

by CNB