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

DATE: FRIDAY, June 1, 1990                   TAG: 9006010238
SECTION: BUSINESS                    PAGE: A-5   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

FIRST SECURITY PLANS TO RAISE $1.5 MILLION

First Security Bank has retained Scott & Stringfellow Investment Corp. to help raise $1.5 million in new capital. The money is expected to be raised through the sale of new stock.

Gary A. Peck, president, told stockholders on Thursday that the money will be used to finance bank growth, including its first branch. The branch, if approved by federal and state regulators, will be located on Franklin Road, Southwest.

First Security's main office opened in November 1988 at Airport and Williamson roads.

Its original capital was raised through sale of $2.5 million in stock in 1986-87. The bank sold 250,000 shares at $10 a share.

The shareholders, holding their second annual meeting, elected J.D. Fralin as chairman of the board. He is the owner of J.H. Fralin & Son, a general contracting company.

He succeeds Carlos Gutierrez, who will remain on the board.

- Staff report

by CNB